Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 85

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 85
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 of 51,396 shares of RFAC’s common                                                                         
 stock subject to possible redemption to permanent equity at $0.0001 par value with no redemptions at the time of the consummation of 
 a Business Combination.                                                                                                              |

Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations

The transaction accounting
adjustments included in the unaudited pro forma condensed combined statement of operations for the six months ended September 30,
2024 and for the year ended March 31, 2024 are as follows:

| (CC) | Reflected approximately $7.0 million in RFAC’s transaction                                                                             
 costs incurred subsequent to June 30, 2024, and an approximately $1.6 million offset to transaction costs resulted from a reduction in 
 the amount due to the Sponsor for expenses exceeding the Maximum Allowable SPAC Transaction Expenses pursuant to the Merger Agreement. 
 These are a non-recurring items;                                                                                                       |

| (DD) | Reflected the stock compensation expenses of approximately $20                                                                              
 million in connection with the issuance of 2,000,000 PubCo Ordinary Shares to be issued at the Closing as an incentive to certain investors 
 in connection with sources of Transaction Financing, which such shares will not be subject to any lock-up period. Pursuant to the Merger    
 Agreement, PubCo’s obligation to issue the Incentive Shares at Closing was not conditioned on the Transaction Financing. This adjustment    
 was considered to be a one-time charge and did not expected to recur.                                                                       |

Note 4 — Loss per Share

Represents the loss per share
calculated using the historical weighted average shares outstanding, and the change in number of shares in connection with the Business
Combination, assuming the shares were outstanding since the beginning of the earliest period presented in the unaudited pro forma
condensed combined statements of operations. As the Business Combination and related transactions are being reflected as if they had occurred
at the beginning of the period presented, the calculation of weighted average shares outstanding for basic and diluted loss per share
assumes that the shares issuable relating to the Business Combination have been outstanding for the entire period presented.

Basic and diluted loss per
share is computed by dividing pro forma net loss by the weighted average number of the shares of combined company’s common
stock outstanding during the periods.

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The unaudited pro forma condensed
combined financial information has been prepared for the six months ended September