Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 36

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 36
---
 reactions from regulators, which may result in blockade, delay or restructuring of such 
 transactions;                                                                                                                    |

| ● | regulatory changes that require adjustments to our business or shareholding 
 or rights in relation to subsidiaries or joint ventures;                    |

| ● | any significant use of cash or incurrence of debt to finance the transactions                                                      
 may restrict our business and any issuance of equity and/or convertible note to finance or otherwise complete the transactions may 
 result in dilution to our shareholders;                                                                                            |

| ● | adverse reactions to acquisitions by investors and other stakeholders; and |

| ● | distraction of our management from executing our existing strategic plan as                                
 each strategic transaction will require management time and resources to negotiate, execute and integrate. |

If we fail to address the
risks or other problems encountered in connection with past or future transactions such as the foregoing, or if we fail to successfully
integrate or manage such transactions, our business, financial condition, results of operations and prospects could be materially and
adversely affected.

We plan to raise additional funds through sale of equity or convertible debt securities in order to fuel business growth.

To fuel the growth of our
business, we plan to raise financing through sale of equity or convertible debt securities in the near future. However, there is no assurance
that such financing will be available to us when needed, or if available, on terms that are favorable to us. Should the financing we
require be unavailable to us, or on terms unacceptable to us when we require it, we may have to delay, curtail or alter our strategic
acquisition or business plans, and as a result, our business, operating results, financial condition, and prospects could be materially
adversely affected.

<div align='center'>17</div>

The terms of any securities
issued by us in future capital transactions may be more favorable to new investors, and may include preferences, superior voting rights
and the issuance of warrants or other derivative securities, which may have a further dilutive effect on the holders of any of our securities
then outstanding. In addition, we may incur substantial costs in pursuing future capital financing, including investment banking fees,
legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs. We may also be required
to recognize non-cash expenses in connection with certain securities we issue, such as convertible notes and warrants, which may adversely
impact our financial condition.

We are or may be subject to contractual covenants which place certain limitations on how we manage