Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 279

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 279
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italization in the
accompanying consolidated financial statements have been retroactively adjusted using the Exchange Ratio of 1 for 4.0536.

Settlement of Mezzanine Equity

On November 22, 2023,
466,164 ordinary shares subject to possible redemption in temporary equity were fully redeemed for cash consideration of $ 163,905.

On February 13, 2025, 217,724
ordinary shares were reclassified from mezzanine equity to permanent equity in connection with the settlement of the Tranche 1 share
consideration related to the acquisition of Martiangear (see Note 4).

Settlement of Contingent Consideration from 2Game Acquisition

On October 1, 2023,
GCL Global issued shares to the individuals to settle tranche 3 of the contingent consideration in connection with the 2Game acquisition
and such shares were exchanged for 82,696 ordinary shares of the Company at the closing of the Business Combination. (See Note 4).

<div align='center'>F-44

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

At the closing of the Business
Combination, the Company collectively issued additional ordinary shares of 1,059,628 to the individuals to settle tranche 2 of the contingent
consideration in connection with the 2Game acquisition. (See Note 4).

Conversion of convertible notes

On February 13, 2025, convertible
notes in the aggregate principal amount of $33,025,000 were converted into 7,338,887 ordinary shares of the Company. In addition,
2,201,665 ordinary shares of the Company were issued and held in an escrow account for three years as Bonus Shares (See Note 16).

Stock based compensation

On November 8, 2022, the
Company entered into two separate SPAC listing consultancy agreements (collectively, the “Consultancy Agreements”) with two
third-party consultants (the “Consultants”) to assist in facilitating the Business Combination. Pursuant to the Consultancy
Agreements, the Company agreed to compensate the Consultants an aggregate amount of $20,000,000, payable, at the sole discretion of the
Company, in either cash or equity upon the closing of the Business Combination. On February 13, 2025, upon the closing of the Business
Combination, the Company elected to settle the obligation by issuing