Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 248

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 248
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 consolidated balance sheets, statements of operations and comprehensive income (loss) and statements of
cash flow.

Note 3 – Reverse recapitalization

On February 13, 2025 (the
“Closing Date”), the Company consummated the transactions contemplated by that certain agreement and plan of merger dated
October 18, 2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024, the “Merger Agreement”),
entered by and among (i) the Company, (ii) RFAC, (iii) GCL BVI, (iv) GCL Global, and, (v) Sponsor. Pursuant to the Merger Agreement,
the Company formed two wholly-owned subsidiaries for the purpose of participating in the contemplated transactions: (i) a Cayman Islands
exempted company limited by shares (“Merger Sub 1”), and (ii) a Delaware corporation (“Merger Sub 2”).
Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Merger Agreement. On the Closing
Date, pursuant to the Merger Agreement: (a) Merger Sub 1 merged with and into GCL Global, with GCL Global continuing as the surviving
entity in the merger (the “Initial Merger”), as a result of which: (i) GCL Global became a wholly-owned subsidiary of the
Company and (ii) each issued and outstanding security of GCL Global immediately prior to the consummation of the Merger was no longer
outstanding and automatically cancelled, in exchange for the right of the holder thereof to receive such number of newly issued shares
of the Company specified below; and (b) Merger Sub 2 merged with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary
of the Company (the “SPAC Merger” and together with the Initial Merger, the “Mergers”, and together the other
transactions and ancillary agreements contemplated by the Merger Agreement and the Ancillary Agreements (as defined below), the “Business
Combination” or “Transactions”). As a result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary
of the Company.

<div align='center'>F-26

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</