Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 79

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 79
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 thereof to receive such number of newly issued shares of the Company specified below; and (b) Merger Sub 2 merged
with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary of the Company (the “SPAC Merger” and together
with the Initial Merger, the “Mergers”, and together the other transactions and ancillary agreements contemplated by the Merger
Agreement and the Ancillary Agreements (as defined below), the “Business Combination” or “Transactions”). As a
result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary of the Company.

The Business Combination was
accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, RFAC should be treated as the
“acquired” company for financial reporting purposes. Accordingly, for accounting purposes, 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 would
be stated at historical cost, with no goodwill or other intangible assets recorded.

The unaudited pro forma
condensed combined balance sheet as of September 30, 2024 gave pro forma effect to the Business Combination as if it had been consummated
on September 30, 2024. The unaudited pro forma condensed combined statements of operations for the six months ended September 30,
2024 and for the year ended March 31, 2024 gave pro forma effect to the Business Combination as if it had been consummated on
April 1, 2023, the beginning of the earliest period presented in the unaudited pro forma condensed combined statements of operations.

The unaudited pro forma
condensed combined balance sheet as of September 30, 2024 had been prepared using RFAC’s unaudited condensed balance sheet as of
June 30, 2024 and GCL Global’s unaudited condensed consolidated balance sheet as of September 30, 2024.

The unaudited pro forma
condensed combined statement of operations for the six months ended September 30, 2024 has been prepared using, RFAC’s unaudited
condensed statement of operations for the six months ended June 30, 2024 and GCL Global’s unaudited condensed consolidated statements
of operation and comprehensive loss for the six months ended September 30, 202