Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 181

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 181
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 30, 2024.

Recent Accounting Pronouncements

See Note 2 of the notes to the consolidated financial statements (incorporated by reference to Exhibit 99.1 to the Form 8-K filed by RF Acquisition Corp. on February 5, 2025) included elsewhere in this Report for a discussion of recently issued accounting standards.

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Warrants

The Company would receive the proceeds from any exercise of any outstanding Warrants that are exercised for cash pursuant to their terms. Assuming the exercise for cash of all of the 16,500,000 Warrants, consisting of 11,500,000 RFAC Warrants held by public shareholders, 4,450,500 RFAC Private Placement Warrants held by the Sponsor and 549,500 RFAC Private Placement Warrants held by EBC, the Company would receive an aggregate of approximately $189.75 million, but would not receive any proceeds from the resale of Ordinary Shares issuable upon such exercise. The Company will have broad discretion over the use of proceeds from the exercise of these securities. To the extent that any of these Warrants are exercised on a “cashless basis,” the amount of cash the Company would receive from the exercise of these securities will decrease. Any proceeds from the exercise of these securities would increase the liquidity of the Company, but its ability to fund its operations is not dependent upon receipt of cash proceeds from the exercise of the Warrants.

There is no assurance that
the Warrants will be in the money prior to their expiration or that the holders thereof will elect to exercise any or all of these securities.
The likelihood that Warrant holders will exercise their Warrants, and therefore any cash proceeds that the Company may receive in relation
to the exercise of the Warrants overlying shares being offered for sale in this prospectus, will be dependent on the trading price of
the Ordinary Shares. If the market price for the Ordinary Shares is less than the exercise price of the Warrants, which is $11.50 per
share, we believe Warrant holders will be unlikely to exercise their respective securities. As the closing price of the Company’s
Ordinary Shares was $1.98 as of March 28, 2025, we believe that holders of the Warrants are currently unlikely to exercise their respective
securities. Accordingly, we do not expect to rely on the cash exercise of these securities to fund our operations.

Upon expiration of a lock-up period which is twelve months after the