Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 50

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4
Chunk 50
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 for any ten (10) consecutive trading days during the last month prior to the
third anniversary day of the Conversion Date, the Transaction Investors will be entitled to receive certain Top-Up Shares (defined in
the Note Purchase Agreement) and, under certain limited circumstances, a cash payment, based on the number of Merger Consideration Shares
held on the third anniversary date of the Business Combination.

In December 2024 and April
2025, each of 4Divinity UK and 4Divinity JP was formed as a wholly-owned subsidiary of 4Divinity to support GCL Group’s game publishing
and development business in Europe and Japan, respectively.

Pursuant
to the Share Sale and Purchase Agreement dated March 19, 2025 (the “2Game SPA”) by and among GCL Global SG and the 2Game
Sellers, GCL Global SG purchased from the 2Game Sellers 1,000 shares of 2Game (the “ Sale Shares”) for $1,200,000, resulting
in GCL Global SG currently holding 61% equity interests of 2Game. The 2Game SPA contains certain financial performance targets for 2Game
over the next three years starting and including fiscal year 2026. Pursuant to the terms of the 2Game SPA, in the event that 2Game fails
to generate at least $70,000,000 of revenue and net profit after tax of at least $2,500,000 during fiscal year 2026, the 2Game Sellers
will be required to buy back the Sale Shares for $1,272,000. In the event that the financial targets for fiscal year 2026 are met, GCL
Global SG will have the right to require the 2Game Sellers to buy back the Sale Shares for $1,272,000.

On April 30, 2025, Epicsoft
Asia (the “ Offeror”) made a voluntary conditional cash offer (the “ Offer”) of S$0.6029 per share (approximately
US$0.4580 per share) to acquire all of the issued and paid-up ordinary shares in the capital of Ban Leong Technologies Limited (“ Ban
Leong”), a Singaporean company listed on the Singapore Exchange Securities Trading Limited (“ SGX-ST”). The Offer became
unconditional on May 27, 2025. As the Offeror has received valid acceptances of more than 90% of the total number of issued shares