Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 65

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 65
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 the Code (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to holders in light of their individual circumstances, including holders subject to special treatment under the U.S. tax laws, such as, for example:

| ● | banks                                                                  
 or other financial institutions, underwriters, or insurance companies; |

| ● | brokers                                                                                    
 or dealers in securities or currencies or holders that are traders in securities who elect 
 to apply a mark-to-market method of accounting;                                            |

| ● | real                                                         
 estate investment trusts and regulated investment companies; |

| ● | tax-exempt                                                                                       
 organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred 
 accounts;                                                                                        |

| ● | expatriates                                                     
 or former citizens or long-term residents of the United States; |

| ● | subchapter                                                                                 
 S corporations, partnerships or other pass-through entities or investors in such entities; |

| ● | any                               
 holder that is not a U.S. Holder; |

| ● | dealers                                              
 or traders in securities, commodities or currencies; |

| ● | grantor 
 trusts; |

| ● | persons                                 
 subject to the alternative minimum tax; |

| ● | U.S.                                                        
 persons whose “functional currency” is not the U.S. dollar; |

40

| ● | persons                                                                                        
 who received shares of Ordinary Shares through the issuance of restricted stock under an       
 equity incentive plan or through a tax-qualified retirement plan or otherwise as compensation; |

| ● | persons                                                                                      
 who own (directly or through attribution) 5% or more (by vote or value) of the issued shares 
 of the Company;                                                                              |

| ● | the                              
 Company’s officers or directors; |

| ● | persons                                                           
 that hold Warrants or other rights to acquire Ordinary Shares; or |

| ● | holders                                                                        
 holding Ordinary Shares as a position in a “straddle,” as part of a “synthetic 
 security” or “hedge,” as part of a “conversion transaction,”                   
 or other integrated investment or risk reduction transaction;                  |

As used in this prospectus, the term “U.S. Holder” means a beneficial owner of Ordinary Shares for U.S. federal income tax purposes:

| ● | an                                                            
 individual who is a citizen or resident of the United States; |

| ● | a                                                                                           
 corporation (or other entity that is classified as a corporation for U.S. federal income