Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 262

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 262
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 entities, the amendments are effective for annual periods beginning after December 15,
2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The amendments
in this Update should be applied on a prospective basis. Retrospective application is permitted. The Company is currently evaluating the
impact of the update on Company’s consolidated financial statements and related disclosures.

Except as mentioned above, the Company does not
believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s
consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

<div align='center'>F-37

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 3 — Business Combination

— Acquisition of Starry

On April 12, 2023, the Company, through its
subsidiary, Titan Digital, entered into a sale and purchase agreements (“SPA1”) with Debbie Soon Rui Yi (“Debbie”),
a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire 100% equity interest in Starry. Starry was incorporated
in Singapore on June 16, 2020, and its principal activities mainly include distribution of Jewelry. Pursuant to the SPA1, Titan digital
is obligated to issue 17,648 or 15% of Titan Digital’s ordinary shares to Debbie. On April 12, 2023, the acquisition of starry
was completed (“Acquisition date”), and 17,648 shares of Titan Digital’s ordinary shares has been issued to Debbie.

The Company’s acquisition of Starry was accounted
for as a business combination in accordance with ASC 805. The Company has allocated the purchase price of Starry based upon the fair value
of the identifiable assets acquired and liabilities assumed on the acquisition date. The Company estimated the fair values of the assets
acquired and liabilities assumed at the acquisition date in accordance with the business combination standard issued by the FASB using
the fair value approach. Management of the Company is responsible for determining the fair value of assets acquired, liabilities assumed,
and intangible assets identified as of the acquisition date. Acquisition-related costs incurred for the acquisitions are not material
and have been expensed as incurred in general and administrative expenses.

Based on assessments using the income test, asset
test, and investment test pursuant