Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 365

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 365
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 therein, RF Dynamic LLC, a Delaware limited liability company.

Additionally, on December
20, 2023, a special meeting was held where the Company’s stockholders approved (i) a 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 December 28, 2023 to September 28, 2024, composed of an initial three-month extension and six subsequent one-month extensions,
for a total of up to nine months after December 28, 2023, by depositing into the Trust Account (A) for the initial three-month extension,
the lesser of (i) $225,000 or (ii) $0.09 for each share of the Company’s Class A common stock not redeemed in connection with the
proposal, and (B) for each of the six subsequent one-month extensions, the lesser of (i) $75,000 or (ii) $0.03 for each share of Class
A common stock not redeemed in connection with the proposal, until September 28, 2024 in exchange for a non-interest-bearing, unsecured
promissory note payable upon consummation of a business combination, and (ii) a proposal to remove the net tangible asset requirement
in order to expand the methods that the Company may employ so as to not become subject to the “penny stock” rules of the United
States Securities and Exchange Commission. At the special meeting the stockholders of record 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 had a total of 5,819,649 shares of Class A common stock outstanding. On December 26, 2023, the Company
and Sponsor entered into a promissory note pursuant to which the Sponsor agreed to loan the Company the principal sum of $675,000 to cover
the extension payments in connection with the updated Revised Extension Deadline (the “BC Extension Note”). The promissory
note was non-interest bearing and is payable on the earlier of (1) September 28, 2024, or (ii) the consumm