Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 299

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 299
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     | 2,103,277 |

Note 26 — Subsequent Events

The Company evaluated all
events and transactions that occurred after March 31, 2025. Other than the event disclosed below and elsewhere in these consolidated
financial statements, there is no other subsequent event occurred that would require recognition or disclosure in the Company’s
consolidated financial statements.

On April 1, 2025, 4Divinity
JP was established under the laws of Japan to serve as the Company’s legal entity presence in Japan, facilitating anticipated business
activities and supporting future commercial operations in the region.

<div align='center'>F-57

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

On April 30, 2025, Epicsoft
Asia (the “Offeror”) made a voluntary conditional cash offer (the “Offer”) of S$0.6029 per share (approximately
US$0.4580 per share) to acquire all of the issued and paid-up ordinary shares in the capital of Ban Leong Technologies Limited (“Ban
Leong”), a Singaporean company listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”). The Offer became
unconditional on May 27, 2025. As the Offeror has received valid acceptances of more than 90% of the total number of issued shares of
Ban Leong, the Offeror 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
$38.7 million secured term loan facility provided by The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch (the “HSBC
term loan facility”) and approximately $10.0 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 2.5% and 7.5%, 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