Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 218

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 218
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 shareholder.

— Reorganization under GCL Global

GCL BVI was incorporated
on November 16, 2018, under the laws of British Virgin Island (“BVI”).

GCL BVI is a holding Company
and has no substantive operations other than holding all of the outstanding equity of Epic MY after reorganization under GCL Global SG.

On February 13, 2024,
GCL BVI and GCL Global had completed a sequential two-step transaction involving (a) sale by GCL BVI of all its equity interests
in GCL Global SG to GCL Global in return for GCL Global shares being issued to the GCL Shareholders (defined below), resulting in (i) GCL
Global SG becoming a wholly-owned subsidiary of GCL Global; and (ii) GCL Shareholders holding all issued and outstanding shares
in GCL Global; and (b) sale by GCL BVI shareholders holding a total of 99.8% of the total outstanding shares of GCL BVI (“GCL
Shareholders”) of their equity interests in GCL BVI to GCL Global, resulting in GCL BVI becoming a 99.8%-owned subsidiary of GCL
Global (the “Reorganization”).

Before and after the Reorganizations,
GCL Global, together with its subsidiaries (as indicated above), is effectively controlled by the major shareholders, and therefore the
Reorganization is considered as a recapitalization of entities under common control in accordance with Accounting Standards Codification
(“ASC”) 805-50-25. The consolidation of the Company and its subsidiaries have been accounted for at historical cost and prepared
on the basis as if the aforementioned transactions had become effective as of the beginning of the first period presented in the accompanying
consolidated financial statements in accordance with ASC 805-50-45-5.

<div align='center'>F-7

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

—Merger
and reverse recapitalization

As described above and further
discussed in Note 3, the Business Combination was consummated on February 13, 2025. As a result, RFAC and GCL Global, including its subsidiaries,
became wholly-owned subsidiaries of the Company.

The Business Combination
was accounted for as a “reverse recapitalization”. Under this method of accounting, RFAC was treated as the “ac