Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 313

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 313
---
--|:----|:-------------------------|:--|:----|:--------------------|----------:|
| Investment in convertible notes |     |                                     | – |     |                          | – |     |                     | 3,502,200 |
| As of March 31, 2024            |     |                                     |   |     |                          |   |     |                     |           |
| Investment in convertible notes |     |                                     | – |     |                          | – |     |                     | 3,502,200 |

The fair values of the investment in
convertible notes were estimated using the Black-Scholes Model. The key inputs to the model are as follows:

|                                         |     | As of March 31, |             |   |     |      |             |   |
|                                         |     |            2025 |             |   |     | 2024 |             |   |
| Expected volatility*                    |     |                 | 24.1%-124.5 | % |     |      | 20.3%-124.2 | % |
| Risk-free interest rate                 |     |                 |         4.0 | % |     |      |         3.4 | % |
| Share price of the investee (USD/share) |     |                 |        1.69 |   |     |      |        1.69 |   |

| * | Expected volatility                                                                                
 was derived based on the historical volatility of the share prices of a group of listed comparable 
 companies.                                                                                         |

<div align='center'>F-70

BAN LEONG TECHNOLOGIES LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in Singapore dollars (“$”)</div>

| 2. | Summary                                        
 of significant accounting policies (continued) |

Fair
value measurements (continued)

Significant unobservable inputs used
in the level 3 fair value measurements primarily include the share price of investee at measurement date, which was primarily derived
from recent fundraising transactions executed by the investee. The Company did not participate in such transactions. The potential impacts
of dilution and lack of marketability were not significant to the valuation. The notes do not pay dividends and there are no market conditions
to conversion.

The fair value for certain assets and
liabilities such as cash and cash equivalents, accounts receivable, other receivable and other assets, bank loans, accounts payable,
other payables and accrued liabilities