Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 222

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 222
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 of GCL.

In connection with the Reverse
Recapitalization, the Company raised approximately $ million of proceeds, presented as cash flows from financing activities,
which included the contribution of approximately $ million of funds held in RFAC’s trust account and cash held in RFAC’s
operating cash account.

The following table reconciles
the elements of the Reverse Recapitalization to the consolidated statements of cash flows, changes in shareholders’ equity, and
net deficit of RFAC as of the closing date.

|                                                                                |     | At                        
 Closing date February 13, 
 2025                      |             |   |
|:-------------------------------------------------------------------------------|:----|:--------------------------|------------:|:--|
| Funds held in RFAC’s trust account                                             |     | $                         |     499,932 |   |
| Funds held in RFAC’s operating cash account                                    |     |                           |     111,776 |   |
| Proceeds from the Reverse Recapitalization                                     |     |                           |     611,708 |   |
| Less: non-cash net deficit assumed from RFAC                                   |     |                           | (10,692,920 | ) |
| Net deficit from issuance of ordinary shares upon the Reverse Recapitalization |     | $                         | (10,081,212 | ) |

Note 4 — Business Combination — Acquisition of Starry On April 12, 2023, the Company, through its subsidiary, Titan Digital, entered into a sale and purchase agreements (“SPA1”) with Debbie Soon Rui Yi (“Debbie”), a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire 100% equity interest in Starry. Starry was incorporated in Singapore on June 16, 2020, and its principal activities mainly include distribution of Jewelry. Pursuant to the SPA1, Titan digital is obligated to issue 17,648or 15% of Titan Digital’s ordinary shares to Debbie. On April 12, 2023, the acquisition of starry was completed (“Acquisition date”), and 17,648shares of Titan Digital’s ordinary shares were issued to Debbie. The Company’s acquisition of Starry was accounted for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Starry based upon the fair value of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets acquired and liabilities assumed at the acquisition date in