Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 392

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 392
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 stock to the Sponsor, including an aggregate of up
to 375,000 shares of Class B common stock that are subject to forfeiture, to the extent that the underwriter’s over-allotment
option is not exercised in full or in part, so that the Sponsor will own 20% of the Company’s issued and outstanding common stock
after the Initial Public Offering (excluding the private placement warrants and the EBC founder shares). On March 30, 2022, the underwriter
exercised their over-allotment option to purchase an additional 1,500,000 Units at $10.00 per Unit. As a result, the Founder Shares were
no longer subject to forfeiture.

The Class B common stock
will convert into Class A common stock (i) at any time, from time to time, at the option of the holder, and (ii) automatically at
the time of the initial Business Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations,
recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class A
common stock or equity-linked securities are issued or deemed issued in connection with the initial Business Combination, the number of
shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an as-converted basis,
20% of the total number of shares of Class A common stock outstanding after such conversion (after giving effect to any redemptions
of shares of Class A common stock by Public Stockholders and excluding the private placement warrants and the EBC founder shares),
including the total number of shares of Class A common stock issued, or deemed issued or issuable upon conversion or exercise of
any equity-linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of
the initial Business Combination, excluding any shares of Class A common stock or equity-linked securities or rights exercisable
for or convertible into shares of Class A common stock issued, or to be issued, to any seller in the initial Business Combination
and any private placement warrants issued to the Sponsor, officers or directors.

On June 26, 2023, the Company’s
board of directors unanimously consented to the conversion of the Company’s shares of Class B common stock to shares of Class A
common stock on a one - for one basis. On June 26, 2023, RF Dynamic