Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 392

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 392
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 2024 and December 31, 2023.

Level 1 instruments include
the Investments held in the Trust Account. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from
dealers or brokers, and other similar sources to determine the fair value of its investments.

<div align='center'>F-118</div>

NOTE 10. RIGHTS

Each holder of a right will
automatically receive one-tenth (1/10) of one Class A common stock upon consummation of our initial business combination, even if
the holder of a Public Right redeemed all Class A common stock held by him, her or it in connection with the initial business combination.
No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional Class A
common stock upon consummation of an initial business combination. The Class A common stock issuable upon exchange of the rights
will be freely tradable (except to the extent held by affiliates of ours).

We will not issue fractional
shares in connection with an exchange of Public Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of the Delaware General Corporations Law, and any rounding down and extinguishment
may be done with or without any in lieu cash payment or other compensation being made to the holder of the relevant Public Rights. As
a result, you must hold rights in multiples of 10 in order to receive shares for all of your rights upon closing of a business combination.

If we are unable to complete
an initial business combination within the Combination Period and we liquidate the funds held in the trust account, holders of Public
Rights will not receive any of such funds for their Public Rights and the Public Rights will expire worthless.

NOTE 11. TAXES

|                                      |     | For the year 
 ended        | December 31, 
         2024 |   |     | For the year 
 ended        | December 31, 
         2023 |   |
|:-------------------------------------|:----|:-------------|-------------:|:--|:----|:-------------|-------------:|:--|
| Deferred tax assets:                 |     |              |            — |   |     |              |            — |   |
| Start-up costs                       |     | $            |      644,728 |   |     | $            |      420,391 |   |