Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 147

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 147
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 to exercise approximately 63.8%
of the aggregate voting power of PubCo’ total issued and outstanding shares. Under the Nasdaq rules, a “controlled company”
may elect not to comply with certain corporate governance requirements. Accordingly, PubCo has elected to avail itself of the exemptions
available to it under Rule 5615(a)(7)(B) of the Nasdaq rules by foregoing (i) the requirement that PubCo have a compensation committee
that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities
and (ii) the requirement that PubCo have a nominating and corporate governance committee with a written charter addressing the committee’s
purpose and responsibilities. PubCo is eligible to take advantage of additional exemptions from certain Nasdaq corporate governance requirements.
As a result, PubCo’s shareholders may not have the same protection afforded to shareholders of companies that are subject to these
corporate governance requirements.

Independence of Directors

As a result of its securities
being listed on Nasdaq following consummation of the Business Combination, PubCo will adhere to the rules of such exchange, as applicable
to foreign private issuers and controlled companies, in determining whether a director is independent. The board of directors of PubCo
has consulted, and will consult, with its counsel to ensure that the board of director’s determinations are consistent with those
rules and all relevant securities and other laws and regulations regarding the independence of directors.

The size of PubCo’s
board of directors is six directors, three of whom qualify as independent within the meaning of the independent director guidelines of
Nasdaq. Tse Meng Ng, Wilson W. Wang and Joshua Kewei Cui are “independent directors” as defined in the rules of Nasdaq and
applicable SEC rules.

Director Nominations

As a “controlled company” under Nasdaq rules, PubCo is
not required to and does not intend to have a standing nominating committee, though we intend to form a corporate governance and nominating
committee as and when required to do so by law or the Nasdaq rules. We believe that our independent directors can satisfactorily carry
out the responsibility of properly selecting or approving director nominees without the formation of a standing nominating committee.
The directors who will initially participate in the consideration and recommendation of director nominees are Jacky Choo See Wee and Tse
Meng Ng. Mr. Choo does not qualify as an independent director.

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