Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 3

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 3
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.1% of our issued and outstanding Ordinary Shares as of the date of this prospectus, can sell under this prospectus (assuming all Warrants
are exercised in full), up to 87,907,293 Ordinary Shares constituting approximately 69.6% of the issued and outstanding Ordinary Shares
as of the date of this prospectus and approximately 61.6% of the issued and outstanding Ordinary Shares (assuming all Warrants are exercised
in full). The lock-up restrictions can be waived by the Company at any time. Given the substantial number of Ordinary Shares being registered
for potential resale by Selling Shareholders pursuant to this prospectus, the sale of shares by the Selling Shareholders, or the perception
in the market that the holders of a large number of our Ordinary Shares intend to sell their shares, could increase the volatility of,
or result in a significant decline in, the public trading price of the Ordinary Shares. See “Shares Eligible for Future Sales”
for more details.

Because the prices at which certain Selling Shareholders acquired the
securities that they may sell pursuant to this prospectus may be lower than that of our public shareholders, certain Selling Shareholders
may experience a positive rate of return on the securities that they sell pursuant to this prospectus and be incentivized to sell such
shares, when our public shareholders may not experience a similar rate of return. Certain securities being registered for sale pursuant
to this prospectus were purchased by certain Selling Shareholders at prices below the current market price of our Ordinary Shares. Based
on the closing price of our Ordinary Shares of $1.98 as of March 28, 2025, the Sponsor (with respect to the Sponsor Founder shares (as
defined below)) may experience potential profit of up to $1.971 per share, or an aggregate amount of profit of up to approximately $5.7 million.
Accordingly, such Selling Shareholders may have an incentive to sell their securities even if the trading price is lower than the price
at which our public shareholders purchased their securities. In connection with the initial public offering of RFAC, RFAC’s initial
public shareholders acquired RFAC Public Units (as defined below) at a price of $10.00 per unit, each of which comprises one share of
RFAC Common Stock, one RFAC Warrant and one RFAC Right, and trading price of our Ordinary Shares have fluctuated, and will continue to
fluctuate, following the closing of the Business Combination. Epicsoft Ventures