Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 181

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 181
---
% of the issued and outstanding Ordinary Shares (assuming all Warrants are exercised
in full). The lock-up restrictions can be waived by the Company at any time. Given the substantial number of Ordinary Shares being registered
for potential resale by the Selling Shareholders pursuant to this prospectus, the sale of shares by the Selling Shareholders, or the perception
in the market that the holders of a large number of our Ordinary Shares intend to sell their shares, could increase the volatility of,
or result in a significant decline in, the public trading price of the Ordinary Shares. These sales, or the possibility that these sales
may occur, and any related volatility or decrease in market price of the Ordinary Shares and Warrants, might materially and adversely
affect our ability to raise additional capital through the issuance of equity and/or debt securities in the future. See “Risk Factors - Risks Related to Ownership of Securities in the Company - Risks Related to Our Securities - Sales of a substantial number of our securities in the public market by our existing shareholders could cause the price of our Ordinary Shares and Warrants to fall, and certain Selling Shareholders can earn a positive rate of return on their investment, even if other shareholders experience a negative rate of return.”

<div align='center'>108

CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS</div>

RFAC

Sponsor Founder Shares

On January 21, 2021, RFAC issued an aggregate of 2,875,000 Sponsor Founder Shares to the Sponsor in exchange for $25,000. The per share purchase price was approximately $0.009 per share. On March 30, 2022, in connection with the underwriters’ election to fully exercise their over- allotment option, an aggregate of 375,000 Sponsor Founder Shares were no longer subject to forfeiture. The Sponsor Founder Shares automatically converted into shares of RFAC Class A Common Stock at the time of our Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment.

On June 26, 2023, the RFAC board of directors unanimously consented to the conversion of the shares of RFAC Class B Common Stock to shares of RFAC Class A Common Stock on a one-for one basis. On June 26, 2023, RF Dynamic LLC, the sole holder of RFAC Class B Common Stock, also consented to the conversion of the shares of RFAC Class B Common Stock to shares of RFAC Class A Common Stock