Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 387

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 387
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 of up to $500,000 (the “Amendment
Expenses”), subject to a dollar-for-dollar reduction to the Maximum Allowable SPAC Transaction Expenses (as such term is defined
in the Merger Agreement) and reimbursement by the Sponsor in the event that the Amendment Expenses paid exceeds five percent (5%) of the
total amount of Transaction Financing (as defined in the Merger Agreement) (not including the balance of the Trust Account) the Company
has received from the Sponsor, its affiliate, or any party introduced by the Sponsor to the Company that was not already known to the
Company. As of December 31, 2024, the aggregated costs paid by GCL Global Limited amounted to $903,652, of which $638,924 relates
to extension fees to be settled upon the closing of an initial business combination.

<div align='center'>F-113</div>

Due to Sponsor

The Sponsor has paid expenses
on behalf of the Company prior to the Company’s Initial Public Offering and for working capital expenses. This amount is not interest
bearing and due on demand by the Sponsor. As of December 31, 2024, $1,545,279 was due to Sponsor, of which $330,000 relates to office
space, utilities and secretarial and administrative support provided by the Sponsor and the remaining was used for working capital expenses.
As of December 31, 2023, $1,392,629 was due to the Sponsor, of which $210,000 relates to office space, utilities and secretarial and administrative
support provided by the Sponsor the remaining was used for working capital expenses.

Promissory Note – Related Party

The sponsor has agreed to
loan the Company up to $300,000 in the aggregate, to be used for a portion of the expenses of the Initial Public Offering. The loans will
be non-interest bearing, unsecured and due at the earlier of September 30, 2022 or the closing of the Initial Public Offering. As
of December 31, 2024 and December 31, 2023 the Company has not drawn down on the promissory note.

On March 13, 2023, a Director
of the Company, Melvin Xeng Thou Ong agreed to loan the Sponsor an aggregate of up to $600,000 to be used for (i) extension payments in
connection with the business combination, and (ii) working capital requirements (the “Director Promissory Note”). On