Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 219

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 219
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   |
| Net cash used in operating activities                      |     | $                |      — |   |
| Net Change in Cash                                         |     |                  |      — |   |
| Cash at beginning of period                                |     |                  |      — |   |
| Cash at end of period                                      |     | $                |      — |   |
| Supplemental disclosure of non-cash operating activities   |     |                  |        |   |
| General and administrative expense paid by a related party |     | $                |  4,619 |   |

<div align='center'>The
accompanying notes are an integral part of these financial statements.

F-6

GCL GLOBGAL HOLDINGS LTD

NOTES TO FINANCIAL STATEMENTS

(Amounts in U.S. Dollars, except for number of shares)</div>

NOTE 1 — BUSINESS DESCRIPTION

Business

GCL GLOBAL HOLDINGS LTD (the “Company”
or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12, 2023. The Company
was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of October 18, 2023
(as may be further amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”). The parties to
the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), GCL Global
Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition Corp., a Delaware corporation
(“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).

Pursuant to the Merger Agreement, PubCo will form
two wholly-owned subsidiaries for the purpose of participating in the contemplated transactions: (i) a Cayman Islands exempted company
limited by shares (“Merger Sub 1”), and (ii)a Delaware corporation (“Merger Sub 2”). The transactions will occur
in two steps: (i) Merger Sub 1 will merge with and into GCL Global, with GCL Global surviving the merger and becoming a wholly-owned
subsidiary of PubCo (the “Initial Merger”); and (ii) following the Initial Merger, Merger Sub 2 will merge with and into
RFAC, with RFAC surviving the merger and becoming a wholly-owned subsidiary of PubCo (the