Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 191

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 191
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) are not transferable, assignable or salable
until 30 days after the completion of our Business Combination. The Private Placement Warrants have terms and provisions that are identical
to those of the Warrants being sold as part of the units in RFAC’s Initial Public Offering, including as to exercise price, exercisability
and exercise period.

If holders of Warrants (and
Private Placement-equivalent Warrants) elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary
Shares underlying the Warrants, multiplied by the excess of the “fair market value” (defined below) of the Ordinary Shares
over the exercise price of the Warrants by (y) the fair market value. The “fair market value” shall mean the average reported
last sale price of the Ordinary Shares for the five trading days ending on the third trading day prior to the date on which the notice
of Warrant exercise is sent to the warrant agent. We expect to have policies in place that prohibit insiders from selling our securities
except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider
cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could sell the Ordinary Shares issuable upon exercise of the Warrants freely in the open market, the insiders could be significantly
restricted from doing so. As a result, we believe that allowing the holders to exercise such Warrants on a cashless basis is appropriate.

In order to finance transaction
costs in connection with an intended Business Combination, our sponsor or an affiliate of our sponsor or certain of our officers and
directors may, but are not obligated to, loan us funds as may be required. The terms of such working capital loans by our sponsor or
its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such
loans. In addition, holders of our Private Placement Warrants are entitled to certain registration rights.

Our sponsor and EarlyBirdCapital
(and/or its designees) have agreed not to transfer, assign or sell any of the Private Placement Warrants until the date that is 180 days
after the date we complete our Business Combination.

OCBC Warrant

On July 7, 202