Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 204

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 204
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 because RFAC was not a business. The transaction is accounted for as a reverse recapitalization, which is
equivalent to the issuance of shares by GCL Global for the net monetary assets of RFAC, accompanied by a recapitalization. GCL Global
is determined as the accounting acquirer and the historical financial statements of GCL Global became the Company’s historical financial
statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of RFAC were recognized as of
the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those of
GCL Global and GCL Global’s operations are the only ongoing operations of GCL.

In connection with the Reverse Recapitalization, the Company raised approximately $0.6 million of proceeds, presented as cash flows from financing activities, which included the contribution of approximately $0.6 million of funds held in RFAC’s trust account and cash held in RFAC’s operating cash account.

The following table reconciles the elements of the Reverse Recapitalization to the consolidated statements of cash flows, changes in shareholders’ equity, and net deficit of RFAC as of the closing date.

|                                                                                |     | At                        
 Closing date February 13, 
 2025                      |             |   |
|:-------------------------------------------------------------------------------|:----|:--------------------------|------------:|:--|
| Funds held in RFAC’s trust account                                             |     | $                         |     499,932 |   |
| Funds held in RFAC’s operating cash account                                    |     |                           |     111,776 |   |
| Proceeds from the Reverse Recapitalization                                     |     |                           |     611,708 |   |
| Less: non-cash net deficit assumed from RFAC                                   |     |                           | (10,692,920 | ) |
| Net deficit from issuance of ordinary shares upon the Reverse Recapitalization |     | $                         | (10,081,212 | ) |

Note 4 — Business Combination

— Acquisition of Starry

On April 12, 2023, the
Company, through its subsidiary, Titan Digital, entered into a sale and purchase agreements (“SPA1”) with Debbie Soon Rui
Yi (“Debbie”), a related party who is the spouse of Jianhao Tan, the CEO of Titan Digital, to acquire 100% equity interest
in Starry. Starry was incorporated in Singapore on June 16