Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 82

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 82
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 Global through the issuance                   
 of 120,000,000 shares of PubCo with $0.0001 par value to GCL Global’s stockholders; |

| (T) | 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 should 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 expect to recur.                                                                         |

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| (U) | Reflected reclassification of 53,711 shares of GCL Global’               
 s ordinary share subject to possible redemption to permanent equity; and |

| (V) | Reflected reclassification 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