Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 249

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 249
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99-1, “Expenses
of Offering.”

Reverse Recapitalization

On February 13, 2025, upon
the consummation of the Business Combination, the Company issued an aggregate total of ordinary shares to RFAC Sponsor,
RFAC public shareholders, Early Bird Capital and certain investors designated by RFAC Sponsor.

The following table presents
the number of the Company’s ordinary shares issued upon the Reverse Recapitalization:

|                                                                                          |     | Ordinary 
 Share    |           |
| RFAC’s ordinary shares outstanding prior to Reverse Recapitalization                     |     |          | 3,126,396 |
| Ordinary shares issued at the Closing as an incentive                                    
 to certain investors designated by RFAC Sponsor in connection with Transaction Financing |     |          | 2,000,000 |
| Conversion of RFAC rights                                                                |     |          | 1,149,998 |
| Total shares issued upon the Reverse Recapitalization                                    |     |          | 6,276,394 |

Recognition of non-controlling interests from acquisition of subsidiaries

On April 12, 2023, Titan
Digital acquired a % equity interest in Starry from Debbie, the spouse of Jianhao Tan, the Chief Executive Officer (“CEO”)
of Titan Digital, through the issuance of ordinary shares, representing % of Titan Digital’s total outstanding shares,
to Debbie. As a result, the Company’s equity interest in Titan Digital was reduced from % to %, and $ of non-controlling
interest was recognized in the Company’s consolidated statements of changes in shareholders’ equity. Since no cash consideration
was received, the difference of $ between the fair value of the consideration received and the adjustment to non-controlling interest
was recorded as an increase to additional paid-in capital.

F-45 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On December 12, 2024, Titan Digital sold its entire equity interest in Martiangear to GCL Global SG for total consideration of SGD10. As a result, the Company increased its equity interest in Martiangear to % and derecognized $ of non-controlling interest, while the same amount was recorded as a decrease to additional paid-in capital.

On March 19, 2025, GCL Global
SG acquired an additional % equity interest in 2Game for total cash consideration of $. As a result, GCL Global SG increased
its ownership interest in 2Game from %