Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 291

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 291
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, 262,325 ordinary
shares of GCL Global (the “Nekcom Consideration Shares”) and an additional 262,325 ordinary shares of GCL Global (the “Nekcom
Additional Consideration Shares”) were issued in the name of Nekcom on December 18, 2024 but held in escrow until Full Recoupment
Date (as defined in the Publishing Agreement) when they will be released to either Nekcom or the Company depending on the value of Nekcom
Consideration Shares (the “Consideration Shares VWAP”) based on the volume weighted average price of the Consideration Shares
over thirty (30) trading days immediately preceding the Full Recoupment Date. If the Consideration Shares VWAP exceeds $7,500,000, all
Nekcom Consideration Shares will be released to Nekcom, and all Nekcom Additional Consideration Shares will be returned to GCL Global
for cancellation. In the event that the Consideration Shares VWAP is below $7,500,000 but exceeds $1,200,000, Nekcom will receive such
number of Nekcom Additional Consideration Shares from the escrow account that would make up the shortfall, with the balance returned to
the Company for cancellation. If the value of the Nekcom Additional Consideration Shares so released from the escrow account is not sufficient
to make up the shortfall, the Company has agreed to either pay Nekcom cash to make up the shortfall, or issue additional shares to Nekcom
and use its reasonable best efforts to register such shares for resale. If the Consideration Shares VWAP is below $1,200,000, the Company
has agreed to pay Nekcom the shortfall between $7,500,000 and the Consideration Shares VWAP in cash. The Company recognized its 20% investment
in Nekcom under the equity method. However, it does not have any impact on the Company’s consolidated financial statements as of
March 31, 2024.

Between September 30 and December 20, 2024, PubCo,
the Company, and Epicsoft Asia Pte. Ltd., an indirect wholly-owned subsidiary of the Company (“Epicsoft Asia”), entered into
a convertible note purchase agreement (the “Note Purchase Agreements”) with each of certain accredited investors (the “Transaction
Investors”) pursuant to which the Transaction Investors have agreed to pay the Company an aggregate of $30,025