Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 235

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 235
---
 340-10-S99-1, “Expenses
of Offering.”

Reverse Recapitalization

On February 13, 2025, upon the consummation of the Business Combination,
the Company issued an aggregate total of 6,276,394 ordinary shares to RFAC Sponsor, RFAC public shareholders, Early Bird Capital
and certain investors designated by RFAC Sponsor.

The following table presents
the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

|                                                                            |     | Ordinary 
 Share    |           |
| RFAC’s ordinary shares outstanding prior to Reverse Recapitalization       |     |          | 3,126,396 |
| Ordinary shares issued at the Closing as an incentive to certain investors 
 designated by RFAC Sponsor in connection with Transaction Financing        |     |          | 2,000,000 |
| Conversion of RFAC rights                                                  |     |          | 1,149,998 |
| Total shares issued upon the Reverse Recapitalization                      |     |          | 6,276,394 |

On April 12, 2023, Titan Digital
acquired a 100% equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”) of Titan
Digital, through the issuance of 17,648 ordinary shares, representing 15% of Titan Digital’s total outstanding shares, to Debbie.
As a result, the Company’s equity interest in Titan Digital was reduced from 100% to 85%, and $182,599 of non-controlling interest
was recognized in the Company’s consolidated statements of changes in shareholders’ equity. Since no cash consideration was
received, the difference of $381,947 between the fair value of the consideration received and the adjustment to non-controlling interest
was recorded as an increase to additional paid-in capital.

<div align='center'>F-45

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

On December 12, 2024, Titan
Digital sold its entire equity interest in Martiangear to GCL Global SG for total consideration of SGD10. As a result, the Company increased
its equity interest in Martiangear to 100% and derecognized $44,134 of non-controlling interest, while the same amount was recorded as
a decrease to additional paid-in capital.

On March 19, 2025, GCL Global