Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 202

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 202
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 thereof to receive such number of newly issued shares of the Company specified below; and (b) Merger Sub 2 merged with and into RFAC, with RFAC surviving such merger as a wholly owned subsidiary of the Company (the “SPAC Merger” and together with the Initial Merger, the “Mergers”, and together the other transactions and ancillary agreements contemplated by the Merger Agreement and the Ancillary Agreements (as defined below), the “Business Combination” or “Transactions”). As a result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary of the Company.

<div align='center'>F-26

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Upon the consummation of the Business Combination,
the following transaction (“collectively, the “Transaction”) were completed, based on the Company’s capitalization
as of February 13, 2025:

| ● | Each ordinary share of GCL Global                                                                                                             
 issued and outstanding immediately prior to the Initial Merger Effective Time (other than any treasury shares or Dissenting Shares), was      
 automatically cancelled and ceased to exist in exchange for the right to receive, such number of newly issued ordinary shares of PubCo,       
 par value $0.0001 per share (the “PubCo Ordinary Shares”) at an exchange ratio of 1 for 4.0536 (“Exchange Ratio”)                             
 , rounded up to the nearest whole share (the “Merger Consideration Shares”), and as of the Initial Merger Effective Time,                     
 each Company Shareholder (as defined in the Merger Agreement) ceased to have any other rights in and to GCL Global (other than any applicable 
 appraisal and dissenter’s rights);                                                                                                            |

| ● | Each                                                                                                 
 share of RFAC common stock, including RFAC Class A Common Stock and RFAC Class B Common Stock,       
 issued and outstanding immediately prior to the effective time of the Business Combination           
 (other than any redeemed shares) was automatically cancelled and ceased to exist and, for            
 each share of RFAC common stock, the Company issued to each RFAC shareholder (other than             
 RFAC shareholders who exercised their redemption rights in connection with the Business Combination) 
 one validly issued Company ordinary share                                                            |

| ● | Each                                                                                                
 RFAC warrant issued and outstanding immediately prior to effective time of the Business Combination 
 converted into a Company warrant to purchase one ordinary share of