Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 3

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 3
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holders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be “underwriters” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

We will pay certain fees in connection with the registration of the securities and will not receive proceeds from the sale of the securities by the Selling Shareholders, as described in more detail in the section titled “Use of Proceeds” appearing elsewhere in this prospectus, except with respect to amounts received by the Company upon exercise of the Warrants to the extent such Warrants are exercised for cash. The exercise price of our Warrants is $11.50 for one Ordinary Share. The likelihood that Warrant holders will exercise their Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the trading price of our Ordinary Shares. If the trading price for our Ordinary Shares is less than $11.50 per share, we believe holders of our Warrants will be unlikely to exercise their Warrants.

On February 14, 2025, our Ordinary Shares and Warrants commenced trading
on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “GCL” and “GCLWW,” respectively. As of
March 28, 2025, the closing price of our Ordinary Shares and Warrants was $1.98 and $0.055, respectively. Because the trading price of
our ordinary shares is currently below the exercise price, we believe that holders of the Warrants are currently unlikely to exercise
their Warrants.

The total number of Ordinary Shares issued and outstanding as of the
date of this prospectus is 126,276,372 Ordinary Shares. Each Ordinary Share is entitled to one vote. As of the date of this prospectus,
Jacky Choo See Wee, our chairman of the board of directors, is able to exercise voting rights with respect to over 50% of the voting power
of our issued and outstanding shares through his beneficial ownership of 80,581,793 Ordinary Shares. We are a “controlled company”
as defined under the Corporate Governance Rules of Nasdaq. For so long as we remain a controlled company under this definition, we are
permitted to elect to rely, and currently rely, on certain exemptions from corporate governance rules, including the exemption from the
rule that a majority of our board of directors must be independent directors. For details, see “Risk Factors - We are a “controlled company” under