Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 219

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 219
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 at an exchange ratio of 1 for 4.0536 (“Exchange Ratio”) , rounded up to the nearest whole share (the “Merger Consideration Shares”), and as of the Initial Merger Effective Time, each Company Shareholder (as defined in the Merger Agreement) ceased to have any other rights in and to GCL Global (other than any applicable appraisal and dissenter’s rights); |

| ● | Each share of RFAC common stock, including RFAC Class A Common Stock and RFAC Class B Common Stock, issued and outstanding immediately prior to the effective time of the Business Combination (other than any redeemed shares) was automatically cancelled and ceased to exist and, for each share of RFAC common stock, the Company issued to each RFAC shareholder (other than RFAC shareholders who exercised their redemption rights in connection with the Business Combination) one validly issued Company ordinary share |

| ● | Each RFAC warrant issued and outstanding immediately prior to effective time of the Business Combination converted into a Company warrant to purchase one ordinary share of the Company (each, a “Warrant”) (or equivalent portion thereof). The Warrants have substantially the same terms and conditions as set forth in the RFAC warrants, except that the Warrant is exercisable for shares of the Company ordinary shares rather than RFAC common stock; |

| ● | Every 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business Combination converted into one ordinary share of the Company (rounded down to the nearest whole share). Upon closing of the Business Combination, 11,499,980 RFAC Rights were converted into 1,149,998 shares of the Company’s ordinary shares; |

| ● | 2,000,000 shares of the Company’s ordinary shares were issued as an incentive to certain investors in connection with transaction financing; and |

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

|                                                                                               |     | Ordinary Share |             |   |
| RFAC’s common stock outstanding prior to Reverse Recapitalization                             |     |                |   4,276,394 |   |
| 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 GCL Global’s ordinary shares                                                    |     |                | 120,000,000 |   |
| Minus ordinary share placed in escrow