Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 1

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 1
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 at the Initial
Closing (as defined in the SPA). Pursuant to the SPA, subject to certain conditions, either the Company or the Buyers may require the
issuance and sale of additional convertible notes at one or more additional closings, with the aggregate original principal amount for
all additional convertible notes not to exceed $42,600,000 (the “Additional Notes,” and, together with the Initial Note, the
“Notes”) at an aggregate maximum additional purchase price of $38,340,000. Unless agreed by the Buyer, the aggregate principal
amount of the Additional Notes to be issued at any subsequent closing shall not exceed $4,000,000, and the Company may only deliver one
(1) Additional Mandatory Closing Notice (as defined in the SPA) in any sixty (60) trading days. The Notes shall bear interest at 6% per
annum which is payable in the Company’s ordinary shares provided certain conditions are met, or at the Company’s option, in
cash or a combination of cash and ordinary shares. In an Event of Default (as defined in the SPA), the interest rate shall automatically
increase to 18% per annum (the “Default Rate”).

The Buyer will have the right
to convert all or a portion of the Notes at any time after the date of issuance and prior to the maturity date, which is the three years
from the date of issuance. The number of ordinary shares issuable upon conversion of the Notes (the “Conversion Shares”) shall
be determined by dividing (i) the sum of (x) the portion of the Principal (as defined in the Notes) to be converted, redeemed or otherwise
with respect to which this determination is being made at a 10% premium, and (y) all accrued and unpaid interest with respect to such
portion of the Principal and accrued and unpaid Late Charges (as defined in the Notes) with respect to such portion of such Principal
and such Interest, if any) (the “Conversion Amount”) by (ii) $2.16, subject to anti-dilution adjustments (the “Conversion
Price”).

At
any time, the Company shall have the right to redeem all, but not less than all, of the Outstanding Amount (as defined in the Notes) then
remaining under the Notes in cash at a price equal to the greater of (i) the Outstanding Amount at a 20% premium, and (ii) the product
of (1) the quotient of (