Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 5

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 5
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. 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 13, 2025, the closing price of our Ordinary Shares and Warrants was $2.13 and $0.09, 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 the Corporate Governance Rules of Nasdaq and can rely on exemptions from certain corporate governance requirements that could adversely affect our public shareholders.” beginning on page 28.

We may amend or supplement this prospectus from time to time by filing amendments or supplements as required. You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.

We are an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and have elected to comply with certain reduced public company reporting requirements.

We are also a “foreign private issuer,” as defined in the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), and will