Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 35

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 35
---
 and may otherwise negatively affect the price and liquidity of the Ordinary Shares. Many of these factors and conditions
are beyond the control of us and shareholders.

Our share price may be volatile and could
decline substantially.

The market price of our Ordinary
Shares may be volatile, both because of actual and perceived changes in our financial results and prospects, and because of general volatility
in the stock market. The factors that could cause fluctuations in our share price may include, among other factors discussed in this section,
the following:

  actual or anticipated variations in the financial                                

  changes in economic and financial market conditions;  
 ────────────────────────────────────────────────────────

  changes in the market valuations of other companies in the gaming industry;  
 ───────────────────────────────────────────────────────────────────────────────

  announcements by us or our competitors of new services,                           

  mergers or other business combinations involving us;  

  additions and departures of key personnel and senior management;  

  changes in accounting principles;  
 ─────────────────────────────────────

  the passage of legislation or other developments affecting us or our industry;  

  the trading volume of the Ordinary Shares in the public market;  

  the release of lockup, escrow or other transfer restrictions                    

  potential litigation or regulatory investigations;  

  changes in financial estimates by research analysts;  
 ────────────────────────────────────────────────────────

  natural disasters, terrorist acts, acts of war or periods of civil unrest; and  

  the realization of some or all of the risks described in this section.  

In addition, the stock markets
have experienced significant price and trading volume fluctuations from time to time, and the market prices of equity securities of businesses
in our and certain other industries may become extremely volatile and sometimes subject to sharp price and trading volume changes. These
broad market fluctuations may materially and adversely affect the market price of the Ordinary Shares.

We may issue additional Ordinary Shares
or other equity or convertible debt securities without approval of the holders of the Ordinary Shares, which would dilute existing ownership
interests and may depress the market price of our Ordinary Shares.

We may issue additional Ordinary
Shares or other equity or convertible debt securities of equal or senior rank in the future without approval of the holders of the Ordinary
Shares in certain circumstances. Our issuance of additional Ordinary Shares or other equity or convertible debt securities of equal or
senior rank would have the following effects: (1) our existing shareholders’ proportionate ownership