Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 148

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 148
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 issuer. As a result, PubCo’ shareholders may not have the
same protection afforded to shareholders of U.S. domestic companies that are subject to Nasdaq corporate governance requirements. As a
foreign private issuer, PubCo is also subject to reduced disclosure requirements and are exempt from certain provisions of the U.S. securities
rules and regulations applicable to U.S. domestic issuers such as the rules regulating solicitation of proxies and certain insider reporting
and short-swing profit rules.

PubCo is a “controlled
company” as defined under the Nasdaq rules, because Jacky Choo See Wee, our Group Chairman is able to exercise approximately 63.8%
of the aggregate voting power of PubCo’ total issued and outstanding shares. Under the Nasdaq rules, a “controlled company”
may elect not to comply with certain corporate governance requirements. Accordingly, PubCo has elected to avail itself of the exemptions
available to it under Rule 5615(a)(7)(B) of the Nasdaq rules by foregoing (i) the requirement that PubCo have a compensation committee
that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities
and (ii) the requirement that PubCo have a nominating and corporate governance committee with a written charter addressing the committee’s
purpose and responsibilities. PubCo is eligible to take advantage of additional exemptions from certain Nasdaq corporate governance requirements.
As a result, PubCo’s shareholders may not have the same protection afforded to shareholders of companies that are subject to these
corporate governance requirements.

Independence of Directors

As a result of its securities
being listed on Nasdaq following consummation of the Business Combination, PubCo will adhere to the rules of such exchange, as applicable
to foreign private issuers and controlled companies, in determining whether a director is independent. The board of directors of PubCo
has consulted, and will consult, with its counsel to ensure that the board of director’s determinations are consistent with those
rules and all relevant securities and other laws and regulations regarding the independence of directors.

The size of PubCo’s
board of directors is six directors, three of whom qualify as independent within the meaning of the independent director guidelines of
Nasdaq. Tse Meng Ng, Wilson W. Wang and Joshua Kewei Cui are “independent directors” as defined in the rules of Nasdaq and
applicable SEC rules.

Director Nominations

As a “controlled company” under Nasdaq rules, PubCo