Company: GCL
Filing Date: 2025-07-08
Form Type: 424B3
Source: 0001213900-25-062059
Chunk: 9

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-08
Form: 424B3
Chunk 9
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 shall have made arrangements with the Holder reasonably acceptable to the Holder in respect of the delivery by counsel to the Holder 
 of a legal opinion and taken such actions as shall be necessary to ensure that the Transfer Agent will rely on such opinion.            |

<div align='center'>5</div>

| 3.3 | In the event that (a) VWAP has been above US$12 per share for ten (10) consecutive                                                        
 Trading Days and (b) the average of the Daily Trading Volume over the same period was at least 1 million shares, PubCo shall give written 
 notice thereof to the Holder by no later than the close of business on the next succeeding Trading Day.                                   |

| 3.4 | In the event that (a) VWAP has been above US$12 per share for twenty (20) consecutive                                                      
 Trading Days and (b) the average of the Daily Trading Volume over the same period was at least 1 million shares, PubCo shall give written  
 notice to the Holder confirming the occurrence of the Automatic Exercise by no later than the close of business on the Determination Date. |

| 3.5 | The “Exercise Date” in respect of each exercise of this Warrant                                                                            
 shall be deemed to be (a) in the case of any Voluntary Exercise, the 10th Business Day after the date of the Notice of Exercise in respect 
 of such exercise; and (b) in the case of the Automatic Exercise, the first Trading Day immediately after the Determination Date, provided  
 that the aggregate Exercise Price has been delivered to PubCo.                                                                             |

| 3.6 | Notwithstanding anything herein to the contrary, no Automatic Exercise under Section                                                   
 3.2 above shall be effected unless a Registration Statement that covers the Warrant Shares pursuant to the provisions of this Warrant  
 is effective and a current prospectus relating to the Warrant Shares issuable upon exercise of this Warrants is available for delivery 
 to the Holder.                                                                                                                         |

| 4. | ISSUANCE OF WARRANT SHARES |

| 4.1 | DTC. In the event of any exercise of the purchase rights represented by                                                       
 this Warrant in accordance with the terms hereof, the Warrant Shares issuable upon such exercise shall be delivered by PubCo: |

| (a) | in the case of an exercise at a time when any of the Unrestricted Conditions is                                             
 met as of the Exercise Date in respect of such Warrant Shares, by