Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 80

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 80
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 forma adjustment criteria with simplified requirements to depict the accounting for the transaction
(“Transaction Accounting Adjustments”) and other transaction
effects that have occurred or are reasonably expected to occur (“Management’s Adjustments”). GCL Global
has elected not to present Management’s Adjustments and will only be presenting Transaction Accounting Adjustments in the following
unaudited pro forma condensed combined financial information.

Transaction Accounting Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet

The transaction accounting
adjustments included in the unaudited pro forma condensed combined balance sheet as of September 30, 2024 are as follows:

| (B) | Reflected additional draw down of $299,113 from non-interest-bearing 
 promissory note - related party subsequent to June 30, 2024;         |

| (C) | Reflected the redemption of 1,170,280 shares of RFAC’s common                                                                             
 stock by RFAC’s stockholders at a redemption price of approximately $11.23 per share, for an aggregate redemption amount of approximately 
 $13,136,586 on September 23, 2024;                                                                                                        |

| (D) | Reflected the redemption of 1,522,973 shares of RFAC’s common                                                                             
 stock by RFAC’s stockholders at a redemption price of approximately $11.55 per share, for an aggregate redemption amount of approximately 
 $17,584,052 on January 23, 2025;                                                                                                          |

| (E) | Reflected additional excise tax accrued from above (C) and    
 (D) redemption of RFAC’s common stock by RFAC’s stockholders; |

| (G) | Reflected the withdrew from trust account for tax payment remittance; |

| (H) | Reflected the additional $170,460 non-interest bearing advances             
 from founder to support RFAC’s working capital subsequent to June 30, 2024; |

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| (J) | Reflected the issuance of $33,025,000 convertible notes (“Notes”)                                                               
 by GCL Global to certain accredited investors, and the conversion of the Notes into GCL Global’ s ordinary shares that would be 
 exchanged for Merger Consideration Shares upon the consummation of the Business Combination;                                    |

| (K) | Reflected the reclassification of cash held in the Trust Account,                                   
 net of Trust Account fee that becomes available for general use following the Business Combination;