Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 385

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 385
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2022, the underwriters
exercised the over-allotment option in full.

As a result of the underwriter’s
election to exercise their over-allotment option on March 30, 2022, 375,000 Founder Shares are no longer subject to forfeiture as
of December 31, 2022.

The Sponsor has agreed not
to, except to permitted transferees, transfer, assign or sell any of its Founder Shares until the earlier to occur of: (A) one year
after the completion of a Business Combination or (B) the date on which the Company completes a liquidation, merger, capital stock
exchange or similar transaction that results in all of the Company’s stockholders having the right to exchange their shares of common
stock for cash, securities or other property. Notwithstanding the foregoing, if the last sale price of the Company’s Class A
common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and
the like) for any 20 trading days within any 30-trading day period commencing at least 120 days after the Business Combination,
the Founder Shares will be released from the lock-up.

<div align='center'>F-112</div>

On June 26, 2023, the Company’s
board of directors unanimously consented to the conversion of the Company’s shares of Class B common stock to shares of Class A
common stock on a one-for one basis. On June 26, 2023, RF Dynamic LLC, the sole holder of Class B common stock, also consented to the
conversion of the Company’s Class B Common Stock to shares of Class A common stock on a one-for-one basis. On July 7, 2023, the
Company instructed its transfer agent to initiate the conversion of the shares of Class B common stock to shares of Class A common stock.
An aggregate of 2,875,000 shares of Class B common stock with a par value of $0.0001 per share was converted into 2,875,000 shares of
Class A common stock with a par value of $0.0001.

Administrative Services Agreement

Commencing on the date of
the Initial Public Offering and until completion of the Company’s initial business combination or liquidation, the Company will
make a payment of a monthly fee of $10,000 to the Sponsor for office space, utilities and secretarial and administrative support