Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 132

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 132
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 China, Dubai, Japan, Brazil, Thailand
and Malaysia, totaling over 4,447 square meters. We believe our facilities are adequate and suitable for our current needs and that should
it be needed, suitable additional or alternative space will be available to accommodate our operations.

Legal Proceedings

From time to time, we may
become involved in legal proceedings arising in the ordinary course of our business. We are not currently a party to any legal proceedings
the outcome of which, if determined adversely to us, would individually or in the aggregate have a material adverse effect on our business,
financial condition, or results of operations.

<div align='center'>75

GCL MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

Unless the context otherwise requires, for purposes of this section, the terms “GCL”, “we,” “us,” or “our,” refer to GCL Global Limited and its subsidiaries prior to the consummation of the Business Combination. You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes included elsewhere in this prospectus. Some of the information contained in this discussion and analysis are set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, and includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section of this prospectus titled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

GCL is a holding company
incorporated as an exempted company under the laws of the Cayman Islands. As a holding company with no material operations on its own,
we conduct all our operations through our subsidiaries in Singapore, Hong Kong, Malaysia, China, the United Kingdom, Japan, Brazil, and
Dubai.

We are a marketer, distributor,
publisher and developer of video games and entertainment content sold in Asia, Europe, the U.S. and Latin America. We sell and distribute
to retailers and consumers in Asia physical and digital copies of video games through physical retailers, such as Sony PlayStation stores
in Japan, as well as online channels in Singapore, Hong Kong, Malaysia, Japan, South Korea, Taiwan, Thailand, Indonesia, the Philippines
and other Asian countries. Over 86.8% ,93.3%, and 87.9% of