Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 100

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 100
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 publisher and distributor
of the upcoming game Showa American Story, excluding certain regions previously licensed to other parties. In the future, we plan
to have a large and diversified library of game titles that would come from internally developed game IP. Our success in developing game
IP will depend on our ability to raise adequate funding required for the projects.

Risks associated with operating and investing in Asia

We derive a significant portion
of revenue from our operations in Asia. Following our acquisition of Ban Leong, we will have operations in Thailand and expanded operations
in Malaysia. Our operations and investments in Asia are subject to various risks related to the economic, political, and social conditions
of the countries in which we operate. We intend to continue to develop and expand our business and penetration in the region and outside
of Asia.

Recent Development

Business Combination

On February 13, 2025, we
consummated the business combination contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated October
18, 2023, as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024. As contemplated by the Merger
Agreement, the business combination was effected by the merger of RFAC and GCL and its subsidiaries into wholly owned subsidiaries of
the Company.

Convertible Notes

Between September and December
2024, we entered into convertible note (“Convertible Note “) purchase agreements with accredited investors for an aggregate
principal amount of $33,025,000. The Convertible Notes were converted into 7,338,887 ordinary shares at the closing of the Business Combination
on February 13, 2025, based on a $4.50 per share conversion price. In connection with the conversion, an additional 2,201,665 ordinary
shares were issued and placed in escrow for three years as Bonus Shares, subject to release to the investors or cancellation by the Company
based on the number of shares held by investors at the end of each of the following three years.

On May 21, 2025, we entered
into a Securities Purchase Agreement with an investor for the issuance of a senior unsecured convertible note with an initial principal
amount of $2,900,000 issued at a discount for a purchase price of $2,610,000. The note bears interest at 6% per annum, increasing to 18%
upon default, and the