Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 371

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 371
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,
the Company had $40,511 of cash and negative working capital of $7,519,823, respectively.

The Company’s liquidity
needs up to March 28, 2022 had been satisfied through a payment from the Sponsor of $25,000 (see Note 5) for the Founder Shares to
cover certain offering costs. In addition, in order to finance transaction costs in connection with a Business Combination, the Company’s
Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may, but are not obligated to, provide
the Company with Working Capital Loans, as defined below (see Note 5). As of December 31, 2024, there were no amounts outstanding
under any Working Capital Loans.

Prior to the completion of
the Initial Public Offering, the Company lacked the liquidity it needed to sustain operations for a reasonable period of time, which is
considered to be one year from the issuance date of the financial statements. The Company has since competed its Initial Public Offering
at which time capital in excess of the funds deposited in the Trust Account and/or used to fund offering expenses was released to the
Company for general working capital purposes.

<div align='center'>F-105</div>

Our ability to consummate
any business combination is dependent on a variety of factors, many of which are beyond our control. The Company did not consummate a
business combination by the revised deadline of September 28, 2024, but extended the deadline to March 28, 2025 by depositing monthly
extensions into the Trust Account in the amount of $0.03 for each share of Class A common stock not redeemed in connection with the Extension
Amendment Proposal. The Company may seek additional shareholder approval to further extend the deadline to consummate a business combination.

In connection with the Company’s
assessment of going concern considerations, the Company is uncertain that the Company will be able to consummate a Business Combination
by the specified period. If a Business Combination is not consummated by March 28, 2025, there will be a mandatory liquidation and subsequent
dissolution.

The Company’s evaluation
of its working capital, along with, the liquidity condition and date for mandatory liquidation and subsequent dissolution raise substantial
doubt about the Company’s ability to continue as a going concern one year from the date that these financial statements are issued.
These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification