Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 362

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 362
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ory note payable
upon consummation of a business combination. Also at the Special Meeting, stockholders of record were provided the opportunity to exercise
their redemption rights. Stockholders properly elected to redeem an aggregate of 1,170,280 Class A common stock at a redemption price
of approximately $11.23 per share. On September 25, 2024, a total of $13,136,586 in redemption payments were made in connection with this
redemption. Following the redemption, the Company had a total of 4,649,369 shares of Class A common stock outstanding. On September 30,
2024, the parties to the Merger Agreement entered into that certain Fourth Amendment to Merger Agreement (as clarified on October 15,
2024) pursuant to which the parties have agreed to, among other things, extend the deadline for the parties to complete the Business Combination
(as defined in the Merger Agreement) to March 28, 2025. GCL Global also agreed to pay
for up to six (6) months of extension fees starting September 28, 2024 and other third-party vendor expenses incurred by the Company in
connection with the Business Combination, for an aggregate of up to $500,000 (the “Amendment Expenses”), subject to a dollar-for-dollar
reduction to the Maximum Allowable SPAC Transaction Expenses (as such term is defined in the Merger Agreement) and reimbursement by the
Sponsor in the event that the Amendment Expenses paid exceeds five percent (5%) of the total amount of Transaction Financing (as defined
in the Merger Agreement) (not including the balance of the Trust Account) the Company has received from the Sponsor, its affiliate, or
any party introduced by the Sponsor to the Company that was not already known to the Company.

<div align='center'>F-103</div>

On March 13, 2023, Melvin
Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in connection with the business
combination, and (ii) working capital requirements (as amended, the “Director Promissory Note”). On February 17, 2024, the
Director Promissory Note was amended and restated to increase the principal amount of the note to $2,000,000. The Director Promissory
Note bears no interest and matures on the later of: (i) December 28, 202