Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 220

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 220
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 “SPAC Merger”). Together, the Initial
Merger, the SPAC Merger, and the other transactions and agreements contemplated by the Merger Agreement constitute the “Business
Combination.”

Upon consummation of the Business Combination, both
GCL Global and RFAC will become wholly-owned subsidiaries of PubCo.

Following the consummation of the transaction contemplated
by the Merger Agreement, the Company will be the surviving publicly traded corporation, and will own all of the equity interests of GCL
Global and RFAC. However, the consummation of the transactions contemplated by the Merger Agreement is subject to numerous conditions,
and there can be no assurances that such conditions will be satisfied.

NOTE 2 — GOING CONCERN CONSIDERATION

The Company’s financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course
of operations. The Company incurred net losses of $4,619 for the period from October 12, 2023 (inception) through March 31,
2024, with a working capital deficit of $4,619 as of March 31, 2024. The Company’s operating results for future periods are
subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable
future. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.

Management plans to address this uncertainty through
a Business Combination as discussed in Note 1. The Company’s financial statements do not give effect to any adjustments relating
to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as
a going concern.

NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant
to the rules and regulations of the Securities and Exchange Commission (“SEC”) and have been consistently applied.

Uses of estimates

In preparing the financial statements in conformity
U.S. GAAP, the management makes judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets, liabilities and expenses. The estimates and associated assumptions are based on historical experience and various other factors
that are believed to be reasonable under the circumstances,