Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 253

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 253
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. Key assumptions included a risk-free rate of %, a one-year time to expiration,
and a volatility estimate of approximately %. Since the closing date of the transaction (March 19, 2025) is near the valuation date
(March 31, 2025), the fair value at initial recognition and at period-end were deemed to be similar, and therefore, no change in fair
value was recorded. The resulting valuation reflects Level 3 inputs under the fair value hierarchy due to the use of significant unobservable
assumptions.

All adjustments to additional
paid-in capital were made in accordance with ASC 810-10-45-23, “Change in a parent’s ownership interest in a subsidiary,”
as there was no change in control.

Public and Private Placement Warrant (“Warrant”)

In connection with the reverse
recapitalization, the Company assumed Warrants outstanding from RFAC, consisting of Public Warrants and
Private Placement Warrants. Both the Public Warrants and Private Placement Warrants met the criteria for equity classification. As the
fair value of the Warrants increased upon replacement in connection with the Business Combination, the Company recognized $ as
a deemed dividend paid to the warrant holders.

Warrants may only be exercised
for a whole number of shares at an exercise price of $ per share. No fractional warrants will be issued upon separation of the Units
and only whole warrants will trade. The Warrants will become exercisable 30 days after the consummation of a Business Combination.
The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

Once the warrants become exercisable, the Company may redeem the Warrants:

| ● | in                     
 whole and not in part; |

| ● | at a price of $0.01 per warrant; |

| ● | at                                              
 any time after the warrants become exercisable; |

| ● | upon                                                                      
 not less than 30 days’ prior written notice of redemption to each warrant 
 holder;                                                                   |

| ● | if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any 20 trading days within a 30-trading day period commencing at any time after the warrants become exercisable and ending on the third trading day prior to the notice of redemption to warrant holders; and |

| ● | if,