Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 87

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 87
---
 ● | subchapter                                                                                 
 S corporations, partnerships or other pass-through entities or investors in such entities; |

| ● | any                               
 holder that is not a U.S. Holder; |

| ● | dealers                                              
 or traders in securities, commodities or currencies; |

| ● | grantor 
 trusts; |

| ● | persons                                 
 subject to the alternative minimum tax; |

| ● | U.S. persons                                        
 whose “functional currency” is not the U.S. dollar; |

| ● | persons                                                                                                                                              
 who received shares of Ordinary Shares through the issuance of restricted stock under an equity incentive plan or through a tax-qualified retirement 
 plan or otherwise as compensation;                                                                                                                   |

<div align='center'>51</div>

| ● | persons                                                                                                      
 who own (directly or through attribution) 5% or more (by vote or value) of the issued shares of the Company; |

| ● | the                              
 Company’s officers or directors; |

| ● | persons                                                           
 that hold Warrants or other rights to acquire Ordinary Shares; or |

| ● | holders                                                                                              
 holding Ordinary Shares as a position in a “straddle,” as part of a “synthetic security” or “hedge,” 
 as part of a “conversion transaction,” or other integrated investment or risk reduction transaction; |

As used in this prospectus, the term “U.S. Holder” means a beneficial owner of Ordinary Shares for U.S. federal income tax purposes:

| ● | an                                                            
 individual who is a citizen or resident of the United States; |

| ● | a                                                                                                                                   
 corporation (or other entity that is classified as a corporation for U.S. federal income tax purposes) that is created or organized 
 in or under the laws of the United States or any State thereof or the District of Columbia;                                         |

| ● | an                                                                                            
 estate the income of which is subject to U.S. federal income tax regardless of its source; or |

| ● | a                                                                                                                                    
 trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more “United States 
 persons” (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of      
 the trust or (ii) that has made a valid election under applicable Treasury Regulations to be treated as a United States person.      |

If a partnership, including for this purpose any entity or arrangement that is treated as a partnership for U.S