Company: GCL
Filing Date: 2025-02-20
Form Type: 20FR12B
Source: 0001213900-25-015736
Chunk: 15

Company: GCL Global Holdings Ltd
Filing Date: 2025-02-20
Form: 20FR12B
Chunk 15
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 PubCo in this Report, and if not, in which respects Marcum LLP does not agree. A copy of Marcum
LLP’s letter to the SEC dated February 20, 2025 is attached as Exhibit 16 to this Report. Following the consummation of the Business
Combination, Marcum Asia remains as the independent auditor of PubCo.

ITEM 16G. CORPORATE GOVERNANCE

Not applicable.

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable.

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PART III</div>

ITEM 17. FINANCIAL STATEMENTS

See Item 18.

ITEM 18. FINANCIAL STATEMENTS

The unaudited financial statements
of Company for the six months ended September 30, 2024 is filed herewith as Exhibit 99.1 and incorporated by reference herein.

The unaudited
consolidated financial statements of GCL Global for the six months ended September 30, 2024 are incorporated by reference to Exhibit
99.1 of the Form 8-K filed by RFAC on February 5, 2025.

The audited financial statements of the Company for the period from October 12, 2023 (inception) through March 31, 2024 are incorporated
by reference to pages F-51 to F-58 in the Form F-4.

The audited consolidated
financial statements of GCL Global for the years ended March 31, 2024 and 2023 are incorporated by reference to pages F-59 to F-103 in
the Form F-4.

The audited financial statements
of RFAC for the fiscal years ended December 31, 2024 and 2023 are incorporated by reference to pages F-1 to F-25 in the Form 10-K filed
by RFAC on February 14, 2025.

The unaudited pro forma condensed combined financial statements of the Company are filed herewith as Exhibit 99.4 to this Report.

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ITEM 19. EXHIBITS

<div align='center'>EXHIBIT INDEX</div>

| 1.1*  |     | Amended and Restated Memorandum and Articles of Association of GCL Global Holdings Ltd.                                                                                                                                                                                                                                                                |
| 2.1   |     | Agreement and Plan of Merger, dated as of October 18, 2023 (incorporated