Company: GCL
Filing Date: 2025-02-20
Form Type: 20FR12B
Source: 0001213900-25-015736
Chunk: 12

Company: GCL Global Holdings Ltd
Filing Date: 2025-02-20
Form: 20FR12B
Chunk 12
---
 incorporated herein by reference.

D. Exchange Controls

There are no foreign exchange controls or foreign exchange regulations under the currently applicable laws of the Cayman Islands.

E. Taxation

Information pertaining to tax considerations related to the Business Combination is set forth in the Form F-4, in the section entitled “ Material U.S. Federal Income Tax Considerations to the Business Combination” which is incorporated herein by reference.

F. Dividends and Paying Agents

The Company has never declared or paid any cash dividends and has no plan to declare or pay any dividends on Ordinary Shares in the foreseeable future. The Company currently intends to retain any earnings for future operations and expansion.

G. Statement by Experts

The consolidated financial statements for GCL Global as of March 31, 2024 and 2023 and for the years then ended, incorporated in this
Report on Form 20-F by reference to the Registration Statement on Form F-4 (File No. 333-280559) of the Company, have been audited by
Marcum Asia CPA LLP, an independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein,
and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The address of
Marcum Asia CPA LLP is 7 Penn Plaza, Suite 830, New York, New York, 10001, United States.

The financial statements for the Company as
of December 31, 2024 and for the period from October 12, 2023 (inception) through March 31, 2024, incorporated in this Report on Form
20-F by reference to the Registration Statement on Form F-4 (File No. 333-280559) of the Company, have been audited by Marcum Asia CPA
LLP, an independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included
in reliance upon such report given on the authority of such firm as experts in accounting and auditing. The address of Marcum Asia CPA
LLP is 7 Penn Plaza, Suite 830, New York, New York, 10001, United States.

The financial statements of RFAC as of and for the years ended December 31, 2024 and 2023 incorporated by reference in this Report have
been so incorporated by reference in reliance upon such report of Marcum LLP, an independent registered public accounting firm (which
report contains an explanatory paragraph