Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 188

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 188
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 take advantage of this option, the
holders of the Private Placement Warrants and their permitted transferees would still be entitled to exercise their Private Placement
Warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required to
use had all warrant holders been required to exercise their Warrants on a cashless basis.

<div align='center'>107</div>

A holder of a Warrant may
notify us in writing if it elects to be subject to a requirement that such holder will not have the right to exercise such Warrant, to
the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Ordinary Shares outstanding immediately
after giving effect to such exercise.

If the number of outstanding
Ordinary Shares is increased by a share capitalization payable in Ordinary Shares, or by a split-up of common stock or other similar
event, then, on the effective date of such share capitalization, split-up or similar event, the number of Ordinary Shares issuable on
exercise of each Warrant will be increased in proportion to such increase in the outstanding shares of common stock. A Rights offering
to holders of common stock entitling holders to purchase Ordinary Shares at a price less than the fair market value will be deemed a
share capitalization of a number of Ordinary Shares equal to the product of (i) the number of Ordinary Shares actually sold in such Rights
offering (or issuable under any other equity securities sold in such Rights offering that are convertible into or exercisable for Ordinary
Shares) and (ii) the quotient of (x) the price per Ordinary Share paid in such Rights offering and (y) the fair market value. For these
purposes (i) if the Rights offering is for securities convertible into or exercisable for Ordinary Shares, in determining the price payable
for Ordinary Shares, there will be taken into account any consideration received for such Rights, as well as any additional amount payable
upon exercise or conversion and (ii) fair market value means the volume weighted average price of Ordinary Shares as reported during
the five trading day period ending on the trading day prior to the first date on which the Ordinary Shares trades on the applicable exchange
or in the applicable market, regular way, without the right to receive such Rights.