Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 358

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 358
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 (30) trading days immediately preceding the Full Recoupment Date. If the
Consideration Shares VWAP exceeds $7,500,000, all Nekcom Consideration Shares will be released to Nekcom, and all Nekcom Additional Consideration
Shares will be returned to GCL Global for cancellation. In the event that the Consideration Shares VWAP is below $7,500,000 but exceeds
$1,200,000, Nekcom will receive such number of Nekcom Additional Consideration Shares from the escrow account that would make up 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.
The Company recognized its 20% investment in Nekcom under the equity method. However, it does not have any impact on the Company’s
unaudited condensed consolidated financial statements as of September 30, 2024.

In February 2025, the Company has entered into amendment to Note Purchase Agreement (the “Amendment”) with Pubco, Epic SG
and Transaction Investors to make certain amendment on the Top-Up Shares issuances formula.

<div align='center'>F-95

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Stockholders and Board of Directors of

RF Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying balance sheets
of RF Acquisition Corp. (the “Company”) as of December 31, 2024 and 2023 the related statements of operations, changes
in stockholders’ deficit and cash flows for each of the two years in the period ended December 31, 2024, and the related
notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in
all material respects, the financial position of the Company as of December 31, 2024 and 2023 and the results of its operations and
its cash flows for each of the