Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 156

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 156
---
 constituting approximately 69.6% of the issued and
outstanding PubCo Ordinary Shares as of the date of this prospectus and approximately 61.6% of the issued and outstanding PubCo Ordinary
Shares (assuming all Warrants are exercised in full). The lock-up restrictions can be waived by PubCo at any time. Given the substantial
number of PubCo Ordinary Shares being registered for potential resale by the Selling Shareholders pursuant to this prospectus, the sale
of shares by the Selling Shareholders, or the perception in the market that the holders of a large number of PubCo Ordinary Shares intend
to sell their shares, could increase the volatility of, or result in a significant decline in, the public trading price of the PubCo Ordinary
Shares. See “Shares Eligible for Future Sales” for more details.

<div align='center'>93</div>

Sales of a substantial number
of PubCo Ordinary Shares in the public market by the Selling Shareholders and/or by our other existing shareholders, or the perception
that those sales might occur, could result in a significant decline in the public trading price of the PubCo Ordinary Shares and could
impair PubCo’s ability to raise capital through the sale of additional equity securities. Because the prices at which certain Selling
Shareholders acquired the securities that they may sell pursuant to this prospectus may be lower than that of PubCo’s public shareholders,
certain Selling Shareholders may still experience a positive rate of return on the securities that they sell pursuant to this prospectus,
and be incentivized to sell such shares, when PubCo’s public shareholders may not experience a similar rate of return. Based on
the closing price of the PubCo Ordinary Shares of $1.98 as of March 28, 2025, the Sponsor (with respect to the Sponsor Founder shares)
may experience potential profit of up to $1.971 per share, or an aggregate amount of profit of up to approximately $5.7 million.
Accordingly, such Selling Shareholders may have an incentive to sell their securities even if the trading price is lower than the price
at which PubCo’s public shareholders purchased their securities. In connection with the initial public offering of RFAC, RFAC’s
initial public shareholders acquired RFAC Public Units at a price of $10.00 per unit, each of which comprises one share of RFAC Common
Stock, one RFAC Warrant and one RFAC Right, and trading price of the PubCo Ordinary Shares have fluctuated,