Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 72

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 72
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 necessarily indicative of what the actual
results of operations and financial position would have been had the Transactions taken place on the dates indicated, nor are they indicative
of the future consolidated results of operations or financial position of the Combined Company.

There is no historical activity
with respect to PubCo, Merger Sub 1 and Merger Sub 2, and accordingly, no adjustments were required with respect to these entities in
the unaudited pro forma condensed combined financial statements.

The unaudited pro forma
condensed combined balance sheet as of September 30, 2024 has been prepared using, and should be read in conjunction with, the following:

<div align='center'>39</div>

The unaudited
pro forma condensed combined statement of operations for the six months ended September 30, 2024 has been prepared using, and should
be read in conjunction with, the following.

The unaudited pro forma
condensed combined statement of operations for the year ended March 31, 2024 has been prepared using, and should be read in conjunction
with, the following.

Description of the Business Combination

On February 13, 2025 (the
“Closing Date”), the Company consummated the transactions contemplated by that certain agreement and plan of merger dated
October 18, 2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024, and as may be further amended,
supplemented or otherwise modified from time to time, the “Merger Agreement”), entered by and among (i) the Company, (ii)
RFAC, (iii) Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), (iv) GCL Global Limited, a Cayman
Islands exempted company limited by shares (“GCL Global”), and, (v) for the limited purposes set forth therein, RF Dynamic
LLC, a Delaware limited liability company (the “Sponsor”). Capitalized terms used but not otherwise defined herein shall have
the meanings set forth in the Merger Agreement. On the Closing Date, pursuant to the Merger Agreement: (a) Merger Sub 1 merged with
and into GCL Global, with GCL Global continuing as the surviving entity in the merger (the “Initial Merger”), as a result
of which: (i) GCL Global became a wholly-owned subsidiary of the Company and