Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 366

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 366
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 any claims by a third party or Target that executed a waiver of any and
all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the
Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the
Securities Act of 1933, as amended (the “Securities Act”). The Company will seek to reduce the possibility that the Sponsor
will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective
target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title,
interest or claim of any kind in or to monies held in the Trust Account.

Going Concern and Liquidity

At December 31, 2024,
the Company had $40,511 of cash and negative working capital of $7,519,823, respectively.

The Company’s liquidity
needs up to March 28, 2022 had been satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the Founder Shares to
cover certain offering costs. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s
Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide
the Company with Working Capital Loans, as defined below (see Note 5). As of December 31, 2024, there were no amounts outstanding
under any Working Capital Loans.

Prior to the completion of
the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is
considered to be one year from the issuance date of the financial statements. The Company has since competed its Initial Public Offering
at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the
Company for general working capital purposes.

<div align='center'>F-105</div>

Our ability to consummate
any business combination is dependent on a variety of factors, many of which are beyond our control. The Company did not consummate a
business combination by the revised deadline of September 28, 2024, but extended the deadline to March 28, 2025 by depositing monthly
extensions into the Trust Account in the amount of $0.03