Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 220

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 220
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 — BUSINESS DESCRIPTION

Business

GCL GLOBAL HOLDINGS LTD (the “Company”
or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12, 2023. The Company
was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of October 18, 2023
(as may be further amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”). The parties to
the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), GCL Global
Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition Corp., a Delaware corporation
(“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).

Pursuant to the Merger Agreement, PubCo will form
two wholly-owned subsidiaries for the purpose of participating in the contemplated transactions: (i) a Cayman Islands exempted company
limited by shares (“Merger Sub 1”), and (ii)a Delaware corporation (“Merger Sub 2”). The transactions will occur
in two steps: (i) Merger Sub 1 will merge with and into GCL Global, with GCL Global surviving the merger and becoming a wholly-owned
subsidiary of PubCo (the “Initial Merger”); and (ii) following the Initial Merger, Merger Sub 2 will merge with and into
RFAC, with RFAC surviving the merger and becoming a wholly-owned subsidiary of PubCo (the “SPAC Merger”). Together, the Initial
Merger, the SPAC Merger, and the other transactions and agreements contemplated by the Merger Agreement constitute the “Business
Combination.”

Upon consummation of the Business Combination, both
GCL Global and RFAC will become wholly-owned subsidiaries of PubCo.

Following the consummation of the transaction contemplated
by the Merger Agreement, the Company will be the surviving publicly traded corporation, and will own all of the equity interests of GCL
Global and RFAC. However, the consummation of the transactions contemplated by the Merger Agreement is subject to numerous conditions,
and there can be no assurances that such conditions will be satisfied.

NOTE 2 — GOING CONCERN CONSIDERATION

The Company’s financial statements have been
prepared on a going concern basis, which contemplates the realization of assets