Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 191

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 191
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 (as specified by the holder) of the Ordinary Shares outstanding immediately
after giving effect to such exercise.

If the number of outstanding
Ordinary Shares is increased by a share capitalization payable in Ordinary Shares, or by a split-up of common stock or other similar
event, then, on the effective date of such share capitalization, split-up or similar event, the number of Ordinary Shares issuable on
exercise of each Warrant will be increased in proportion to such increase in the outstanding shares of common stock. A Rights offering
to holders of common stock entitling holders to purchase Ordinary Shares at a price less than the fair market value will be deemed a
share capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such Rights
offering (or issuable under any other equity securities sold in such Rights offering that are convertible into or exercisable for Ordinary
Shares) and (ii) the quotient of (x) the price per Ordinary Share paid in such Rights offering and (y) the fair market value. For these
purposes (i) if the Rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable
for Ordinary Shares, there will be taken into account any consideration received for such Rights, as well as any additional amount payable
upon exercise or conversion and (ii) fair market value means the volume weighted average price of Ordinary Shares as reported during
the five trading day period ending on the trading day prior to the first date on which the Ordinary Shares trades on the applicable exchange
or in the applicable market, regular way, without the right to receive such Rights.

In addition, if we, at any
time while the Warrants are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the
holders of Ordinary Shares on account of such Ordinary Shares (or other securities into which the Warrants are convertible), other than
(a) as described above, (b) certain ordinary cash dividends, (c) to satisfy the redemption rights of the holders of Ordinary Shares in
connection with a proposed Business Combination, or (d) in connection with the redemption of our public shares upon our failure to complete
our Business Combination, then the Warrant exercise price will be decreased, effective immediately after the effective date of such event,
by the amount of cash and/or the fair market value of any securities or other assets paid on each Ordinary Share in respect of such event.