Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 15

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 15
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,500 Warrants, which were originally issued concurrently with the initial public offering of RFAC in a private placement to EBC at a price of $1.00 per warrant, with each Warrant exercisable for one Ordinary Share at $11.50 per share.

Upon expiration of a lock-up period which is twelve months after the
closing of the Business Combination, and for so long as the effective registration statement of which this prospectus forms a part is
available for use, Epicsoft Ventures and the Sponsor, collectively the beneficial owners of 83,456,793 Ordinary Shares, constituting approximately
66.1% of our issued and outstanding Ordinary Shares as of the date of this prospectus, can sell under this prospectus (assuming all Warrants
are exercised in full), up to 87,907,293 Ordinary Shares constituting approximately 69.6% of the issued and outstanding Ordinary Shares
as of the date of this prospectus and approximately 61.6% of the issued and outstanding Ordinary Shares (assuming all Warrants 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.

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 $2.13 as of March 13, 2025, the Sponsor
(with respect to the Sponsor Founder shares) may experience potential