Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 187

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 187
---
 and outstanding warrant of RFAC sold to the public and to the Sponsor and EBC in a private placement in connection
with RFAC’s initial public offering was exchanged for a corresponding warrant exercisable for the Company’s Ordinary Shares.

The Warrants have the same
terms as the RFAC Warrants. Each whole Warrant entitles the registered holder to purchase one Ordinary Share at a price of $11.50 per
share, subject to adjustment as discussed below, at any time commencing 30 days after the completion of our Business Combination; provided
that we have an effective registration statement under the Securities Act covering the Ordinary Shares issuable upon exercise of the
Warrants and a current prospectus relating to them is available (or we permit holders to exercise their Warrants on a cashless basis
under the circumstances specified in the warrant agreement) and such shares are registered, qualified or exempt from registration under
the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of Ordinary Shares. This means only a whole Warrant may be exercised at a given time by a warrant
holder. The Warrants will expire five years after the completion of our Business Combination, at 5:00 p.m., New York City time, or earlier
upon redemption or liquidation.

We will not be obligated
to deliver any Ordinary Shares pursuant to the exercise of a Warrant and will have no obligation to settle such Warrant exercise unless
a registration statement under the Securities Act with respect to the Ordinary Shares underlying the warrants is then effective and a
prospectus relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No Warrant
will be exercisable and we will not be obligated to issue a Ordinary Share upon exercise of a Warrant unless the Ordinary Share issuable
upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence
of the registered holder of the Warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied
with respect to a Warrant, the holder of such Warrant will not be entitled to exercise such Warrant and such Warrant may have no value
and expire worthless. In no event will we be required to net cash settle any Warrant. In the event that a registration statement is not
effective for the exercised Warrants, the purchaser of a unit