Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 337

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 337
---

Merger Consideration Shares held on the third anniversary date of the Business Combination. The Transaction Investors will be
entitled to receive 110% of the outstanding principal balance of the Note in the event that the Business Combination is not
consummated on or before March 28, 2025, or if the per share price used to the calculate the exchange ratio for the Business
Combination is less than $10.00 per share. Epic SG has agreed to unconditionally guarantee all of the Company’s obligations
and performance under $30,250,000 of the Note, including but not limited to the Company’s obligation to pay. In
September 2024, two accredited investors had deposited $4,012,500 to the Company prior to the execution of the Note Purchase
Agreements in October 2024.

In
December 2024, PubCo, the Company, and GCL Global SG, executed substantially similar Note Purchase Agreements for an additional
$3,000,000 of Convertible Notes. These agreements include the same terms and conditions as described above, including the issuance of
Bonus Shares, escrow arrangements, potential entitlement to Top-Up Shares, and unconditional guarantees by GCL Global SG for the additional
$3,000,000 of Notes.

As
of the date of the issuance of these unaudited condensed consolidated financial statements, the Company has received all proceed from above
mentioned Notes.

<div align='center'>F-85

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 13 — Related party balances and transactions

Related party balances

Amount due from related parties

|                                    | Name of related party* |                            | Relationship |                                  | Nature |   |         As of 
 September 30, 
          2024 |     |   |     As of 
 March 31, 
      2024 |
|:-----------------------------------|:-----------------------|:---------------------------|:-------------|:---------------------------------|:-------|:--|--------------:|:----|:--|----------:|
|                                    |                        |                            |              |                                  |        |   |    -Unaudited |     |   |           |
| Chan Shae Lyn                      |                        | Director of Epic MY        |              | Interest free loan due on demand |        |   |         4,123 |     |   |         - |
|