Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 368

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 368
---
>

On March 13, 2023, Melvin
Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in connection with the business
combination, and (ii) working capital requirements (as amended, the “Director Promissory Note”). On February 17, 2024, the
Director Promissory Note was amended and restated to increase the principal amount of the note to $2,000,000. The Director Promissory
Note bears no interest and matures on the later of: (i) December 28, 2024, or (ii) the date that the Company consummates an initial business
combination.

The Company’s management
has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private
Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business
Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80%
of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes and
excluding the amount of certain advisory fees payable to EBC) at the time of the agreement to enter into the initial Business Combination.
However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the voting
securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as
an investment company under the Investment Company Act 1940, as amended (the “Investment Company Act”). There is no assurance
that the Company will be able to complete a Business Combination successfully.

The Company will provide the
holders of the Public Shares (the “Public Stockholders”) with the opportunity to redeem all or a portion of their Public Shares
(as defined below) upon the completion of a Business Combination either (i) in connection with a stockholder meeting called to approve
the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek stockholder approval
of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Stockholders will
be entitled to redeem their Public Shares for a pro rata portion of the amount then held in the Trust Account