Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 361

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 361
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 1,363,378 shares of Class A common stock exercised their right to redemption at a per share redemption
price of approximately $10.72. On December 26, 2023, a total of $14,619,421 in redemption payments were made in connection with this redemption.
Following the redemption, the Company had a total of 5,819,649 shares of Class A common stock outstanding. On December 26, 2023, the Company
and Sponsor entered into a promissory note pursuant to which the Sponsor agreed to loan the Company the principal sum of $675,000 to cover
the extension payments in connection with the updated Revised Extension Deadline (the “BC Extension Note”). The promissory
note was non-interest bearing and is payable on the earlier of (1) September 28, 2024, or (ii) the consummation of the Business Combination.
Also on December 27, 2023, the Company deposited into the Trust Account $225,000 which amount was provided by the Sponsor from the funds
granted in connection with the Director Promissory Note issued by Melvin Xeng Thou, for the initial three-month extension. Subsequently
on March 25, 2024, April 25, 2024, May 24, 2024, June 25, 2024, July 24, 2024, and August 23, 2024 an amount of $75,000 was made on each
day from GCL Global Holdings Ltd (“GCL”) for the purposes of extending the business combination deadline. These payments from
GCL are made per the terms of the Merger Agreement (see Note 5). On September 23, 2024, another special meeting (the “Special Meeting”)
was held where the Company’s stockholders approved the proposal (the “Extension Amendment Proposal”) to amend the Company’s
second amended and restated certificate of incorporation to give the Company the right to extend the date by which it has to consummate
a business combination from September 28, 2024 to March 28, 2025, composed of six monthly extensions after September 28, 2024, by depositing
into the Trust Account for each of the six monthly extensions, $0.03 for each share of Class A Common Stock not redeemed in connection
with the Extension Amendment Proposal, until March 28, 2025 in exchange for a non-interest-bearing, unsecured promiss