Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 99

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 99
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 payment and issuance of 20,468 ordinary shares in October        
 2023 upon 2Game meeting certain financial performance milestones for the fiscal year 2023,        
 (iii) $2,993,450 to be paid in stock upon successful listing of the Company’s securities,         
 (iv) $1,000,000 to be paid in cash upon 2Game meeting certain financial performance milestones    
 for the fiscal year 2024, and (v) $1,320,000 to be paid in stock upon 2Game meeting certain       
 financial milestones for the fiscal year 2025. The sellers will be entitled to receive additional 
 cash and stock consideration as contingent consideration in the event that 2Game’s                
 net profit after tax (“NPAT”) is in excess of certain NPAT targets                                
 set out in financial performance milestones through the fiscal year end of 2025. 2Game is         
 GCL Group’s officially authorized digital video game platform, representing GCL Group’s           
 effort to transition from physical goods to digital content, including the sale of activation     
 keys to retailers and consumers. In August 2023, 2Game Pro Ltda (“2Game Brazil”)                  
 was formed in Brazil as a wholly-owned subsidiary of 2Game to pave the way for the next phase     
 development of 2Game’s digital platform. In September 2024, 2Game Digital DMCC (“2Game            
 Dubai”) was formed in Dubai as a wholly-owned subsidiary of 2Game to expand                       
 its business into the UAE and MENA region.                                                        |

| ● | Hainan                                                                                
 GCL Technology Co. Ltd. (“Hainan GCL”) — formed in July 2024                          
 in China to support GCL Group’s collaboration efforts with game developers and a game 
 platform in China. See “Information Related to the Company — Recent                   
 Developments.”                                                                        |

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Recent Developments

In March 2024, Epicsoft Asia entered into an addendum of a Memorandum of Understanding dated March 17, 2023 (together with the Addendum, the “Cube Game MOU”), with Wan Xin Culture Technology Co., Ltd. (“Wan Xin”), a wholly-owned subsidiary of Wan Xin Media Group, a PRC-listed cultural enterprise that owns the game platform, “Cube Game” in China. The Cube Game MOU contemplates a five-year collaboration between the parties to jointly allocate $100 million to investment in