Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 182

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 182
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 would increase the liquidity of the Company, but its ability to fund its operations is not dependent upon receipt of cash proceeds from the exercise of the Warrants.

There is no assurance that the Warrants will be in the money prior
to their expiration or that the holders thereof will elect to exercise any or all of these securities. The likelihood that Warrant holders
will exercise their Warrants, and therefore any cash proceeds that the Company may receive in relation to the exercise of the Warrants
overlying shares being offered for sale in this prospectus, will be dependent on the trading price of the Ordinary Shares. If the market
price for the Ordinary Shares is less than the exercise price of the Warrants, which is $11.50 per share, we believe Warrant holders will
be unlikely to exercise their respective securities. As the closing price of the Company’s Ordinary Shares was $2.13 as of March
13, 2025, we believe that holders of the Warrants are currently unlikely to exercise their respective securities. Accordingly, we do not
expect to rely on the cash exercise of these securities to fund our operations.

Upon expiration of a lock-up period which is twelve months after the
closing of the Business Combination, and for so long as the effective registration statement of which this prospectus forms a part is
available for use, Epicsoft Ventures and the Sponsor, collectively the beneficial owners of 83,456,793 Ordinary Shares, constituting approximately
66.1% of our issued and outstanding Ordinary Shares as of the date of this prospectus, can sell under this prospectus (assuming all Warrants
are exercised in full), up to 87,907,293 Ordinary Shares constituting approximately 69.6% of the issued and outstanding Ordinary Shares
as of the date of this prospectus and approximately 61.6% of the issued and outstanding Ordinary Shares (assuming all Warrants are exercised
in full). The lock-up restrictions can be waived by the Company at any time. Given the substantial number of Ordinary Shares being registered
for potential resale by the Selling Shareholders pursuant to this prospectus, the sale of shares by the Selling Shareholders, or the perception
in the market that the holders of a large number of our Ordinary Shares intend to sell their shares, could increase the volatility of,
or result in a significant decline in, the public trading price of the Ordinary Shares. These sales, or the possibility that these sales
may occur, and any related volatility or decrease in market price of the