Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 51

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 51
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, with the exception of needing an independent audit committee composed of
at least three members, is not subject to these requirements. The Nasdaq Listing Rules may also require shareholder approval for certain
corporate matters that GCL’s home country’s rules do not. Following Cayman Islands governance practices, as opposed to complying
with the requirements applicable to a U.S. company listed on Nasdaq, may provide less protection to you than would otherwise be the case.

Although as a foreign private issuer, GCL is exempt from certain corporate governance standards applicable to US domestic issuers, if GCL cannot continue to satisfy the listing requirements and other rules of Nasdaq, GCL’s securities may be delisted, which could negatively affect the price of its securities and your ability to sell them.

GCL’s securities are
listed on Nasdaq in connection with the Business Combination. GCL cannot assure you that its securities will continue to be listed on
Nasdaq.

In addition, in order to
maintain its listing on Nasdaq, GCL is required to comply with certain rules of Nasdaq, including those regarding minimum shareholders’
equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if GCL initially
meets the listing requirements and other applicable rules of Nasdaq, GCL may not be able to continue to satisfy these requirements and
applicable rules. If GCL is unable to satisfy Nasdaq criteria for maintaining its listing, its securities could be subject to delisting.

If Nasdaq subsequently delists
its securities from trading, GCL could face significant consequences, including:

| ● | a limited availability for market quotations for its securities; |

| ● | reduced liquidity with respect to its securities; |

| ● | a determination that its ordinary shares is a “penny stock,” which                                                                      
 will require brokers trading in GCL Ordinary Shares to adhere to more stringent rules and possibly result in a reduced level of trading 
 activity in the secondary trading market for GCL Ordinary Shares;                                                                       |

| ● | limited amount of news and analyst coverage; and |

| ● | a decreased ability to issue additional securities or obtain additional financing 
 in the future.                                                                    |

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You may face difficulties in protecting your interests, and your ability to protect your rights through U.S. courts may be limited, because GCL is incorporated under Cayman Islands law.

GCL is an exempted company
incorporated under the laws of the Cayman Islands