Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 372

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 372
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Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. Pursuant to those regulations, the
Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31,
2023 on or before October 31, 2024. Additionally, the Company will need to remit payment and file a return for the liability incurred
between January 1, 2024 through December 31, 2024 on or before October 31, 2025.

<div align='center'>F-108</div>

The Company is currently evaluating
its options with respect to payment of this obligation. If the Company is unable to pay its obligation in full, it will be subject to
additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion
of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full.

On March 24, 2023, a special
meeting was held where the Company approved the Extension Amendment, extending the date by which the Company must consummate a business
combination. In connection the stockholders of record were provided the opportunity to exercise their redemption rights. Holders of 7,391,973
shares of Class A common stock exercised their right to redemption at a per share redemption price of approximately $10.29. On April 3,
2023, a total of $76,054,240 in redemption payments were made in connection with this redemption. Following the redemption, the Company
recorded $760,542 of excise tax expense and excise tax payable related to the redemption. On December 20, 2023, the stockholders of record
were provided the opportunity to exercise their redemption rights. Holders of 1,363,378 shares of Class A common stock exercised their
right to redemption at a per share redemption price of approximately $10.72. On December 26, 2023, a total of $14,619,421 in redemption
payments were made in connection with this redemption. Following the redemption, the Company recorded $146,194 of excise tax expense and
excise tax payable related to the redemption.

On September 23, 2024, a special
meeting was held where the Company’s stockholders approved the proposal to amend the Company’s second