Company: GCL
Filing Date: 2025-05-22
Form Type: 424B3
Source: 0001213900-25-046609
Chunk: 17

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 424B3
Chunk 17
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 Amount”) into Ordinary Shares at the Alternate
Conversion Price.

(ii) . On any Alternate Conversion Date, the Holder may voluntarily convert any Alternate Conversion Amount pursuant
to Section 3(c) (with “Alternate Conversion Price” replacing “Conversion Price” for all purposes hereunder with
respect to such Alternate Conversion and, solely with respect to the calculation of the number of Ordinary Shares issuable upon conversion
of any Conversion Amount in an Alternate Event of Default Conversion, with “Redemption Premium of the Conversion Amount” replacing
“Conversion Amount” in clause (x) of the definition of Conversion Rate above with respect to such Alternate Conversion) by
designating in the Conversion Notice delivered pursuant to this Section 3(e) of this Note that the Holder is electing to use the Alternate
Conversion Price for such conversion; provided that in the event of the Conversion Floor Price Condition, on the applicable Alternate
Conversion Date the Company shall also deliver to the Holder the applicable Alternate Conversion Floor Amount. Notwithstanding anything
to the contrary in this Section 3(e), but subject to Section 3(d), until the Company delivers Ordinary Shares representing the applicable
Alternate Conversion Amount to the Holder, such Alternate Conversion Amount may be converted by the Holder into Ordinary Shares pursuant
to Section 3(c) without regard to this Section 3(e). In the event of an Alternate Conversion pursuant to this Section 3(e)of all, or any
portion, of this Note, the Holder’s damages would be uncertain and difficult to estimate because of the parties’ inability
to predict future interest rates and the uncertainty of the availability of a suitable substitute investment opportunity for the Holder.
Accordingly, any redemption premium due under this Section 3(e), together with the Alternate Conversion Price used in such Alternate Conversion,
as applicable, is intended by the parties to be, and shall be deemed, a reasonable estimate of, the Holder’s actual loss of its
investment opportunity and not as a penalty.

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(iii) .

(i) .
Subject to Section 3(d), if at any time (x) the daily VWAP of the Ordinary Shares listed on the Principal Market exceeds $15.00 (as adjusted
for share splits, share dividends, recapitalizations and similar events) (the “Mandatory Conversion Minimum Price”)
for ten (10) consecutive Trading Days (each, a “Mandatory Conversion Measuring Period”), and (y) no Equity Conditions
Failure then exists, the Company shall have the right to