Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 152

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 152
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| ● | holders who are not U.S. Holders.                                                                                                                                                                                         |

If a partnership (including
an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our Ordinary Shares or Warrants, the tax
treatment of a partner in such partnership generally will depend upon the status of the partner, upon the activities of the partnership
and upon certain determinations made at the partner level. Accordingly, partners in partnerships (including entities or arrangements treated
as partnerships for U.S. federal income tax purposes) holding our Ordinary Shares or Warrants are urged to consult with their own tax
advisors regarding the U.S. federal income tax consequences to them relating to the matters discussed below.

ALL HOLDERS SHOULD CONSULT WITH THEIR OWN TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS (INCLUDING ANY POTENTIAL FUTURE CHANGES THERETO) TO THEIR PARTICULAR SITUATIONS, AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER ANY OTHER TAX LAWS, INCLUDING U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR ANY U.S. STATE OR LOCAL OR NON-U.S. TAX LAWS, OR UNDER ANY APPLICABLE INCOME TAX TREATY.

U.S. Holder Defined

For purposes of this discussion,
a “U.S. Holder” is a Holder that, for U.S. federal income tax purposes, is:

| ● | an individual who is a citizen or resident of the United States;                                                                                                                                                                                                                                                                                                                                       |
| ● | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia;                                                                                                                                                                                          |
| ● | an estate the income of which is subject to U.S. federal income tax regardless of its source; or                                                                                                                                                                                                                                                                                                       |
| ● | a trust (i) the administration of which is subject to the primary supervision of a U.S. court and which has one or more “United States persons” (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (ii) that has made a valid election under applicable Treasury Regulations to be treated as a United States person. |

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Passive Foreign Investment Company Rules

Certain adverse U.S. federal
income tax consequences could apply to a U.S. Holder if