Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 76

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 76
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isable for shares of the Company ordinary shares rather than RFAC common stock; and;                                             |

| ● | Every 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business Combination 
 converted into one ordinary share of the Company (rounded down to the nearest whole share).                     |

Accounting for the Business Combination

The Business Combination accounted
for as a “reverse recapitalization” in accordance with U.S. GAAP. Under this method of accounting, RFAC was treated as the
“acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to
the Business Combination, GCL Global’ s shareholders are expected to have a majority of the voting power of the combined company,
GCL Global comprised all of the ongoing operations of the combined company. Accordingly, for accounting purposes, the Business Combination
should be treated as the equivalent of GCL Global issuing shares for the net assets of RFAC, accompanied by a recapitalization. The net
assets of RFAC were stated at historical costs. No goodwill or other intangible assets were recorded. Operations prior to the Business
Combination were those of GCL Global.

Basis of Pro Forma Presentation

The unaudited pro forma
combined financial information has been prepared using actual redemption of RFAC’s common stock.

We are providing this information
to aid you in your analysis of the financial aspects of the Business Combination. The unaudited pro forma condensed combined financial
statements described above and the assumption and estimates underlying the unaudited pro forma adjustments set forth in the unaudited
pro forma condensed combined financial statements should be read in conjunction with RFAC’s historical financial statements, GCL
Global’ s historical financial statements, and the related notes thereto. The pro forma adjustments are preliminary, and the unaudited
pro forma information have been presented for illustrative purposes only and are not necessarily indicative of the financial position
or results of operations that may have actually occurred had the Business Combination taken place on the dates noted, or of the Combined
Company’s future financial position or operating results. Further, the unaudited pro forma condensed combined financial statements
do not purport to project the future operating results or financial position of the Combined Company following the completion of the Business
Combination. The unaudited pro forma adjustments represent management’s estimates based on information available as of the date
of these unaudited pro forma condensed combined financial statements and are subject to change as additional information becomes available