Company: GCL
Filing Date: 2025-07-31
Form Type: 424B3
Source: 0001213900-25-070094
Chunk: 203

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 424B3
Chunk 203
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 the Company (each, a “Warrant”)  
 (or equivalent portion thereof). The Warrants have substantially the same terms and conditions      
 as set forth in the RFAC warrants, except that the Warrant is exercisable for shares of the         
 Company ordinary shares rather than RFAC common stock;                                              |

| ● | Every                                                                                         
 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business 
 Combination converted into one ordinary share of the Company (rounded down to the nearest     
 whole share). Upon closing of the Business Combination, 11,499,980 RFAC Rights were converted 
 into 1,149,998 shares of the Company’s ordinary shares;                                       |

| ● | 2,000,000 shares of the Company’s                                                                              
 ordinary shares were issued as an incentive to certain investors in connection with transaction financing; and |

The following table presents
the number of the Company’s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:

|                                                                                                                                                |     | Ordinary Share |             |   |
| RFAC’s common stock outstanding prior to Reverse Recapitalization                                                                              |     |                |   4,276,394 |   |
| Ordinary shares issued at the Closing as an incentive to certain investors designated by RFAC Sponsor in connection with Transaction Financing |     |                |   2,000,000 |   |
| Conversion of GCL Global’s ordinary shares                                                                                                     |     |                | 120,000,000 |   |
| Minus ordinary share placed in escrow:                                                                                                         |     |                |             |   |
| Bonus Shares in connection with convertible note (See Note 16)                                                                                 |     |                |  (2,201,665 | ) |
| Issuance of ordinary shares in connection with long-term investment in Nekcom Inc. (“Nekcom”) (See Note 5)                                     |     |                |  (2,126,729 | ) |
| Rounding                                                                                                                                       |     |                |         (22 | ) |
| Total ordinary share issued and outstanding                                                                                                    |     |                | 121,947,978 |   |

<div align='center'>F-27

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

GCL Global was determined
to be the accounting acquirer given GGL Global effectively controlled the combined entity after the SPAC Transaction. The transaction
is not a business combination