Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 186

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 186
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 As of September 30, 2024, RFAC has not drawn down on the Extension Promissory Note.

On December 26, 2023, RFAC and Sponsor entered into a promissory note (the “ BC Extension Note”) pursuant to which the Sponsor agreed to loan RFAC the principal sum of $675,000 to cover the extension payments in connection with extensions from December 28, 2023, to September 28, 2024, each as approved at the special meeting of shareholders held on December 20, 2023. The promissory note was non-interest bearing and is payable on the earlier of (1) September 28, 2024, or (ii) promptly after the consummation of the business combination. RFAC has not drawn on the BC Extension Note.

In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of RFAC’s officers and directors may, but are not obligated to, provide RFAC working capital loans. As of September 30, 2024, the total amount due to Sponsor was $1,504,559.

GCL Group

Loan and Accommodation Agreements with Jacky Choo See Wee, our Group Chairman and Significant Shareholder

Mr. Jacky Choo See Wee entered into a director loan agreement with GCL BVI dated April 1, 2022 pursuant to which GCL BVI agreed to make an interest-free loan to Mr. Choo of up to approximately $223,714. Pursuant to a director loan agreement between Mr. Choo and Epicsoft Asia dated April 1, 2022, Epicsoft Asia agreed to make an interest-free loan to Mr. Choo of up to approximately $1,864,280. GCL BVI and Epicsoft Asia loaned Mr. Choo an aggregate amount of $1,935,438 all of which was repaid in full on November 23, 2023.

In addition, Mr. Choo entered into a supply of accommodation agreement with Epicsoft Asia on June 14, 2023. Pursuant to the agreement, Choo See Wee is required to locate and work at 10 Coronation Road, Singapore 269414 for the period from June 15, 2023 to June 14, 2025. Approximately $14,168 was deducted from Mr. Choo’s monthly salary for the supply of the accommodation.