Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 170

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 170
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 interests in GCL BVI to GCL Global, resulting in GCL BVI becoming a 99.8%-owned subsidiary of GCL
Global (the “Reorganization”).

Before and after the Reorganizations,
GCL Global, together with its subsidiaries (as indicated above), is effectively controlled by the major shareholders, and therefore the
Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification
(“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared
on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying
consolidated financial statements in accordance with ASC 805-50-45-5.

<div align='center'>F-7

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

—Merger and reverse
recapitalization

As described above and further discussed in Note 3, the Business Combination was consummated on February 13, 2025. As a result, RFAC and GCL Global, including its subsidiaries, became wholly-owned subsidiaries of the Company.

The Business Combination was accounted for as a “reverse recapitalization”. Under this method of accounting, RFAC was treated as the “acquired” company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of GCL Global issuing shares for the net assets of RFAC, accompanied by a recapitalization. The net assets of RFAC are stated at historical costs. No goodwill or other intangible assets are recorded.

Upon closing of the Business Combination, PubCo and its subsidiaries are hereafter referred as the Company.

The accompanying consolidated
financial statements reflect the activities of the Company and each of the following subsidiaries as of March 31, 2025:

| Name                                                
 GCL Global Limited (“GCL Global”)                   
 RF Acquisition Corp (“RFAC”)                        |     | Background                                                                                                  
 ●       A Cayman Island Company                                                                             
 ●       Incorporated on October                                                                             
 12, 2023                                                                                                    
 ●                                                                                                           
 Holding Company                                                                                             
 ●       A Delaware, US Company                                                                              
 ●       Incorporated on January                                                                             
 11, 2021                                                                                                    
 ●       Holding Company                                                                                     |     | Ownership                   
 100.0% owned by Pubco       
 100.0% owned by Pubco