Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 225

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 225
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1,950 | ) |
| Net cash used in operating activities                    |     | $                |      — |   |
| Net change in cash                                       |     |                  |      — |   |
| Cash, beginning of the period                            |     |                  |      — |   |
| Cash, end of the period                                  |     | $                |      — |   |
| Supplemental disclosure of non-cash operating activities |     |                  |        |   |
| General and administrative expense paid                  
 by a related party                                       |     | $                |  1,950 |   |

<div align='center'>The accompanying notes are an integral part of
these unaudited financial statements.

F-12

GCL GLOBAL HOLDINGS LTD

NOTES TO FINANCIAL STATEMENTS

(Amounts in U.S. Dollars, except for number of shares)</div>

NOTE 1 — BUSINESS DESCRIPTION

Business

GCL GLOBAL HOLDINGS LTD (the
“Company” or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12, 2023.
The Company was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of October
18, 2023 (as may be further amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”). The parties
to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), GCL Global
Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition Corp., a Delaware corporation
(“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).

Pursuant
to the Merger Agreement, PubCo will form two wholly-owned subsidiaries for the purpose of participating in the contemplated
transactions: (i) a Cayman Islands exempted company limited by shares (“Merger Sub 1”), and (ii)a Delaware corporation
(“Merger Sub 2”). The transactions will occur in two steps: (i) Merger Sub 1 will merge with and into GCL Global, with
GCL Global surviving the merger and becoming a wholly-owned subsidiary of PubCo (the “Initial Merger”); and (ii)
following the Initial Merger, Merger Sub 2 will merge with and into RFAC, with RFAC surviving the merger and becoming a wholly-owned subsidiary of Pub