Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 231

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 231
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000,000Private Placement Warrants. Both the Public Warrants and Private Placement Warrants met the criteria for equity classification. As the
fair value of the Warrants increased upon replacement in connection with the Business Combination, the Company recognized $12,014as a
deemed dividend paid to the warrant holders.

Warrants may only be exercised
for a whole number of shares at an exercise price of $11.50per share. No fractional warrants will be issued upon separation of the Units
and only whole warrants will trade. The Warrants will become exercisable 30 days after the consummation of a Business Combination.
The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

Once the w arrants
become exercisable, the Company may redeem the Warrants:

  in                      

  at a price of $ 0.01 per warrant;  

  at                                               

  upon                                                                       

  if, and only if, the reported last sale price of the ordinary shares equals or exceeds $ 18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) ...  

  if,                                                                                                                              

If the Company calls the
Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do
so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Ordinary share
issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization,
reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Ordinary
share at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.

F-46

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In addition, if (x) the
Company issues additional shares of Ordinary share or