Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 189

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 189
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 completed a sequential two-step transaction involving (a) sale by GCL BVI of all its equity interests in GCL Global SG to GCL Global in return for GCL Global shares being issued to the GCL Shareholders (defined below), resulting in (i) GCL Global SG becoming a wholly-owned subsidiary of GCL Global; and (ii) GCL Shareholders holding all issued and outstanding shares in GCL Global; and (b) sale by GCL BVI shareholders holding a total of 99.8% of the total outstanding shares of GCL BVI (“GCL Shareholders”) of their equity interests in GCL BVI to GCL Global, resulting in GCL BVI becoming a 99.8%-owned subsidiary of GCL Global (the “Reorganization”). Before and after the Reorganizations, GCL Global, together with its subsidiaries (as indicated above), is effectively controlled by the major shareholders, and therefore the Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification (“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying consolidated financial statements in accordance with ASC 805-50-45-5. F-7 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

—Merger
and reverse recapitalization

As described above and further
discussed in Note 3, the Business Combination was consummated on February 13, 2025. As a result, RFAC and GCL Global, including its subsidiaries,
became wholly-owned subsidiaries of the Company.

The Business Combination
was accounted for as a “reverse recapitalization”. Under this method of accounting, RFAC was treated as the “acquired”
company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of GCL Global issuing shares
for the net assets of RFAC, accompanied by a recapitalization. The net assets of RFAC are stated at historical costs. No goodwill or
other intangible assets are recorded.

Upon closing of the Business
Combination, PubCo and its subsidiaries are hereafter referred as the Company.

The accompanying consolidated
financial statements reflect the activities of the Company and each of the following subsidiaries as of March 31, 2025: