Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 193

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 193
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the Newly Issued Price.

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The Warrants have been issued
in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us. You should
review a copy of the warrant agreement, which will be filed as an exhibit to the registration statement of which this Annual Report is
a part, for a complete description of the terms and conditions applicable to the Warrants. The warrant agreement provides that the terms
of the Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires
the approval by the holders of at least a majority of the then outstanding Public Warrants to make any change that adversely affects
the interests of the registered holders of Public Warrants.

The Warrants may be exercised
upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form
on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price
(or on a cashless basis, if applicable), by certified or official bank check payable to us, for the number of Warrants being exercised.
The warrant holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their Warrants
and receive Ordinary Shares. After the issuance of Ordinary Shares upon exercise of the Warrants, each holder will be entitled to one
vote for each share held of record on all matters to be voted on by stockholders.

Private Placement Warrants

The Private Placement Warrants
(including the Ordinary Shares issuable upon exercise of the Private Placement Warrants) are not transferable, assignable or salable
until 30 days after the completion of our Business Combination. The Private Placement Warrants have terms and provisions that are identical
to those of the Warrants being sold as part of the units in RFAC’s Initial Public Offering, including as to exercise price, exercisability
and exercise period.

If holders of Warrants (and
Private Placement-equivalent Warrants) elect to exercise them on a cashless basis, they would pay the exercise price by surrendering
their Warrants for that number of Ordinary Shares equal to the quotient obtained by dividing (x) the product of the number of Ordinary
Shares underlying the Warrants, multiplied by the excess of the “fair market value” (defined below) of the Ordinary Shares
over the exercise price of the Warrants by (y