Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 373

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 373
---
 amended and restated
certificate of incorporation to give the Company the right to extend the date by which it has to consummate a business combination from
September 28, 2024 to March 28, 2025, composed of six monthly extensions after September 28, 2024, by depositing into the Trust Account
for each of the six monthly extensions, $0.03 for each share of Class A Common Stock not redeemed in connection with the Extension Amendment
Proposal, until March 28, 2025 in exchange for a non-interest-bearing, unsecured promissory note payable upon consummation of a business
combination. Also at the Special Meeting, stockholders of record were provided the opportunity to exercise their redemption rights. Stockholders
properly elected to redeem an aggregate of 1,170,280 Class A common stock at a redemption price of approximately $11.23 per share. On
September 25, 2024, a total of $13,136,586 in redemption payments were made in connection with this redemption. Following the redemption,
the Company recorded $131,365 of excise tax expense and excise tax payable related to the redemption. As of December 31, 2024 and December
31, 2023, the total excise tax payable was $1,038,102 and $906,736, respectively.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its
Class A common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities
from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured
at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either
within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s
control) are classified as temporary equity. At all other times, Class A common stock are classified as stockholders’ equity. The
Company’s Class A common stock feature certain redemption rights that are considered to be outside of the Company’s control
and subject to the occurrence of uncertain future events. Accordingly, the Class A common stock is subject to possible redemption and
is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheet.

The Company recognizes changes
in redemption value immediately as they occur and adjusts the carrying value of redeemable common