Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 133

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 133
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 risks related to the economic, political, and social
conditions of the countries in which we operate. We intend to continue to develop and expand our business and penetration in the region
and outside of Asia.

Recent Development

Business Combination

On February 13, 2025, we
consummated the business combination contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated October
18, 2023, as amended on December 1, 2023, December 15, 2023, January 31, 2024, and September 30, 2024. As contemplated by the Merger
Agreement, the business combination was effected by the merger of RFAC and GCL and its subsidiaries into wholly owned subsidiaries of
the Company.

Convertible Notes

Between September and December
2024, we entered into convertible note (“Convertible Note “) purchase agreements with accredited investors for an aggregate
principal amount of $33,025,000. The Convertible Notes were converted into 7,338,887 ordinary shares at the closing of the Business Combination
on February 13, 2025, based on a $4.50 per share conversion price. In connection with the conversion, an additional 2,201,665 ordinary
shares were issued and placed in escrow for three years as Bonus Shares, subject to release to the investors or cancellation by the Company
based on the number of shares held by investors at the end of each of the following three years.

On May 21, 2025, we entered
into a Securities Purchase Agreement with an investor for the issuance of a senior unsecured convertible note with an initial principal
amount of $2,900,000 issued at a discount for a purchase price of $2,610,000. The note bears interest at 6% per annum, increasing to
18% upon default, and the Company may elect to settle interest payments in cash, ordinary shares, or a combination thereof, subject to
specified equity conditions. The note is convertible at the holder’s discretion into our ordinary shares at an initial conversion
price of $2.16 per share, subject to customary anti-dilution adjustments. The agreement also provides the investor with the right to
purchase up to an additional $42,600,0000 in convertible notes, in specified increments, which may provide additional liquidity if exercised.

Acquisition of additional controlling interest in 2Game

Pursuant to the Share Sale
and Purchase Agreement dated March