Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 271

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 271
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 issued to OCBC a warrant (the “OCBC Warrant”) to purchase up to ordinary
shares of the Company (the “Warrant Shares”) at an exercise price of US$ per share (the “Exercise Price”)
to meet one of the conditions precedent for the Borrower to draw down funds under the Facility Agreement. The aggregate Exercise Price
payable for the total number of Warrant Shares purchasable under the Warrant shall be US$, and shall first be used to repay
all principal, interest and other amounts outstanding under the Facility Agreement with the remainder, if any, for the Borrower’s
working capital. On July 29, 2025, the Company and OCBC entered into Amendment No. 1 to the Warrant (the “Amendment”) to
clarify their commercial understanding that none of the terms of the Warrant shall have any legal effect on the Borrower and/or the Company
unless and until the entire SGD has been disbursed to the Borrower by OCBC under the Facility Agreement; and that OCBC will
have no claims for penalties, damages and legal remedies of any kind against either the Company or the Borrower for non-performance of
any obligations under the Warrant. The Amendment also provides that, among other things, until the full amount of SGD5,000,000 is disbursed
by OCBC to the Borrower pursuant to the Facility Agreement, (i) the Warrant shall not be capable of exercise of any kind, and shall remain
un-exercisable; and (ii) OCBC will have no rights to Piggyback Registration (as defined in the Warrant). Under the Amendment, the Company
will have six months from the date the full amount of SGD5,000,000 is disbursed to file a registration statement for the public resale
of all of the Warrant Shares (as defined in the Warrant). As of the date of issuance of the consolidated financial statements, no fund
has been disbursed under the Facility Agreement.

F-58 Company Registration No. 199303898C Ban Leong Technologies Limited Consolidated Financial Statements March 31, 2025 and 2024 F-59 BAN LEONG TECHNOLOGIES LIMITED INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

|                                                            | Pages |
| Report of Independent Auditors                             | F-61  |
| Consolidated Balance Sheets                                | F-63  |
| Consolidated Statements of Comprehensive Income            | F-64  |
|