Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 51

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 4
Chunk 51
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Ban Leong, the Offeror is entitled to, and will be exercising its right of compulsory acquisition under the Companies Act 1967 of Singapore.
Subsequent to the completion of the compulsory acquisition which is currently expected to take place on or around August 25, 2025, Ban
Leong will be officially delisted from the SGX-ST. For over 30 years, Ban Leong has distributed a wide range of technology products across
Asia that include IT accessories, gaming components, smart (IOT) technology, and commercial products. Ban Leong is an authorized distributor
for over 50 well-known brands, including Razer, Nvidia, Samsung, Huawei, TP-Link, and LG. Ban Leong’s multi-channel distribution
strategy encompasses e-commerce platforms, brick-and-mortar retailers, chain stores, and direct sales to corporate resellers and system
integrators, and operating service centres in Singapore, Malaysia, and Thailand that provide technical support and repair services.

On May 21, 2025, the Company
entered into a securities purchase agreement (the “ ATW SPA”) with ATW Partners (the “ Investor”) for the issuance
of senior unsecured convertible notes, through a facility of up to $45.5 million. Pursuant to the ATW SPA, the Company has issued and
sold to the Investor an initial note in the aggregate original principal amount of $2,900,000, at a purchase price of $2,610,000 on May
23, 2025. Either the Company or the Buyer may require the issuance and sale of additional convertible notes at one or more additional
closings, with the aggregate original principal amount not to exceed $42,600,000, at a purchase price of $38,340,000 under the facility,
subject to satisfaction of certain conditions specified in the ATW SPA. The Notes have a three-year term and bear interest at 6% per annum,
payable monthly, at GCL’s option, in cash or, provided that certain conditions are met, in ordinary shares. The proceeds shall be
used for general corporate and working capital purposes.

In connection with that certain
Facility Letter dated as of October 1, 2024, as supplemented by the Supplemental Letter dated as of March 12, 2025 and July 7, 2025 between
Epicsoft Asia Pte. Ltd. (the “ Borrower”), a wholly-owned subsidiary of GCL Global Holdings Ltd.