Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 280

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 280
---
 an aggregate of 2,000,000 ordinary shares to the Consultants.

Because the services provided
by the Consultants were directly related to the Business Combination and contingent upon its successful closing, the Company determined
that the associated stock-based compensation should be accounted for as a direct and incremental cost of the transaction. Accordingly,
the fair value of the shares issued was recorded as a reduction to additional paid-in capital in accordance with ASC 340-10-S99-1, “Expenses
of Offering.”

Reverse Recapitalization

On February 13, 2025, upon
the consummation of the Business Combination, the Company issued an aggregate total of 6,276,394 ordinary shares to RFAC Sponsor,
RFAC public shareholders, Early Bird Capital and certain investors designated by RFAC Sponsor.

The following table presents
the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

|                                                                                          |     | Ordinary 
 Share    |           |
| RFAC’s ordinary shares outstanding prior to Reverse Recapitalization                     |     |          | 3,126,396 |
| Ordinary shares issued at the Closing as an incentive                                    
 to certain investors designated by RFAC Sponsor in connection with Transaction Financing |     |          | 2,000,000 |
| Conversion of RFAC rights                                                                |     |          | 1,149,998 |
| Total shares issued upon the Reverse Recapitalization                                    |     |          | 6,276,394 |

On April 12, 2023, Titan
Digital acquired a 100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”)
of Titan Digital, through the issuance of 17,648 ordinary shares, representing 15% of Titan Digital’s total outstanding shares,
to Debbie. As a result, the Company’s equity interest in Titan Digital was reduced from 100% to 85%, and $182,599 of non-controlling
interest was recognized in the Company’s consolidated statements of changes in shareholders’ equity. Since no cash consideration
was received, the difference of $381,947 between the fair value of the consideration received and the adjustment to non-controlling interest
was recorded as an increase to additional paid-in capital.

<div align='center'>F-45

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

On
December 12, 2024, Titan Digital sold