Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 20

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 20
---
 limit the legal protections available or impose additional requirements and obligations on   
 our business operation in China and Hong Kong, which may materially and adversely affect     
 our business, financial condition, and results of operations.                                |

| ● | The                                                                                              
 gaming industry in China is subject to a variety of PRC laws and regulations, many of which      
 are unsettled and still developing, and which could subject us or our resellers to claims        
 or otherwise harm our business, financial condition, results of operations and growth prospects. |

| ● | Any                                                                                     
 lack of requisite approvals, licenses, or permits applicable to our resellers’ business 
 may have a material and adverse impact on our resellers’ business, financial condition, 
 and results of operations.                                                              |

<div align='center'>5</div>

Risks Related to PubCo Operating as a Public Company

| ● | GCL                                                                       
 Group’s management team has limited experience managing a public company. |

| ● | If                                                                                        
 PubCo fails to implement and maintain an effective system of internal controls, PubCo may 
 be unable to accurately report its results of operations, meets its reporting obligations 
 or prevent fraud, and investor confidence and the market price of PubCo’s Ordinary        
 Shares may be materially and adversely affected.                                          |

| ● | If                                                                                            
 PubCo ceases to qualify as a foreign private issuer, it would be required to comply fully     
 with the reporting requirements of the Exchange Act applicable to U.S. domestic issuers,      
 and it would incur significant additional legal, accounting, and other expenses that it would 
 not incur as a foreign private issuer.                                                        |

| ● | Because                                                                                    
 PubCo is a foreign private issuer and is exempt from certain Nasdaq corporate governance   
 standards applicable to U.S. issuers, you will have less protection than you would have if 
 it were a domestic issuer.                                                                 |

| ● | You                                                                                         
 may face difficulties in protecting your interests, and your ability to protect your rights 
 through U.S. courts may be limited, because PubCo is incorporated under Cayman Islands law. |

| ● | As                                                                                             
 a “controlled company” under the Nasdaq rules, PubCo may choose to exempt itself               
 from certain corporate governance requirements that could have an adverse effect on our public 
 shareholders.                                                                                  |

| ● | PubCo                                                               
 does not expect to declare any dividends in the foreseeable future. |

| ● | Failure                                                                                        
 to maintain effective internal controls over financial reporting could have a material adverse 
 effect on PubCo