Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 202

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 202
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 of RF Dynamic LLC is 111 Somerset Road, #05-06, Singapore 238164.                               |

<div align='center'>113

SELLING SHAREHOLDERS</div>

The ordinary shares being
offered by the Selling Shareholders are those issuable to the Selling Shareholders upon conversion of the notes. For additional information
regarding the issuance of the notes, see “Private Placement of Notes” above. We are registering the ordinary shares in order
to permit the Selling Shareholders to offer the shares for resale from time to time. Except for the ownership of the notes issued pursuant
to the Securities Purchase Agreement, the Selling Shareholders have not had any material relationship with us within the past three years.

The table below lists the Selling Shareholders and other information
regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended, and the rules
and regulations thereunder) of the ordinary shares held by each of the Selling Shareholders. The second column lists the number of ordinary
shares beneficially owned by the Selling Shareholders, based on its ownership of ordinary shares and notes, as of August 26, 2025, assuming
conversion of the notes held by PIPE Investor on that date but taking account of any limitations on conversion set forth therein.

The third column lists the
ordinary shares being offered by this prospectus by the Selling Shareholders and does not take in account any limitations on conversion
of the notes set forth therein.

In accordance with the terms
of a registration rights agreement with the holders of the notes, this prospectus generally covers the resale of the sum of 100% of the
maximum number of ordinary shares issued or issuable pursuant to the notes, including payment of interest on the notes through the third
anniversary of the issuance date of such notes, in each case, determined as if the outstanding notes (including interest thereon) were
converted in full (without regard to any limitations on conversion contained in the notes, solely for the purpose of such calculation)
at the $0.48 floor price of the notes calculated as of the trading day immediately preceding the date this registration statement was
initially filed with the SEC. Because the conversion price and alternate conversion price of the notes may be adjusted, the number of
shares that will actually be issued may be more or less than the number of shares being offered by this prospectus. The fourth column
assumes the sale of all of the shares offered by the Selling