Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 71

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 71
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, financial condition
and results of operations. Our tax expense could also be impacted by the applicability of withholding taxes and the impact of changes
in the evaluation of tax positions we have taken in prior tax periods. The amount of taxes we pay in these jurisdictions could increase
substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws or revised interpretations
of existing tax laws and precedents, which could harm our liquidity and results of operations.

All
statements contained herein concerning U.S. federal income or other tax consequences are based on existing law and interpretations
thereof. The tax regimes to which we are subject or under which we operate, including income and non-income taxes, are unsettled
and may be subject to significant change. While some of these changes could be beneficial, others could negatively affect our after-tax returns.
Accordingly, no assurance can be given that the currently anticipated tax treatment will not be modified by legislative, judicial or administrative
changes, possibly with retroactive effect. In addition, no assurance can be given that any tax authority or court will agree with any
particular interpretation of the relevant laws.

We may be unable to maintain the listing of our securities in the future.

If we fail to meet the continued
listing requirements and Nasdaq delists the Ordinary Shares, we could face significant material adverse consequences, including:

| ● | a limited availability of market quotations for the Ordinary Shares; |

| ● | a limited amount of news and analyst coverage for us; and |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future. |

<div align='center'>36

USE OF PROCEEDS</div>

All of the securities offered
by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We will
not receive any of the proceeds from these sales.

The Selling Shareholders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Shareholders for brokerage, accounting, tax or legal
services or any other expenses incurred by the Selling Shareholders in disposing of the securities. We will bear the costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, Nasdaq
listing fees and fees and expenses of our counsel and our independent registered public accounting firm.

We will receive up to an
aggregate of $189.75 million from the exercise of the Warrants, assuming the exercise