Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 168

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 168
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 |           |     | 2023 |           |
| Cash and cash equivalents                            |     |                 | 18,247,380 |     |      | 2,677,059 |     |      | 2,543,045 |
| Restricted cash                                      |     |                 |  3,131,335 |     |      | 1,656,678 |     |      | 1,288,561 |
| Total cash and cash equivalents, and restricted cash |     |                 | 21,378,715 |     |      | 4,333,737 |     |      | 3,831,606 |

<div align='center'>The accompanying notes are an integral part of
these consolidated financial statements.

F-6

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 1 — Nature of business and organization

GCL Global Holdings Ltd (the
“Company” or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12,
2023. The Company was formed solely for the purpose of completing the transactions contemplated by the merger agreement, dated as of October 18,
2023 (as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024, the “Merger Agreement”).
The parties to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”),
GCL Global Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition Corp., a Delaware corporation
(“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”). As further discussed below
and in Note 3 on February 13, 2025 (the “Closing Date”), the Company consummated the business combination transactions (the “Business Combination”) contemplated by the Merger Agreement.

GCL Global was incorporated
and registered as an exempted Company with limited liability on September 8, 2023, under the laws of the Cayman Islands. GCL Global
is a holding Company and has no substantive operations other than holding all of the outstanding equities of its directly and indirectly
owned subsidiaries through various recapitalizations.

The Company, through its
subsidiaries in Singapore, Malaysia, Hong