Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 200

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 200
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 | the                                                                                        
 average weekly reported trading volume of the Company’s Ordinary Shares during the         
 four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale. |

Sales by Company’s
affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about Company.

Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies

Rule 144 is not available
for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers
that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if
the following conditions are met:

| ● | the                                                                                          
 issuer of the securities that was formerly a shell company has ceased to be a shell company; |

| ● | the                                                                                      
 issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) 
 of the Exchange Act;                                                                     |

| ● | the                                                                                            
 issuer of the securities has filed all Exchange Act reports and material required to be filed, 
 as applicable, during the preceding 12 months (or such shorter period that the issuer was      
 required to file such reports and materials); and                                              |

| ● | at                                                                                                 
 least one year has elapsed from the time that the issuer filed Form 20-F type information          
 with the SEC, which is expected to be filed promptly after completion of the Business Combination, 
 reflecting its status as an entity that is not a shell company.                                    |

Rule 701

In general, under Rule 701
of the Securities Act as currently in effect, each of the Company’s employees, consultants or advisors who purchases equity shares
from the Company in connection with a compensatory stock plan or other written agreement executed prior to the completion of the Business
Combination is eligible to resell those equity shares in reliance on Rule 144, but without compliance with some of the restrictions,
including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would
only become eligible for sale when the lock-up period expires.

<div align='center'>112

EQUITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

The following table sets
forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus by:

| ● | each                                                                                     
 person known by us to