Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 396

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 396
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 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices 
 for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and     |

| ● | Level                                                                                                                                       
 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,   
 such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |

The following table presents
information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31,
2024 and December 31, 2023 indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

|                                   |     |     | Level |     |   | December 31, 
         2024 |     |   | December 31, 
         2023 |
|:----------------------------------|:----|:----|------:|:----|:--|-------------:|:----|:--|-------------:|
| Assets:                           |     |     |       |     |   |              |     |   |              |
| Investments held in Trust Account |     |     |     1 |     | $ |   18,084,445 |     | $ |   29,718,024 |

Transfers to/from Levels 1,
2, and 3 are recognized at the beginning of the reporting period. There were no transfers between levels for the period ending December
31, 2024 and December 31, 2023.

Level 1 instruments include
the Investments held in the Trust Account. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from
dealers or brokers, and other similar sources to determine the fair value of its investments.

<div align='center'>F-118</div>

NOTE 10. RIGHTS

Each holder of a right will
automatically receive one-tenth (1/10) of one Class A common stock upon consummation of our initial business combination, even if
the holder of a Public Right redeemed all Class A common stock held by him, her or it in connection with the initial business combination.
No additional consideration will be required to be paid by a holder of rights in order to receive his, her or its additional Class A
common stock upon consummation of an initial