Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 95

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4A
Chunk 95
---
 unless and until
the entire SGD 5,000,000 has been disbursed to the Borrower by OCBC under the Facility Agreement; and that OCBC will have no claims
for penalties, damages and legal remedies of any kind against either the Company or the Borrower for non-performance of any
obligations under the Warrant. The Amendment also provides that, among other things, until the full amount of SGD5,000,000 is
disbursed by OCBC to the Borrower pursuant to the Facility Agreement, (i) the Warrant shall not be capable of exercise of any kind,
and shall remain un-exercisable; and (ii) OCBC will have no rights to Piggyback Registration (as defined in the Warrant). Under the
Amendment, the Company will have six months from the date the full amount of SGD5,000,000 is disbursed to file a registration
statement for the public resale of all of the Warrant Shares (as defined in the Warrant). As of the date of issuance of the
consolidated financial statements, no fund has been disbursed under the Facility Agreement.

Acquisition of Ban Leong Technologies Ltd

On April 30, 2025, Epicsoft
Asia (the “ Offeror”) made a voluntary conditional cash offer (the “ Offer”) of S$0.6029 per share (approximately
US$0.4580 per share) to acquire all of the issued and paid-up ordinary shares in the capital of Ban Leong Technologies Limited (“ Ban
Leong”), a Singaporean company listed on the Singapore Exchange Securities Trading Limited (“ SGX-ST”). The Offer became
unconditional on May 27, 2025. As the Offeror has received valid acceptances of more than 90% of the total number of issued shares of
Ban Leong, the Offeror is entitled to, and will be exercising its right of compulsory acquisition under the Companies Act 1967 of Singapore.
Subsequent to the completion of the compulsory acquisition which is currently expected to take place on or around August 25, 2025, Ban
Leong will be officially delisted from the SGX-ST. Cash consideration of the Offer will be financed through a combination of an approximately
$38.7 million secured term loan facility provided by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (the “ HSBC
term loan facility”) and approximately $10.0 million cash on hand from the Company. The