Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 400

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 400
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sequently,
the Company appealed this determination and requested a hearing to the Nasdaq Hearings Panel (the “Panel”). On November 6,
2024, Nasdaq granted the Company a hearing on December 19, 2024 with the Panel.

On January 21, 2025, the Company
received a written notice from Nasdaq stating that, based on the information presented at the hearing on December 19, 2024, the Panel
has determined to grant the Company’s request for continued listing on Nasdaq, subject to the Company demonstrating compliance with
Listing Rule 5405 on or before March 23, 2025.

On February 13, 2025, the
Company consummated its business combination with GCL Global Holdings Ltd., pursuant to the terms of the agreement and plan of merger,
dated October 18, 2023 (as amended), by and among the Company, GCL Global Holdings Ltd, Grand Centrex Limited, GCL Global Limited, and
RF Dynamic LLC.

<div align='center'>F-120

PART II
INFORMATION NOT REQUIRED IN PROSPECTUS</div>

Item 6. Indemnification of Directors and Officers

The laws of the Cayman Islands do not limit the extent to which a company’s memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, fraud or the consequences of committing a crime.

The Company’s Articles Amended and Restated Memorandum and Articles of Association provide for indemnification and advancement of expenses for its current and former directors and officers to the fullest extent permitted under the laws of the Cayman Islands, in the absence of actual fraud or wilful default. The Company has entered into indemnification agreements with each director and officers of the Company.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

Item 7. Recent Sales of Unregistered Securities

In the past three years, GCL Global has issued the following securities that were not registered under the Securities Act. We believe that each of the following issuances was exempt from registration under the Securities Act in reliance on