Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 367

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 367
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 the Business Combination
(as defined in the Merger Agreement) to March 28, 2025. GCL Global also agreed to pay
for up to six (6) months of extension fees starting September 28, 2024 and other third-party vendor expenses incurred by the Company in
connection with the Business Combination, for an aggregate of up to $500,000 (the “Amendment Expenses”), subject to a dollar-for-dollar
reduction to the Maximum Allowable SPAC Transaction Expenses (as such term is defined in the Merger Agreement) and reimbursement by the
Sponsor in the event that the Amendment Expenses paid exceeds five percent (5%) of the total amount of Transaction Financing (as defined
in the Merger Agreement) (not including the balance of the Trust Account) the Company has received from the Sponsor, its affiliate, or
any party introduced by the Sponsor to the Company that was not already known to the Company.

<div align='center'>F-103</div>

On March 13, 2023, Melvin
Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in connection with the business
combination, and (ii) working capital requirements (as amended, the “Director Promissory Note”). On February 17, 2024, the
Director Promissory Note was amended and restated to increase the principal amount of the note to $2,000,000. The Director Promissory
Note bears no interest and matures on the later of: (i) December 28, 2024, or (ii) the date that the Company consummates an initial business
combination.

The Company’s management
has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of Private
Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business
Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80%
of the net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes and
excluding the amount of certain advisory fees payable to EBC) at the time of the agreement to enter into the initial Business Combination.
However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the