Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 68

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 68
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 the Equity Conditions
Measuring Period, there shall not have occurred and there shall not exist an Event of Default or an event that with the passage of time
or giving of notice would constitute an Event of Default; (xiii) no bone fide dispute shall exist, by and between any of holder of Notes,
the Company, the Principal Market (or such applicable Eligible Market in which the Ordinary Shares of the Company is then principally
trading) and/or FINRA with respect to any term or provision of any Note or any other Transaction Document and (xiv) the Ordinary Shares
issuable pursuant the event requiring the satisfaction of the Equity Conditions are duly authorized and listed and eligible for trading
without restriction on an Eligible Market.

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(x) “Equity Conditions Failure” means that on any day during the period commencing twenty (20) Trading Days prior to the applicable date
of determination, the Equity Conditions have not been satisfied (or waived in writing by the Holder).

(y) “Event Market Price” means, with respect to any Share Combination Event Date, the quotient determined by dividing (x) the sum of the
VWAP of the Ordinary Shares for each of the five (5) Trading Days with the lowest VWAP of the Ordinary Shares during the fifteen (15)
consecutive Trading Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such
Share Combination Event Date, divided by (y) five (5).

(z) “Excluded Securities” means (i) Ordinary Shares or standard options to purchase Ordinary Shares issued to directors, officers or employees
of the Company for services rendered to the Company in their capacity as such pursuant to an Approved Share Plan (as defined above), provided
that the exercise price of any such options is not lowered, none of such options are amended to increase the number of shares issuable
thereunder and none of the terms or conditions of any such options are otherwise materially changed in any manner that adversely affects
any of the Buyers; (ii) Ordinary Shares issued upon the conversion or exercise of Convertible Securities or Options (other than standard
options to purchase Ordinary Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) issued prior to the
Subscription Date, provided that the conversion price of any such Convertible Securities (other than standard options to purchase Ordinary
Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) is not