Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 248

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 248
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IDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

GCL Global was determined
to be the accounting acquirer given GGL Global effectively controlled the combined entity after the SPAC Transaction. The transaction
is not a business combination because RFAC was not a business. The transaction is accounted for as a reverse recapitalization, which
is equivalent to the issuance of shares by GCL Global for the net monetary assets of RFAC, accompanied by a recapitalization. GCL Global
is determined as the accounting acquirer and the historical financial statements of GCL Global became the Company’s historical
financial statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of RFAC were recognized
as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those
of GCL Global and GCL Global’s operations are the only ongoing operations of GCL.

In connection with the Reverse
Recapitalization, the Company raised approximately $0.6 million of proceeds, presented as cash flows from financing activities,
which included the contribution of approximately $0.6 million of funds held in RFAC’s trust account and cash held in RFAC’s
operating cash account.

The following table reconciles
the elements of the Reverse Recapitalization to the consolidated statements of cash flows, changes in shareholders’ equity, and
net deficit of RFAC as of the closing date.

|                                                                                |     | At                        
 Closing date February 13, 
 2025                      |             |   |
|:-------------------------------------------------------------------------------|:----|:--------------------------|------------:|:--|
| Funds held in RFAC’s trust account                                             |     | $                         |     499,932 |   |
| Funds held in RFAC’s operating cash account                                    |     |                           |     111,776 |   |
| Proceeds from the Reverse Recapitalization                                     |     |                           |     611,708 |   |
| Less: non-cash net deficit assumed from RFAC                                   |     |                           | (10,692,920 | ) |
| Net deficit from issuance of ordinary shares upon the Reverse Recapitalization |     | $                         | (10,081,212 | ) |

Note 4 — Business Combination

— Acquisition of Starry

On April 12, 2023,
the Company, through its subsidiary, Titan Digital, entered into a sale and purchase agreements