Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 388

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 388
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 June
24, 2023, the Director Promissory note was amended and restated to increase the principal amount of the note to $1,200,000. Furthermore,
On February 17, 2024, the Director Promissory Note was amended and restated to increase the principal amount of the note to $2,000,000.
The Director Promissory Note bears no interest and matures on the later of: (i) December 28, 2024, or (ii) the date that the Company consummates
an initial business combination. The Company had a balance of $1,825,452 and $1,202,992 as of December 31, 2024 and December 31, 2023,
respectively, outstanding on the Director Promissory Note, of which $1,125,000 was allocated to extension payments and the remainder dedicated
to working capital requirements. 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. This amount is reflected as a liability within the Promissory note – related party line item of the accompanying balance
sheet.

On March 24, 2023, the Company
and Sponsor entered into a promissory note pursuant to which the Sponsor agreed to loan the Company the principal sum of $900,000 to cover
the extension payments in connection with the Revised Extension Deadline (the “Extension Promissory Note”). The promissory
note was non-interest bearing and is payable on the earlier of (1) December 28, 2023, or (ii) the consummation of the Business Combination.
As of December 31, 2024, the Company had not drawn on the Extension Promissory Note. Additionally, the Company and Sponsor entered into
a promissory note pursuant to which the Sponsor agreed to loan the Company the principal sum of $675,000 on December 26, 2023 to cover
the extension payments in connection with the updated Revised Extension Deadline (the “BC Extension Note”). The promissory
note was non-interest bearing and is payable on the earlier of (1) September 28, 2024, or (ii) the consummation of the Business Combination.
As of December 31, 2024, the Company