Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 63

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 63
---
 the
Company’s Ordinary Shares exceeds $10.00 per share. As a result, our public shareholders may not be able to achieve the same returns
as Epicsoft Ventures, the Sponsor or EBC, or even any positive return at all, on the Ordinary Shares if they sell our Ordinary Shares
in the market at the then-prevailing market prices.

Exercise of Warrants could increase the number of shares eligible for future resale in the public market and result in dilution to our shareholders.

As of the date of this prospectus,
there are 16,500,000 Warrants outstanding. Each Warrant entitles its holder to purchase one Ordinary Share at an exercise price of $11.50
per share (subject to adjustment as described herein). To the extent Warrants, additional Ordinary Shares will be issued, which will result
in dilution to our then existing shareholders and increase the number of shares eligible for resale in the public market. Sales of substantial
numbers of such shares in the public market could depress the market price of our Ordinary Shares.

Our Warrants may never be in the money, and they may expire worthless.

The exercise price for our
Warrants is $11.50 per share (subject to adjustment as described herein), which exceed the market price of our Ordinary Shares, which
was $1.98 per share based on the closing price of our Ordinary Shares on Nasdaq as of March 28, 2025. The likelihood that warrant holders
will exercise the Warrants and any cash proceeds that we would receive are dependent upon the market price of our Ordinary Shares. If
the market price for our Ordinary Shares is less than $11.50 per share, we believe warrant holders will be unlikely to exercise their
securities.

We may issue additional Ordinary Shares or other equity or convertible debt securities without approval of the holders of the Ordinary Shares, which would dilute existing ownership interests and may depress the market price of our Ordinary Shares.

We may issue additional Ordinary
Shares or other equity or convertible debt securities of equal or senior rank in the future without approval of the holders of the Ordinary
Shares in certain circumstances. Our issuance of additional Ordinary Shares or other equity or convertible debt securities of equal or
senior rank would have the following effects: (1) our existing shareholders’ proportionate ownership interest may decrease; (2)
the amount of cash available per share, including for payment of dividends in the future, may decrease; (3) the relative voting power
of each previously outstanding Ordinary Shares may be