Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 93

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 93
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 an Activation Key Distribution Agreement (the “Sega Activation Key Agreement”) pursuant to which
Epicsoft Asia was given non-exclusive right to sell and distribute activation keys of certain Sega© games via the Steam download
platform in Singapore, Malaysia, the Philippines, Indonesia, Thailand, the Peoples’ Republic of China, Hong Kong and Macau. Pursuant
to the Sega Activation Key Agreement, Epicsoft Asia has agreed to conduct marketing, advertisement and promotion activities, and provide
end user customer and technical support, for the activation keys at its own costs within the defined distribution territory. In return,
Epicsoft Asia may purchase the activation keys at an agreed discount to either the wholesale price (for sales to retailers) or the suggested
retail price (for sales directly to end users) of the Sega© games determined by Sega. The Sega Distribution Agreement has an initial
term of one year and automatically renews annually for one year periods unless earlier terminated by either party upon 30 days’
written notice to the other party.

Today, because of our distributor
relationship with Sega, we continue to distribute popular Sega© game titles, including games under the Sonic franchise,
the Yakuza series and Persona 5 in Asia. Distribution revenue derived from Sega© game titles accounted
for more than 15%, 29% and 20% of GCL Group’s total consolidated revenue for the fiscal years ended March 31, 2025, 2024 and 2023,
respectively. Sega is also a shareholder of the Company.

Pursuant to distribution
agreements and street date (the date on which the video game has its initial commercial release to consumers) agreements with other international
video game publishers and studios, Epicsoft Asia can be granted either an exclusive right or a non-exclusive, non-sublicensable, limited
license to distribute certain game products, and the publishers retain all rights to the intellectual property, the so-called “game
IP,” including but not limited to, the trademarks, copyright and design rights. These distribution agreements typically require
Epicsoft Asia to spend a pre-determined minimum amount on marketing and promoting the video game products, including the Add-Ons, during
and after the initial launch of the game in Asia, and commit to a minimum order quantity per game title within a certain time period.
Epicsoft Asia is offered a wholesale unit price per game and per Packaged Media Unit, and certain payment terms based on a variety of
factors including, past relationships, purchase