Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 18

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 18
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 require the Holder to convert all, or any part, of the Conversion Amount of this
Note, as designated in the Mandatory Conversion Notice (as defined below) into fully paid, validly issued and nonassessable Ordinary Shares
in accordance with Section 3(c) hereof at the Conversion Rate as of the Mandatory Conversion Date (as defined below) (a “Mandatory Conversion”); provided, however, that the Company may not effect a Mandatory Conversion under this Section in excess of the
Holder Pro Rata Amount of either (x) the applicable Mandatory Conversion Volume Limitation or (y) $2 million. The Company may exercise
its right to require conversion under this Section 3(e)(iii) by delivering within two (2) Trading Days following the end of such Mandatory
Conversion Measuring Period a written notice thereof by electronic mail and overnight courier to all, but not less than all, of the holders
of Notes and the Transfer Agent (the “Mandatory Conversion Notice” and the date all of the holders received such notice
by electronic mail is referred to as the “Mandatory Conversion Notice Date”). The Mandatory Conversion Notice shall
be irrevocable. The Mandatory Conversion Notice shall state (i) the Trading Day selected for the Mandatory Conversion in accordance
with this Section 3(e)(iii), which Trading Day shall be no less than two (2) Trading Days and no more than five (5) Trading Days
following the Mandatory Conversion Notice Date (the “Mandatory Conversion Date”), (ii) the aggregate Conversion Amount,
of the Notes (not in excess of the Holder Pro Rata Amount of the Mandatory Conversion Volume Limitation) subject to mandatory conversion
from the Holder and all of the holders of the Notes pursuant to this Section 3(e)(iii) (and analogous provisions under the Other
Notes)(the “Mandatory Conversion Amount”), (iii) the number of Ordinary Shares to be issued to the Holder on the Mandatory
Conversion Date and (iv) that there has been no Equity Conditions Failure. Notwithstanding the foregoing, the Company may affect only
one (1) Mandatory Conversion during any ten (10) Trading Day period. Notwithstanding anything herein to the contrary, (i) if the Closing
Sale Price of the Ordinary Shares listed on the Principal Market fails to exceed the Mandatory Conversion Minimum Price for each Trading
Day commencing on the Mandatory Conversion Notice Date and ending and including the Trading Day immediately prior to the applicable Mandatory
Conversion Date (a “Mandatory Conversion Price Failure