Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 156

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 156
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 result in a significant decline in, the public trading price of the PubCo Ordinary
Shares. See “Shares Eligible for Future Sales” for more details.

<div align='center'>93</div>

Sales of a substantial number of PubCo Ordinary Shares in the public
market by the Selling Shareholders and/or by our other existing shareholders, or the perception that those sales might occur, could result
in a significant decline in the public trading price of the PubCo Ordinary Shares and could impair PubCo’s ability to raise capital
through the sale of additional equity securities. Because the prices at which certain Selling Shareholders acquired the securities that
they may sell pursuant to this prospectus may be lower than that of PubCo’s public shareholders, certain Selling Shareholders may
still experience a positive rate of return on the securities that they sell pursuant to this prospectus, and be incentivized to sell such
shares, when PubCo’s public shareholders may not experience a similar rate of return. Based on the closing price of the PubCo Ordinary
Shares of $2.13 as of March 13, 2025, the Sponsor (with respect to the Sponsor Founder shares) may experience potential profit of up to
$2.121 per share, or an aggregate amount of profit of up to approximately $6.1 million. Accordingly, such Selling Shareholders may
have an incentive to sell their securities even the trading price is lower than the price at which PubCo’s public shareholders purchased
their securities. In connection with the initial public offering of RFAC, RFAC’s initial public shareholders acquired RFAC Public
Units at a price of $10.00 per unit, each of which comprises one share of RFAC Common Stock, one RFAC Warrant and one RFAC Right, and
trading price of the PubCo Ordinary Shares have fluctuated, and may continue to fluctuate, following the closing of the Business Combination.
Epicsoft Ventures (with respect to the shares issued to Epicsoft Ventures in connection with the Business Combination) may experience
potential profit if the price of the PubCo Ordinary Shares exceeds $10.00 per share. As a result, PubCo’s public shareholders may
not be able to achieve the same returns as Epicsoft Ventures, the Sponsor or EBC, or even any positive return at all, on the PubCo Ordinary
Shares if they sell their PubCo Ordinary Shares in the market at the then-prevailing market prices. See “Risk Factors - Risks Related to Our Securities - Sales