Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 2

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 2
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institutional investor (“PIPE Investor”) issuable upon the conversion of a series of original issue discount senior unsecured
convertible notes in the aggregate principal amount of $5,430,000 (the “Notes”) issued to PIPE Investor pursuant to a securities
purchase agreement between the Company and PIPE Investor dated as of May 21, 2025, and (ii) 625,000 ordinary shares by Ronald Teng, the
Managing Director of Ban Leong Technologies Limited (“Teng” together with PIPE Investor, collectively, the “Selling
Shareholders”), an indirect wholly-owned subsidiary of the Company.

We are not selling any securities under this prospectus and will not
receive any proceeds from the sale of the Shares by the Selling Shareholders. The Selling Shareholders may sell the Shares from time to
time in public or private transactions, at fixed or negotiated prices. See “Plan of Distribution.”

We will bear all reasonable
costs, expenses, and fees in connection with the registration of the Shares.

We are registering up to 14,480,000 of the Shares on behalf of PIPE
Investor to satisfy certain registration rights that the Company granted in connection with the issuance of the Notes, which assumes conversion
of the Notes at a floor price of $0.48. The Notes are currently convertible at the option of the holders into Ordinary Shares at the initial
conversion price of $2.16, subject to certain anti-dilution adjustments.

Given the substantial number
of Shares being registered for potential resale by the Selling Shareholders pursuant to this prospectus, the sale of shares by the Selling
Shareholders, or the perception in the market that the holders of a large number of our ordinary shares intend to sell their shares,
could increase the volatility of, or result in a significant decline in, the public trading price of our securities. See “Shares Eligible for Future Sales” for more details.

Our registration of the
securities covered by this prospectus does not mean that either we will issue, or the Selling Shareholders will offer or sell, as applicable,
any of the securities. The Selling Shareholders may offer, sell or distribute all or part of the securities registered hereby for resale
from time to time through public or private transactions at either prevailing market prices or at privately negotiated prices. The securities
are being registered to permit the Selling Shareholders to sell the securities from time to time, in amounts, at prices and on terms
determined at the time the Selling Shareholders offer and sell the