Company: GCL
Filing Date: 2025-07-08
Form Type: 424B3
Source: 0001213900-25-062059
Chunk: 8

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-08
Form: 424B3
Chunk 8
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 at all or in full prior to the expiration       
 of the Exercise Period.                                                                                                                      |

| 3. | METHOD OF EXERCISE |

| 3.1 | Voluntary Exercise. While this Warrant remains outstanding and exercisable                                                            
 in accordance with Section 2 above, the Holder may exercise, in whole or in part, the purchase rights evidenced hereby. Such exercise 
 (the “Voluntary Exercise”) shall be effected by:                                                                                      |

| (a) | the Holder providing PubCo with a duly executed copy of the Notice of Exercise in 
 the form attached hereto in Exhibit A (“Notice of Exercise”); and                 |

| (b) | the payment by the Holder of an amount equal to the aggregate Exercise Price for                                            
 the Warrant Shares specified in the Notice of Exercise in U.S. dollars in same-day funds to an account designated by PubCo. |

| 3.2 | Automatic Exercise. Subject to Section 3.6 below, all of the outstanding                                                                    
 Warrant shall be exercised automatically, without the need for the provision of a Notice of Exercise or any further action by or on behalf  
 of the Holder but subject to the payment by the Holder on the Exercise Date (as defined below) of an amount equal to the aggregate Exercise 
 Price for the un-exercised Warrant in U.S. dollars in same-day funds to an account designated by PubCo (“Automatic Exercise”),              
 in the event that:                                                                                                                          |

| (a) | the VWAP has been above US$12 per share (subject to adjustment pursuant to Section                                   
 8 hereof) for at least twenty (20) consecutive Trading Days (such 20th Trading Day, the “Determination Date”) during 
 the Exercise Period;                                                                                                 |

| (b) | the average of the Daily Trading Volume, as measured over the consecutive twenty                                                       
 (20) Trading Days period referred to in Section 3.2(a) above, was at least 1 million shares (subject to adjustment pursuant to Section 
 8 hereof);                                                                                                                             |

| (c) | the market capitalisation of PubCo is at least US$1 billion on the first Trading 
 Day immediately after the Determination Date; and                                |

| (d) | any of the Unrestricted Conditions has been satisfied at the time of issuance of                                                        
 the Warrant Shares, and PubCo has caused its counsel to issue a legal opinion to that effect to the Transfer Agent (as defined below),  
 or