Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 199

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 199
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i) 2,875,000 Ordinary Shares issued to the        
 Sponsor in exchange for the same number of shares of RFAC Common Stock held by the Sponsor      
 immediately prior to the closing of business combination; and (ii) up to 4,450,500 Ordinary     
 Shares issuable upon exercise of 4,450,500 Warrants. All reported securities are subject        
 to a lock-up agreement dated February 13, 2025.  RF Dynamic LLC is the record holder            
 of the securities reported herein. Tse Meng Ng is the sole member and manager of RF Dynamic     
 LLC and has voting and investment discretion with respect to the securities held of record      
 by the Sponsor. Tse Meng Ng disclaims any beneficial ownership of any shares held by the        
 Sponsor except to the extent of his respective pecuniary interest therein. The business address 
 of RF Dynamic LLC is 111 Somerset Road, #05-06, Singapore 238164.                               |

<div align='center'>113

SELLING SHAREHOLDERS</div>

The ordinary shares being
offered by the Selling Shareholders are those issuable to the Selling Shareholders upon conversion of the notes. For additional information
regarding the issuance of the notes, see “Private Placement of Notes” above. We are registering the ordinary shares in order
to permit the Selling Shareholders to offer the shares for resale from time to time. Except for the ownership of the notes issued pursuant
to the Securities Purchase Agreement, the Selling Shareholders have not had any material relationship with us within the past three years.

The table below lists the
Selling Shareholders and other information regarding the beneficial ownership (as determined under Section 13(d) of the Securities Exchange
Act of 1934, as amended, and the rules and regulations thereunder) of the ordinary shares held by each of the Selling Shareholders. The
second column lists the number of ordinary shares beneficially owned by the Selling Shareholders, based on its ownership of ordinary
shares and notes, as of August 26, 2025, assuming conversion of the notes held by PIPE Investor on that date but taking account of any
limitations on conversion set forth therein.

The third column lists the
ordinary shares being offered by this prospectus by the Selling Shareholders and does not take in account any limitations on conversion
of the notes set forth therein.

In accordance with the terms
of a registration rights agreement with the holders of the notes, this prospectus generally covers the resale of the sum of