Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 133

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 133
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 of issuance, (a) initially 35,813,333 Ordinary Shares and (b) if on or after the Closing Date of the Third Additional
Closing, no less than 100% of the maximum number of Conversion Shares issuable upon conversion of all the Notes then outstanding (assuming
for purposes hereof that (w) all Additional Notes issuable hereunder shall have been issued at an Additional Closing on the Initial Closing
Date, (x) the Notes are convertible at the Floor Price (as defined in the Notes) as of such applicable date of determination, (y) interest
on the Notes shall accrue through the three-year anniversary of issuance and will be converted in Ordinary Shares at a conversion price
equal to the Floor Price as of such applicable date of determination and (z) any such conversion shall not take into account any limitations
on the conversion of the Notes set forth in the Notes) (collectively, the “Required Reserve Amount”); provided that
at no time shall the number of Ordinary Shares reserved pursuant to this Section 4(l) be reduced other than proportionally in connection
with any conversion and/or redemption, as applicable, of Notes. If at any time the number of Ordinary Shares authorized and reserved for
issuance is not sufficient to meet the Required Reserve Amount, the Company will promptly take all corporate action necessary to authorize
and reserve a sufficient number of shares, including, without limitation, calling a special meeting of shareholders to authorize additional
shares to meet the Company’s obligations pursuant to the Transaction Documents, in the case of an insufficient number of authorized
shares, obtain shareholder approval of an increase in such authorized number of shares, and voting the management shares of the Company
in favor of an increase in the authorized shares of the Company to ensure that the number of authorized shares is sufficient to meet the
Required Reserve Amount.

(m) .
The business of the Company and its Subsidiaries shall not be conducted in violation of any law, ordinance or regulation of any Governmental
Entity, except where such violations would not reasonably be expected to result, either individually or in the aggregate, in a Material
Adverse Effect.

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(n) . So long as any Notes remain outstanding, unless otherwise consented in writing
by the Required Holders, the Company and each Subsidiary shall be prohibited from effecting or entering into an agreement to effect any
Subsequent Placement involving a Variable Rate Transaction. “Variable Rate Transaction” means a transaction in