Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 91

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 91
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2Game SPA”) by and among GCL Global SG and the 2Game Sellers, GCL Global
SG purchased from the 2Game Sellers 1,000 shares of 2Game (the “Sale Shares”) for $1,200,000, resulting in GCL Global SG
currently holding 61% equity interests of 2Game. The 2Game SPA contains certain financial performance targets for 2Game over the next
three years starting and including fiscal year 2026. Pursuant to the terms of the 2Game SPA, in the event that 2Game fails to generate
at least $70,000,000 of revenue and net profit after tax of at least $2,500,000 during fiscal year 2026, the 2Game Sellers will be required
to buy back the Sale Shares for $1,272,000. In the event that the financial targets for fiscal year 2026 are met, GCL Global SG will
have the right to require the 2Game Sellers to buy back the Sale Shares for $1,272,000.

On May 21, 2025, the Company
entered into a securities purchase agreement (the “PIPE Investor SPA”) with PIPE Investor Partners (the “Investor”)
for the issuance of senior unsecured convertible notes, through a facility of up to $45.5 million. Pursuant to the PIPE Investor SPA,
the Company has issued and sold to the Investor an initial note in the aggregate original principal amount of $2,900,000, at a purchase
price of $2,610,000 on May 22, 2025. Either the Company or the Buyer may require the issuance and sale of additional convertible notes
at one or more additional closings, with the aggregate original principal amount not to exceed $42,600,000, at a purchase price of $38,340,000
under the facility, subject to satisfaction of certain conditions specified in the PIPE Investor SPA. Pursuant to the PIPE Investor SPA,
as amended on August 26, 2025, the Company has agreed to issue and sell to PIPE Investor (i) an additional Note in the original principal
amount of $1,500,000 on the date of submission of this registration statement by the Company to the SEC; and (ii) an additional Note in
the original principal amount of $1,030,000 upon effectiveness of this Registration Statement. The Notes have a three-year term and bear
interest at