Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 61

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 61
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 an amount in cash, to be delivered by wire transfer of immediately available funds pursuant to
wire instructions delivered to the Company by the Holder in writing, equal to the product obtained by multiplying (A) the VWAP on the
day the Holder delivers the applicable Conversion Notice and (B) the difference obtained by subtracting (I) the number of Ordinary Shares
delivered (or to be delivered) to the Holder on the applicable Share Delivery Deadline with respect to such Alternate Conversion from
(II) the quotient obtain by dividing (x) the applicable Conversion Amount that the Holder has elected to be the subject of the applicable
Alternate Conversion, by (y) the applicable Alternate Conversion Price without giving effect to clause (x) of such definition.

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(g) “Alternate Conversion Price” means, with respect to any Alternate Conversion that price which shall be the lowest of (i) the applicable
Conversion Price as in effect on the applicable Conversion Date of the applicable Alternate Conversion, (ii) the greater of (x) the Floor
Price and (y) the lowest price of the Ordinary Shares during the applicable Alternate Optional Conversion Eligibility Measuring Period
with respect to such Alternate Conversion and (iii) either (I) if no Event of Default then exists, the Market Price on the applicable
Conversion Date of the applicable Alternate Conversion or (II) if an Event of Default then exists, the greater of (x) the Floor Price
and (y) the lowest of (A) 80% of the VWAP of the Ordinary Shares as of the Trading Day immediately preceding the delivery or deemed delivery
of the applicable Conversion Notice, (B) 80% of the VWAP of the Ordinary Shares as of the Trading Day immediately preceding the date of
the occurrence of such applicable Event of Default, (C) 80% of the VWAP of the Ordinary Shares as of the Trading Day of the delivery or
deemed delivery of the applicable Conversion Notice, and (D) 80% of the price computed as the quotient of (I) the sum of the VWAP of the
Ordinary Shares for each of the three (3) Trading Days with the lowest VWAP of the Ordinary Shares during the twenty (20) consecutive
Trading Day period ending and including the Trading Day immediately preceding the delivery or deemed delivery of the applicable Conversion
Notice, divided by (II) three (3)) (any such applicable measuring period or applicable measuring date in clauses (i) and (ii