Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 246

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 246
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 and (ii) each issued and outstanding security of GCL Global immediately prior to the consummation of the Merger was no longer
outstanding and automatically cancelled, in exchange for the right of the holder thereof to receive such number of newly issued shares
of the Company specified below; and (b) Merger Sub 2 merged with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary
of the Company (the “SPAC Merger” and together with the Initial Merger, the “Mergers”, and together the other
transactions and ancillary agreements contemplated by the Merger Agreement and the Ancillary Agreements (as defined below), the “Business
Combination” or “Transactions”). As a result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary
of the Company.

<div align='center'>F-26

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Upon the consummation of
the Business Combination, the following transaction (“collectively, the “Transaction”) were completed, based on the
Company’s capitalization as of February 13, 2025:

| ● | Each                                                                                              
 ordinary share of GCL Global issued and outstanding immediately prior to the Initial Merger       
 Effective Time (other than any treasury shares or Dissenting Shares), was automatically cancelled 
 and ceased to exist in exchange for the right to receive, such number of newly issued ordinary    
 shares of PubCo, par value $0.0001 per share (the “PubCo Ordinary Shares”) at                     
 an exchange ratio of 1 for 4.0536 (“Exchange Ratio”) , rounded up to the nearest                  
 whole share (the “Merger Consideration Shares”), and as of the Initial Merger                     
 Effective Time, each Company Shareholder (as defined in the Merger Agreement) ceased to have      
 any other rights in and to GCL Global (other than any applicable appraisal and dissenter’s        
 rights);                                                                                          |

| ● | Each                                                                                                 
 share of RFAC common stock, including RFAC Class A Common Stock and RFAC Class B Common Stock,       
 issued and outstanding immediately prior to the effective time of the Business Combination           
 (other than any redeemed shares) was automatically cancelled and ceased to exist and, for            
 each share of RFAC common stock, the Company issued to each RFAC shareholder (other than             
 RFAC shareholders who exercised their redemption