Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 62

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 62
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arrants are exercised
in full). The lock-up restrictions can be waived by the Company at any time. Given the substantial number of Ordinary Shares being registered
for potential resale by the Selling Shareholders pursuant to this prospectus, the sale of shares by the Selling Shareholders, or the perception
in the market that the holders of a large number of our Ordinary Shares intend to sell their shares, could increase the volatility of,
or result in a significant decline in, the public trading price of the Ordinary Shares. See “Shares Eligible for Future Sales”
for more details.

<div align='center'>31</div>

Sales of a substantial number
of Ordinary Shares in the public market by the Selling Shareholders and/or by our other existing shareholders, or the perception that
those sales might occur, could result in a significant decline in the public trading price of our Ordinary Shares and could impair our
ability to raise capital through the sale of additional equity securities. Because the prices at which certain Selling Shareholders acquired
the securities that they may sell pursuant to this prospectus may be lower than that of our public shareholders, certain Selling Shareholders
may still experience a positive rate of return on the securities that they sell pursuant to this prospectus, and be incentivized to sell
such shares, when our public shareholders may not experience a similar rate of return. Based on the closing price of our Ordinary Shares
of $1.98 as of March 28, 2025, the Sponsor (with respect to the Sponsor Founder shares) may experience potential profit of up to $1.971
per share, or an aggregate of up to approximately $6.1 million. Accordingly, such Selling Shareholders may have an incentive to sell
their securities even if the trading price is lower than the price at which our public shareholders purchased their securities. Holders
of Warrants may experience potential profit if the price of the Company’s Ordinary Shares exceeds $12.50 per share. In connection
with the initial public offering of RFAC, RFAC’s initial public shareholders acquired RFAC Public Units at a price of $10.00 per
unit, each of which comprises one share of RFAC Common Stock, one RFAC Warrant and one RFAC Right, and trading price of our Ordinary Shares
have fluctuated, and may continue to fluctuate, following the closing of the Business Combination. Epicsoft Ventures (with respect to
the shares issued to Epicsoft Ventures in connection with the Business Combination) may experience potential profit if the price of