Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 284

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 284
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 the Company recognized $12,014 as
a deemed dividend paid to the warrant holders.

Warrants may only be exercised
for a whole number of shares at an exercise price of $11.50 per share. No fractional warrants will be issued upon separation of the Units
and only whole warrants will trade. The Warrants will become exercisable 30 days after the consummation of a Business Combination.
The Warrants will expire five years from the consummation of a Business Combination or earlier upon redemption or liquidation.

Once the warrants become exercisable, the Company may redeem the Warrants:

| ● | in                     
 whole and not in part; |

| ● | at                            
 a price of $0.01 per warrant; |

| ● | at                                              
 any time after the warrants become exercisable; |

| ● | upon                                                                      
 not less than 30 days’ prior written notice of redemption to each warrant 
 holder;                                                                   |

| ● | if, and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per                           
 share (as adjusted for stock splits, stock dividends, reorganizations, and recapitalizations) for any 20 trading days       
 within a 30-trading day period commencing at any time after the warrants become exercisable and ending on the third trading 
 day prior to the notice of redemption to warrant holders; and                                                               |

| ● | if,                                                                                           
 and only if, there is a current registration statement in effect with respect to the Ordinary 
 shares underlying such warrants.                                                              |

If the Company calls the
Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do
so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of Ordinary share
issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, or recapitalization,
reorganization, merger or consolidation. However, except as described below, the warrants will not be adjusted for issuance of Ordinary
share at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants. If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company’s assets held outside of