Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 344

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 344
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 |              |                                               |        | $          |     7,308,820 |     | $          |     4,835,828 |

Note 14 — Shareholders’ equity

The Company
was established under the laws of Cayman Islands on September 8, 2023, and authorized to issue 150,000,000 shares with a par value
of $$0.0001. On February 14, 2024, the Company completed its Reorganization under GCL Global with a sequential two-step transaction
(see Note 1). All of the outstanding ordinary shares is presented on the basis as if the Reorganization under GCL Global became effective
as of the beginning of the first period presented on April 1, 2021. As of September 30, 2024 and March 31, 2024, 25,916,468
ordinary shares were issued and outstanding which excluding 53,711 ordinary shares subject to possible redemption in mezzanine equity.
As of September 30, 2023 and March 31, 2023, 25,896,000 ordinary shares were issued and outstanding which excluding 168,711
and 150,000 ordinary shares subject to possible redemption in mezzanine equity, respectively.

On November 22,
2023, 115,000 ordinary shares subject to possible redemption in temporary equity were fully redeemed for cash consideration of $ 163,905.

On October 1,
2023, the Company collectively issued additional ordinary shares of 20,468 to the individuals (see Note 3, 2Game acquisition). As of the
date of the issuance of these unaudited condensed financial statements, the Company has ordinary shares of 25,916,468 (excluding 53,711
ordinary shares classified as mezzanine equity) issued and outstanding.

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 issuance of 17,648 or 15% of Titan Digital’s ordinary shares to Debbie. As a result, the Company’s
equity interest in Titan Digital was reduced from 100% to 85% upon completion of the acquisition of Starry while recognized $182,599 of
non-controlling interest in the Company’s statements of change in shareholders’ equity. As no cash consideration was received,
$381,947 which is the