Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 378

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 378
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were provided the opportunity to exercise their redemption rights. Holders of 1,363,378 shares of Class A common stock exercised their
right to redemption at a per share redemption price of approximately $10.72. On December 26, 2023, a total of $14,619,421 in redemption
payments were made in connection with this redemption. Following the redemption, the Company recorded $146,194 of excise tax expense and
excise tax payable related to the redemption.

On September 23, 2024, a special
meeting was held where the Company’s stockholders approved the proposal to amend the Company’s second amended and restated
certificate of incorporation to give the Company the right to extend the date by which it has to consummate a business combination from
September 28, 2024 to March 28, 2025, composed of six monthly extensions after September 28, 2024, by depositing into the Trust Account
for each of the six monthly extensions, $0.03 for each share of Class A Common Stock not redeemed in connection with the Extension Amendment
Proposal, until March 28, 2025 in exchange for a non-interest-bearing, unsecured promissory note payable upon consummation of a business
combination. Also at the Special Meeting, stockholders of record were provided the opportunity to exercise their redemption rights. Stockholders
properly elected to redeem an aggregate of 1,170,280 Class A common stock at a redemption price of approximately $11.23 per share. On
September 25, 2024, a total of $13,136,586 in redemption payments were made in connection with this redemption. Following the redemption,
the Company recorded $131,365 of excise tax expense and excise tax payable related to the redemption. As of December 31, 2024 and December
31, 2023, the total excise tax payable was $1,038,102 and $906,736, respectively.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its
Class A common stock subject to possible redemption in accordance with the guidance in FASB ASC Topic 480 “Distinguishing Liabilities
from Equity.” Class A common stock subject to mandatory redemption (if any) are classified as liability instruments and are measured
at fair value. Conditionally redeemable Class A common stock (including Class A common stock that feature redemption rights that are either
within the control of the holder or