Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 195

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 195
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 the Warrant (the “Amendment”)
to clarify their commercial understanding that none of the terms of the OCBC Warrant shall have any legal effect on the Borrower and/or
the Company unless and until the entire SGD 5,000,000 has been disbursed to the Borrower by the Holder under the Facility Agreement;
and that the Holder will have no claims for penalties, damages and legal remedies of any kind against either the Company or the Borrower
for non-performance of any obligations under the OCBC Warrant. The Amendment also provides that, among other things, until the full amount
of SGD5,000,000 is disbursed by OCBC to the Borrower pursuant to the Facility Agreement, (i) the OCBC Warrant shall not be capable of
exercise of any kind, and shall remain un-exercisable; and (ii) the Holder will have no rights to Piggyback Registration (as defined
in the OCBCWarrant). Under the Amendment, the Company will have six months from the date the full amount of SGD5,000,000 is disbursed
to file a registration statement for the public resale of all of the Warrant Shares (as defined in the OCBC Warrant).

<div align='center'>109

SHARES ELIGIBLE FOR FUTURE SALES</div>

As of the date of this prospectus,
we have 126,318,225 Ordinary Shares issued and 121,989,831 Ordinary Shares outstanding, respectively. All of the Ordinary Shares issued
in connection with the Business Combination are freely transferable by persons, other than the Company’s affiliates, without restriction
or further registration under the Securities Act, except for shares subject to lock-up restrictions.

Sales of substantial amounts
of Ordinary Shares in the public market could adversely affect prevailing market prices of Ordinary Shares.

Lock-up Provisions

Lock-up Agreement

In connection with the Business
Combination, certain holders of the Company have agreed not to (i) sell, offer to sell, contract or agree to sell, assign, lend, offer,
encumber, donate, hypothecate, pledge, grant any option, right or warrant to purchase or otherwise transfer, dispose of or agree to transfer
or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent
position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Securities and Exchange Commission
promulgated thereunder, (a)