Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 72

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 72
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 of cash discussed elsewhere in this prospectus
to continue to support our operations. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for additional information.

<div align='center'>37

CAPITALIZATION</div>

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2024 on:

| ● | a                                                                                                    
 pro forma basis for the Company, giving effect to the Business Combination and related transactions. 
 See “Unaudited Pro Forma Condensed Combined Financial Information” for                               
 more details; and                                                                                    |

| ● | an                                                                                              
 adjusted basis, after giving effect to (i) the Business Combination and related transactions,   
 and (ii) the assumed cash exercise in full of Warrants, resulting in the issuance of 16,500,000 
 Ordinary Shares for $189,750,000. In the event that any of the Warrants are not exercised       
 or exercised on a cashless basis, the Company will not receive cash proceeds.                   |

The information in this table should be read in conjunction with the financial statements and notes thereto and other financial information included in this prospectus and any prospectus supplement and the information in the section titled “ Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the section titled “ Unaudited Pro Forma Condensed Combined Financial Information.”

| As of September 30, 2024                                              |     | Historical 
 RFAC*      |            |   |     | GCL Global |            |     | As Adjusted 
 Actual      
 Redemption  |            |
|:----------------------------------------------------------------------|:----|:-----------|-----------:|:--|:----|:-----------|-----------:|:----|:------------|-----------:|
| Cash and cash equivalents                                             |     | $          |    118,349 |   |     | $          |  7,727,167 |     | $           | 24,582,427 |
| Investment held in Trust Account                                      |     |            | 30,643,229 |   |     |            |          - |     |             |          - |
| Total cash and cash equivalents, and investment held in Trust Account |     | $          | 30,761,578 |   |     | $          |  7,727,167 |     | $           | 24,582,427 |
| Banking facilities                                                    |     | $          |          - |