Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 214

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 214
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 a holding Company and has no substantive operations other than holding
all of the outstanding equities of Epic SG, 4Divinity SG, 2Game, and Starlight.

On June 30, 2023, GCL
Global SG completed the acquisition of 100% of the equity interests in Titan Digital Media Pte Ltd (“Titan Digital”), which
was held under common control with Grand Centrex Limited (“GCL BVI”). The transaction was executed with a consideration of
SGD 10. GCL Global SG and Titan Digital are under the effective control of the same group of shareholders.

On July 18, 2023, GCL
Global SG completed the acquisition of 100% of the equity interests in Epicsoft Hong Kong Limited (“Epic HK”), which was
held under common control with GCL BVI. The transaction was executed with a consideration of HKD 10. GCL Global SG and Epic HK are effectively
controlled by the same shareholder.

— Reorganization under GCL Global

GCL BVI was incorporated
on November 16, 2018, under the laws of British Virgin Island (“BVI”).

GCL BVI is a holding Company
and has no substantive operations other than holding all of the outstanding equity of Epic MY after reorganization under GCL Global SG.

On February 13, 2024,
GCL BVI and GCL Global had completed a sequential two-step transaction involving (a) sale by GCL BVI of all its equity interests
in GCL Global SG to GCL Global in return for GCL Global shares being issued to the GCL Shareholders (defined below), resulting in (i) GCL
Global SG becoming a wholly-owned subsidiary of GCL Global; and (ii) GCL Shareholders holding all issued and outstanding shares
in GCL Global; and (b) sale by GCL BVI shareholders holding a total of 99.8% of the total outstanding shares of GCL BVI (“GCL
Shareholders”) of their equity interests in GCL BVI to GCL Global, resulting in GCL BVI becoming a 99.8%-owned subsidiary of GCL
Global (the “Reorganization”).

Before and after the Reorganizations,
GCL Global, together with its subsidiaries (as indicated above), is effectively controlled by the major shareholders, and therefore the
Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification
(