Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 366

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 366
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ation of the Business Combination.
Also on December 27, 2023, the Company deposited into the Trust Account $225,000 which amount was provided by the Sponsor from the funds
granted in connection with the Director Promissory Note issued by Melvin Xeng Thou, for the initial three-month extension. Subsequently
on March 25, 2024, April 25, 2024, May 24, 2024, June 25, 2024, July 24, 2024, and August 23, 2024 an amount of $75,000 was made on each
day from GCL Global Holdings Ltd (“GCL”) for the purposes of extending the business combination deadline. These payments from
GCL are made per the terms of the Merger Agreement (see Note 5). On September 23, 2024, another special meeting (the “Special Meeting”)
was held where the Company’s stockholders approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s
second amended and restated certificate of incorporation to give the Company the right to extend the date by which it has to consummate
a business combination from September 28, 2024 to March 28, 2025, composed of six monthly extensions after September 28, 2024, by depositing
into the Trust Account for each of the six monthly extensions, $0.03 for each share of Class A Common Stock not redeemed in connection
with the Extension Amendment Proposal, until March 28, 2025 in exchange for a non-interest-bearing, unsecured promissory 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