Company: GCL
Filing Date: 2025-09-04
Form Type: F-1
Source: 0001213900-25-084489
Chunk: 252

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-04
Form: F-1
Chunk 252
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 liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire
worthless.

F-46 GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In addition, if (x) the
Company issues additional shares of Ordinary share or equity-linked securities, for capital raising purposes in connection with the closing
of a Business Combination at an issue price or effective issue price of less than $ per share of Ordinary share (with such issue
price or effective issue price to be determined in good faith by the Company’s board of directors, and, in the case of any such
issuance to the Sponsor, our initial stockholders or such affiliates, without taking into account any founder shares held by the Sponsor,
initial stockholders or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the
aggregate gross proceeds from such issuances represent more than % of the total equity proceeds, and interest thereon, available
for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the
volume weighted average trading price of the Company’s Ordinary share during the 20 trading day period starting on the
trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is below
$ per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to % of the greater
of the Market Value or the Newly Issued Price, and the $ per share redemption trigger price will be adjusted (to the nearest
cent) to be equal to % of the greater of the Market Value or the Newly Issued Price.

The summary of warrants
activity is as follows:

| March 31, 2023 |     | Warrants    
 Outstanding |          - |     | Ordinary Shares Issuable |          - |     | Weighted 
 Average  
 Exercise 
 Price    |     - |     | Average     
 Remaining   
 Contractual 
 Life        |    - |
|:---------------|:----|:------------|-----------:|:----|:-------------------------|-----------:|:----|:---------|------:|:----|