Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 390

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 390
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 distribution
from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.

In addition, if (x) the
Company issues additional shares of Class A common stock or equity-linked securities, for capital raising purposes in connection
with the closing of a Business Combination at an issue price or effective issue price of less than $9.20 per share of Class A common
stock (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and, in
the case of any such issuance to the Sponsor, our initial stockholders or such affiliates, without taking into account any founder shares
held by the Sponsor, initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and
(z) the volume weighted average trading price of the Company’s Class A common stock during the 20 trading day period starting
on the trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is
below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of
the Market Value or the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to
be equal to 180% of the greater of the Market Value or the Newly Issued Price.

<div align='center'>F-117</div>

NOTE 8. CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A
common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. The Company is authorized to issue 380,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. Accordingly, as of December 31,
2024, and December 31, 2023, 1,574,369 and 2,744,649 shares of