Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 139

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 10
Chunk 139
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 the shortfall, with the balance returned to the Company for cancellation. If the value of the Nekcom Additional
Consideration Shares so released from the escrow account is not sufficient to make up the shortfall, the Company has agreed to either
pay Nekcom cash to make up the shortfall, or issue additional shares to Nekcom and use its reasonable best efforts to register such shares
for resale. If the Consideration Shares VWAP is below $1,200,000, the Company has agreed to pay Nekcom the shortfall between $7,500,000
and the Consideration Shares VWAP in cash.

2Game SPA

Pursuant to the Share Sale and Purchase Agreement
dated March 19, 2025 (the “2Game SPA”) by and among GCL Global SG and the 2Game Sellers, GCL Global SG purchased from the
2Game Sellers 1,000 shares of 2Game (the “ Sale Shares”) for $1,200,000, resulting in GCL Global SG currently holding 61% equity
interests of 2Game. The 2Game SPA contains certain financial performance targets for 2Game over the next three years starting and including
fiscal year 2026. Pursuant to the terms of the 2Game SPA, in the event that 2Game fails to generate at least $70,000,000 of revenue and
net profit after tax of at least $2,500,000 during fiscal year 2026, the 2Game Sellers will be required to buy back the Sale Shares for
$1,272,000. In the event that the financial targets for fiscal year 2026 are met, GCL Global SG will have the right to require the 2Game
Sellers to buy back the Sale Shares for $1,272,000.

ATW SPA and Registration Rights Agreement

On
May 21, 2025, the Company entered into a securities purchase agreement (the “ ATW SPA”) with ATW Partners (the “ Investor”)
for the issuance of senior unsecured convertible notes, through a facility of up to $45.5 million. Pursuant to the ATW SPA, the Company
has issued and sold to the Investor an initial note in the aggregate original principal amount of $2,900,000, at a purchase price of
$2,610,000 on May 23, 2025 (the “ Initial Closing Date”), which is convertible at the holder