Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 249

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 249
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 ordinary shares were issued as an incentive to certain investors 
 in connection with transaction financing; and                                            |

The following table presents
the number of the Company’s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:

|                                                                                               |     | Ordinary Share |             |   |
| RFAC’s common stock outstanding prior to Reverse Recapitalization                             |     |                |   4,276,394 |   |
| Ordinary shares issued at the Closing as an incentive to certain                              
 investors designated by RFAC Sponsor in connection with Transaction Financing                 |     |                |   2,000,000 |   |
| Conversion of GCL Global’s ordinary shares                                                    |     |                | 120,000,000 |   |
| Minus ordinary share placed in escrow:                                                        |     |                |             |   |
| Bonus Shares in connection with convertible note (See Note 16)                                |     |                |  (2,201,665 | ) |
| Issuance of ordinary shares in connection with long-term investment in Nekcom Inc. (“Nekcom”) 
 (See Note 5)                                                                                  |     |                |  (2,126,729 | ) |
| Rounding                                                                                      |     |                |         (22 | ) |
| Total ordinary share issued and outstanding                                                   |     |                | 121,947,978 |   |

<div align='center'>F-27

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

GCL Global was determined
to be the accounting acquirer given GGL Global effectively controlled the combined entity after the SPAC Transaction. The transaction
is not a business combination because RFAC was not a business. The transaction is accounted for as a reverse recapitalization, which
is equivalent to the issuance of shares by GCL Global for the net monetary assets of RFAC, accompanied by a recapitalization. GCL Global
is determined as the accounting acquirer and the historical financial statements of GCL Global became the Company’s historical
financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of RFAC were recognized
as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those
of GCL Global and GCL Global’s operations are the only ongoing operations of GCL.

In connection with the Reverse
Recap