Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 377

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 377
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 5% underpayment penalty per month or portion
of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full.

On March 24, 2023, a special
meeting was held where the Company approved the Extension Amendment, extending the date by which the Company must consummate a business
combination. In connection the stockholders of record were provided the opportunity to exercise their redemption rights. Holders of 7,391,973
shares of Class A common stock exercised their right to redemption at a per share redemption price of approximately $10.29. On April 3,
2023, a total of $76,054,240 in redemption payments were made in connection with this redemption. Following the redemption, the Company
recorded $760,542 of excise tax expense and excise tax payable related to the redemption. On December 20, 2023, the stockholders of record
were provided the opportunity to exercise their redemption rights. Holders of 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 recorded $146,194 of excise tax expense and
excise tax payable related to the redemption.

On September 23, 2024, a special
meeting was held where the Company’s stockholders approved the 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 promissory note payable upon consummation of a business
combination. Also at the Special Meeting, stockholders of record were provided the opportunity to exercise their redemption rights. Stockholders
properly elected to redeem an aggregate of 1,170,280 Class A common stock at a redemption price of approximately