Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 390

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 390
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 for such services upon
the consummation of a Business Combination in an amount equal to 3.5% of the gross proceeds of Initial Public Offering.

Additionally, the Company
will pay EBC a cash fee equal to 1.0% of the total consideration payable in the proposed Business Combination if it introduces the Company
to the target business with which the Company completes a Business Combination; provided that the foregoing fee will not be paid prior
to the date that is 90 days from the effective date of the Initial Public Offering, unless the Financial Industry Regulatory Authority
(“FINRA”) determines that such payment would not be deemed underwriters’ compensation in connection with the Initial
Public Offering pursuant to FINRA Rule 5110.

EarlyBirdCapital, Inc. Founder Shares (“EBC Founder Shares”)

On April 12, 2021 the
Company issued to EBC and or designees an aggregate of 200,000 shares of Class A common stock at a price of $0.0001 per share for
a total consideration of $20. The Company accounts for the fair value of the EBC Founder shares over consideration paid as offering cost
of the Initial Public Offering, with a corresponding credit to stockholder’s equity.

The Company estimated the
fair value of the EBC Founder Shares to be $519,415 and is recorded as an offering cost with a corresponding increase in stockholder’s
equity. The Company established the initial fair value of the EBC Founder Shares on April 12, 2021, using a probability weighted model
for the EBC Founder Shares. The EBC Founder Shares are classified as Level 3 at the measurement date due to the use of unobservable inputs
including the probability of a business combination, the probability of the initial public offering, and other risk factors.

EBC (and/or its designees)
has agreed not to transfer, assign or sell any such shares without the Company’s prior written consent until the completion of the
Business Combination. In addition, EBC (and/or its designees) has agreed (i) to waive its redemption rights with respect to such
shares in connection with the completion of the Business Combination and (ii) to waive its rights to liquidating distributions from
the trust account with respect to such shares if the Company fails to complete the Business Combination within the Combination Period.

<div align='center'>F-115</div>

The shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for