Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 199

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 199
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 Purchase Agreements”), GCL Global issued
to certain accredited investors (the “Transaction Investors”) an aggregate of $33,025,000 convertible notes which converted
into GCL Global’s fully paid and non-assessable ordinary shares that were exchanged for an aggregate of 9,540,552 PubCo ordinary
shares in connection with the Business Combination. Of the 9,540,552 shares issued at Closing, 2,201,665 shares were “Bonus Shares”
(as defined in the Note Purchase Agreements) held in escrow for three (3) years from the Closing Date; and at the end of each of the
first three anniversary dates of the Closing Date, one-third (1/3) of the Bonus Shares shall be released from the escrow account to either
the Transaction Investors or to the Company for cancellation, based on the number of Merger Consideration Shares held by the Transaction
Investors at the time. At Closing on February 13, 2025, the Company and Continental Stock entered into a Bonus Shares Escrow Agreement
pursuant to which the Bonus Shares were held in escrow by Continental Stock as the escrow agent.

<div align='center'>111</div>

Rule 144

Pursuant to Rule 144 under
the Securities Act (“Rule 144”), a person who has beneficially owned restricted the Company’s Ordinary
Shares or Warrants for at least six months would be entitled to sell their securities; provided that (i) such person is not deemed to
have been one of Company’s affiliates at the time of, or at any time during the three months preceding, a sale and (ii) Company
is subject to the Exchange Act periodic reporting requirements for at least three months before the sale and has filed all required reports
under Section 13 or 15(d) of the Exchange Act during the 12 months (or such shorter period as it was required to file reports) preceding
the sale.

Persons who have beneficially
owned restricted Company’s Ordinary Shares or Warrants for at least six months but who are Company’s affiliates at the time
of, or at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would
be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

| ● | one                                                                                        
 percent (1%) of the total number of Company’s Ordinary Shares then issued and outstanding; 
 or                                                                                         |

| ●