Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 9

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 9
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) Business Day after receipt of this Note and at its own expense, issue
and deliver to the Holder (or its designee) a new Note (in accordance with Section 18(d)) representing the outstanding Principal not converted.
The Person or Persons entitled to receive the Ordinary Shares issuable upon a conversion of this Note shall be treated for all purposes
as the record holder or holders of such Ordinary Shares on the Conversion Date; provided, that the Holder shall be deemed to have waived
any voting rights of any such Ordinary Shares that may arise during the period commencing on such Conversion Date, through, and including,
such applicable Share Delivery Deadline (each, an “Conversion Period”), as necessary, such that the aggregate voting
rights of any Ordinary Shares beneficially owned by the Holder and/or any Attribution Parties, collectively, on any such applicable date
shall not exceed the Maximum Percentage (as defined below) as a result of any such conversion of this Note. Notwithstanding anything to
the contrary contained in this Note or the Registration Rights Agreement, after the effective date of the Registration Statement (as defined
in the Registration Rights Agreement) and prior to the Holder’s receipt of the notice of a Grace Period (as defined in the Registration
Rights Agreement), the Company shall cause the Transfer Agent to deliver unlegended Ordinary Shares to the Holder (or its designee) in
connection with any sale of Registrable Securities (as defined in the Registration Rights Agreement) with respect to which the Holder
has entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration Statement
to the extent applicable, and for which the Holder has not yet settled.

| 1 | Insert the lower of (i) the Closing Bid Price of the Ordinary                                                                           
 Shares on the Trading Day ended immediately preceding the time of execution of the Securities Purchase Agreement, and (ii) the quotient 
 of (x) the sum of the VWAP of the Ordinary Shares on each of the five (5) consecutive Trading Days ending and including the Trading Day 
 ended immediately preceding the time of execution of the Securities Purchase Agreement, divided by (y) five (5).                        |

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(ii) . If the Company shall fail, for any reason or for no reason, on or prior to the applicable Share Delivery
Deadline, either (I) if the Transfer Agent is not participating in FAST, to issue and deliver to the Holder (or its designee) a certificate
for the number