Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 56

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 56
---
 other companies in the gaming industry; |

| ● | announcements by us or our competitors of new services, expansions, investments, 
 acquisitions, strategic partnerships or joint ventures;                          |

| ● | mergers or other business combinations involving us; |

| ● | additions and departures of key personnel and senior management; |

| ● | changes in accounting principles; |

| ● | the passage of legislation or other developments affecting us or our industry; |

| ● | the trading volume of the Ordinary Shares in the public market; |

| ● | the release of lockup, escrow or other transfer restrictions on our                                                                    
 outstanding equity securities or sales of additional equity securities, including sales of ordinary shares being offered and sold from 
 time to time by the Selling Shareholders pursuant to this prospectus;                                                                  |

| ● | potential litigation or regulatory investigations; |

| ● | changes in financial estimates by research analysts; |

| ● | natural disasters, terrorist acts, acts of war or periods of civil unrest; and |

| ● | the realization of some or all of the risks described in this section. |

In addition, the stock markets
have experienced significant price and trading volume fluctuations from time to time, and the market prices of equity securities of businesses
in our and certain other industries may become extremely volatile and sometimes subject to sharp price and trading volume changes. These
broad market fluctuations may materially and adversely affect the market price of the Ordinary Shares.

<div align='center'>29</div>

We may issue additional Ordinary Shares or other equity or convertible debt securities without approval of the holders of the Ordinary Shares, which would dilute existing ownership interests and may depress the market price of our Ordinary Shares.

We may issue additional
Ordinary Shares or other equity or convertible debt securities of equal or senior rank in the future without approval of the holders
of the Ordinary Shares in certain circumstances. Our issuance of additional Ordinary Shares or other equity or convertible debt securities
of equal or senior rank would have the following effects: (1) our existing shareholders’ proportionate ownership interest may decrease;
(2) the amount of cash available per share, including for payment of dividends in the future, may decrease; (3) the relative voting power
of each previously outstanding Ordinary Shares may be diminished; and (4) the market price of the Ordinary Shares may decline.

The interests of the Selling Shareholders may not align with the interests of other shareholders.

The Selling Shareholders
may sell the ordinary shares (including the ordinary shares underlying the Notes) at any time