Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 266

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 266
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or is entitled to, and will be exercising its right of compulsory acquisition under the Companies Act 1967 of Singapore.
Subsequent to the completion of the compulsory acquisition which is currently expected to take place on or around August 25, 2025, Ban
Leong will be officially delisted from the SGX-ST. Cash consideration of the Offer will be financed through a combination of an approximately
$ million secured term loan facility provided by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (the “HSBC
term loan facility”) and approximately $ million cash on hand from the Company. The HSBC term loan facility is secured by all
assets of GCL Global Pte Ltd, has a five-year term, bears a floating interest rate ranging between % and %, and requires quarterly
repayments, with the final installment due in July 2030.

The Company concluded that
the acquisition of Ban Leong was significant based on assessments using the income test, asset test, and investment test pursuant to
S-X Rule 3-05. Pursuant to ASC 805-10-50-2 (h). the unaudited pro forma information of the Company for the year ended March 31, 2025,
2024, and 2023 set forth below gives effect to the business combination as if it had occurred on April 1, 2022 and combines the results
of operations of the Company since then. The unaudited pro forma information is presented after applying the Company’s accounting
policies and elimination intra-entity transactions, as applicable.

|                                |     | For the 
 2025    |         Year 
 ended  March 
          31, |     | For the 
 2024    |         Year 
 ended  March 
          31, |     | For the 
 2023    |         Year 
 ended  March 
          31, |
|:-------------------------------|:----|:--------|-------------:|:----|:--------|-------------:|:----|:--------|-------------:|
| Unaudited pro forma revenue    |     | $       |  286,786,289 |     | $       |  252,275,930 |     | $       |  225,720,027 |
| Unaudited pro forma net income |     | $       |    8,083,117 |     | $       |    3,527,810 |     | $       |