Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 200

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 200
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 Sponsor. Pursuant
to the Merger Agreement, the Company formed two wholly-owned subsidiaries for the purpose of participating in the contemplated
transactions: (i) a Cayman Islands exempted company limited by shares (“ Merger Sub 1”), and (ii) a Delaware corporation
(“ Merger Sub 2”). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the
Merger Agreement. On the Closing Date, pursuant to the Merger Agreement: (a) Merger Sub 1 merged with and into GCL Global, with GCL
Global continuing as the surviving entity in the merger (the “ Initial Merger”), as a result of which: (i) GCL Global became
a wholly-owned subsidiary of the Company and (ii) each issued and outstanding security of GCL Global immediately prior to the consummation
of the Merger was no longer outstanding and automatically cancelled, in exchange for the right of the holder thereof to receive such number
of newly issued shares of the Company specified below; and (b) Merger Sub 2 merged with and into RFAC, with RFAC surviving such merger
as a wholly owned subsidiary of the Company (the “ SPAC Merger” and together with the Initial Merger, the “ Mergers”,
and together the other transactions and ancillary agreements contemplated by the Merger Agreement and the Ancillary Agreements (as defined
below), the “ Business Combination” or “ Transactions”). As a result of the Transactions, RFAC and GCL Global each
became a wholly-owned subsidiary of the Company.

F-26

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Upon the consummation of the Business Combination,
the following transaction (“collectively, the “ Transaction”) were completed, based on the Company’s capitalization
as of February 13, 2025:

  Each ordinary share of GCL Global                                                                                                                                                                     

  Each share of RFAC common stock, including RFAC Class A Common Stock and RFAC Class B Common Stock, issued and outstanding immediately prior to the effective time of the Business Combination (o...  

  Each RFAC warrant issued and outstanding immediately prior to effective time of the Business Combination converted into a Company warrant to purchase one ordinary share of the Company (each, a ...  

  Every 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business Combination converted into one