Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 183

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 183
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 as RFAC may require from time to time. RFAC agreed to pay to the affiliate of the Sponsor $10,000 per month continuing until the earlier of the consummation by RFAC of a Business Combination or RFAC’s liquidation. For the nine months ended September 30, 2024, $90,000 has been incurred and unpaid.

There was no finder’s fees, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation paid by RFAC to the Sponsor, officers or directors, or any affiliate of the Sponsor or officers prior to, or in connection with any services rendered in order to effectuate, the consummation of our Business Combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on RFAC’s behalf such as payment of customary fees incurred during the election of directors and performing due diligence on suitable business combinations.

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Related Party Loans and Advances

The Sponsor agreed to loan RFAC an aggregate of up to $300,000 to cover expenses related to the IPO pursuant to a promissory note (the “ Note”). The Note was non-interest bearing and was payable on the earlier of (i) December 31, 2023, or (ii) the consummation of the IPO. As of the IPO closing date, RFAC had not drawn down on the Note.

On March 13, 2023, Melvin Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in connection with the business combination, and (ii) working capital requirements (as amended, the “ Director Promissory Note”). The Director Promissory Note bears no interest and matures on the earlier of: (i) December 28, 2023, or (ii) the date that RFAC consummates an initial business combination. On June 24, 2023, the Director Promissory Note was amended and restated to increase the principal amount of the note to $1,200,000. On February 17, 2024, the Director Promissory Note was amended and restated to (i) extend the maturity date to December 28, 2024, and (ii) increase the principal amount to $2,000,000. RFAC had a balance of $1,725,687 and $1,202,992 as of September 30