Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 356

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 356
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 events and transactions that occurred after September 30, 2024. Other than below, the Company did not identify any
subsequent events that would have required adjustment or disclosure in the financial statements, except for the following.

On October 1,
2024, 2Game Digital DMCC, a Dubai Company was incorporated. It was 100% owned by 2Game and its primary business activity is the distribution
of console game code.

On December 4,
2024, 4Divinity UK Ltd, a United Kingdom Company was incorporated. It was 100% owned by 4Divintiy and its primary business activity is
the publishing and distribution of console game code.

In September 2024,
Hainan GCL made a secured loan in the aggregate amount of $3,000,000 to Nekcom Inc. (“Nekcom”), a Delaware parent company
of a developer of the game Showa American Story in China. Subsequently, the above-mentioned loan was incorporated into a publishing
agreement (“Publishing Agreement”) executed on December 18, 2024, among Nekcom, its Singapore subsidiary NEKCOM Private
Limited, and the Company’s subsidiary 4Divinity SG. According to the Publishing Agreement, 4Divinity SG was appointed as the exclusive
global publisher and distributor of the game Showa American Story. The agreement formalized key terms, including a minimum guarantee
of $5,000,000 advanced by 4Divinity SG to Nekcom, recoverable from net revenue. The $3,000,000 loan from Hainan GCL was converted into
part of this minimum guarantee, serving to secure the financial commitments outlined in the publishing arrangement.

In November 2024,
GCL Global, Nekcom and certain significant shareholders of Nekcom entered into a Series B Preferred Stock Purchase Agreement (the
“Nekcom SPA”) pursuant to which, among other things, (i) Nekcom has agreed to enter into a publishing agreement with
GCL Global (the “Nekcom Publishing Agreement”) appointing the Company or any of its designated subsidiaries as Nekcom’s
exclusive global publisher and distributor of Showa American Story; and (ii) the Company has agreed to purchase a number of
Nekcom’s Series B Preferred Stock that would constitute 20% of the total outstanding shares of Nekcom for an aggregate purchase
price of $15,000,000 consisting of (a) $