Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 39

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 39
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 risks that we have not faced before or increase risks that we currently face, including risks associated with:

| ● | inability to offer certain games in certain foreign countries; |

| ● | recruiting and retaining talented and capable management and employees in foreign 
 countries;                                                                        |

| ● | challenges caused by distance, language, and cultural differences; |

| ● | developing and customizing games and other offerings that appeal to the tastes 
 and preferences of gamers in international markets;                            |

| ● | competition from local game makers with intellectual property rights and significant 
 market share in those markets and with a better understanding of gamer preferences;  |

| ● | obtaining, utilizing, protecting, defending, and enforcing our intellectual 
 property rights;                                                            |

| ● | negotiating agreements with local distribution platforms that are sufficiently 
 economically beneficial to us and protective of our rights;                    |

| ● | the inability to extend proprietary rights in our brand, content, or technology 
 into new jurisdictions;                                                         |

| ● | compliance with applicable foreign laws and regulations, including laws relating 
 to content and consumer protection;                                              |

| ● | compliance with anti-bribery laws, including the Foreign Corrupt Practices Act; |

| ● | credit risk and higher levels of payment fraud; |

| ● | currency exchange rate fluctuations; |

| ● | protectionist laws and business practices that favor local businesses in some 
 countries;                                                                    |

| ● | double taxation of our international earnings and potentially adverse tax consequences       
 due to changes in the tax laws of the U.S. or the foreign jurisdictions in which we operate; |

| ● | political, economic, and social instability; |

| ● | public health crises, such as the COVID-19 pandemic and other future health                                                      
 epidemics or contagious disease outbreaks, which can result in varying impacts to our employees, gamers, vendors, and commercial 
 partners internationally;                                                                                                        |

| ● | higher costs associated with doing business internationally; |

| ● | export or import regulations; and |

| ● | trade and tariff restrictions. |

<div align='center'>19</div>

If we are unable to manage
the complexity of our global operations successfully, our business, financial condition, and operating results could be adversely affected.
Additionally, our ability to successfully gain market acceptance in any particular market is uncertain, and the distraction of our senior
management team could harm our business, financial condition, or results of operations. Please refer to “Business—Regulations Applicable to the Company” for further information.

Changes in international trade policies, tariffs