Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 194

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 194
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) the fair market value. The “fair market value” shall mean the average reported
last sale price of the Ordinary Shares for the five trading days ending on the third trading day prior to the date on which the notice
of Warrant exercise is sent to the warrant agent. We expect to have policies in place that prohibit insiders from selling our securities
except during specific periods of time. Even during such periods of time when insiders will be permitted to sell our securities, an insider
cannot trade in our securities if he or she is in possession of material non-public information. Accordingly, unlike public stockholders
who could sell the Ordinary Shares issuable upon exercise of the Warrants freely in the open market, the insiders could be significantly
restricted from doing so. As a result, we believe that allowing the holders to exercise such Warrants on a cashless basis is appropriate.

In order to finance transaction
costs in connection with an intended Business Combination, our sponsor or an affiliate of our sponsor or certain of our officers and
directors may, but are not obligated to, loan us funds as may be required. The terms of such working capital loans by our sponsor or
its affiliates, or our officers and directors, if any, have not been determined and no written agreements exist with respect to such
loans. In addition, holders of our Private Placement Warrants are entitled to certain registration rights.

Our sponsor and EarlyBirdCapital
(and/or its designees) have agreed not to transfer, assign or sell any of the Private Placement Warrants until the date that is 180 days
after the date we complete our Business Combination.

OCBC Warrant

On July 7, 2025, the Company
issued to Oversea-Chinese Banking Corporation Limited (“OCBC”) certain Warrant to Purchase Ordinary Shares of GCL Global
Holdings Ltd dated as of July 7, 2025 (the “OCBC Warrant”), in connection with that certain Facility Letter dated as of October
1, 2024, as supplemented by those certain Supplemental Letters dated as of March 12, 2025 and July 7, 2025, between the Holder and Epicsoft
Asia Pte. Ltd. (the “Borrower”) which is a wholly-owned subsidiary of the Company for a financing of up to SGD5,000,000 (together,
the “Facility Agreement”). On July 29, 2025, the Company and the OCBC entered into Amendment No. 1 to