Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 363

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 363
---
 Placement Warrants to EBC, at a purchase price of $1.00 per Private
Placement Warrant, generating gross proceeds of $49,500.

Following the closing of the
Initial Public Offering on March 28, 2022 and the exercise of the over-allotment option on March 30, 2022, an amount of $116,150,000
from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed
in a trust account (the “Trust Account”) located in the United States with Continental Stock Transfer & Trust Company
acting as trustee and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market
funds meeting the certain conditions under Rule 2a-7 of the Investment Company Act, which invest only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account, as described below. In February of 2023 the Company’s trust balance was moved to an interest-bearing bank
deposit account.

On March 24, 2023, a special
meeting was held where the Company’s stockholders approved a proposal (the “Extension Amendment” or “Extension
Amendment Proposal”) to amend the Company’s amended and restated certificate of incorporation to give the Company the right
to extend the date by which it has to consummate a business combination from March 28, 2023 to December 28, 2023, composed of an initial
three-month extension and six subsequent one-month extensions, for a total of up to nine months after March 28, 2023, by depositing into
the Trust Account (A) for the initial three-month extension, the lesser of (i) $300,000 or (ii) $0.12 for each share of the Company’s
Class A Common Stock not redeemed in connection with the Charter Amendment Proposal, and (B) for each of the six subsequent one-month
extensions, the lesser of (i) $100,000 or (ii) $0.04 for each share of Class A Common Stock not redeemed in connection with the Extension
Amendment Proposal,