Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 186

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 186
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 as there is an effective registration statement and during any period
when we will have failed to maintain an effective registration statement, exercise Warrants on a “cashless basis” in accordance
with Section 3(a)(9) of the Securities Act or another exemption. Notwithstanding the above, if our Ordinary Shares are at the time of
any exercise of a Warrant no longer listed on a national securities exchange such that they satisfy the definition of a “covered
security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of Public Warrants who exercise
their Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event
we so elect, we will not be required to file or maintain in effect a registration statement, and in the event we do not so elect, we
will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

<div align='center'>106</div>

Redemption

Once the Warrants become
exercisable, we may call the Warrants for redemption for cash:

| ● | in whole and not in part; |

| ● | at a price of $.01 per Warrant; |

| ● | upon not less than 30 days’                     
 prior written notice of redemption (the “30-day 
 redemption period”)                             
 to each warrant holder; and                     |

| ● | if, and only if, the closing                                                                     
 price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits,      
 stock capitalizations, reorganizations, recapitalizations and the like and for certain issuances 
 of Ordinary Shares and equity-linked securities for capital raising purposes in connection       
 with the closing of our Business Combination as described elsewhere in this Annual Report)       
 for any 20 trading days within a 30-trading day period ending three business days before         
 we send to the notice of redemption to the warrant holders.                                      |

If and when the Warrants
become redeemable by us for cash, we may exercise our redemption right even if we are unable to register or qualify the underlying securities
for sale under all applicable state securities laws.

We have established the
last of the redemption criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium
to the Warrant exercise price. If the foregoing conditions are satisfied and