Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 290

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 290
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ainan GCL”),
formed in July 2024 in China to support GCL Group’s collaboration efforts with game developers and a game platform in China. In
September 2024, Hainan GCL made a secured loan in the aggregate amount of $3,000,000 to Nekcom Inc. (“Nekcom”), a Delaware
parent company of a developer of the game Showa American Story in China.

Subsequently, the above-mentioned loan was incorporated
into a publishing agreement (“Publishing Agreement”) executed on December 18, 2024, among Nekcom, its Singapore subsidiary
NEKCOM Private Limited, and the Company’s subsidiary 4Divinity SG. According to the Publishing Agreement, 4Divinity SG was
appointed as the exclusive global publisher and distributor of the game Showa American Story. The agreement formalized key terms, including
a minimum guarantee of $5,000,000 advanced by 4Divinity SG to Nekcom, recoverable from net revenue. The $3,000,000 loan from Hainan
GCL was converted into part of this minimum guarantee, serving to secure the financial commitments outlined in the publishing arrangement.

<div align='center'>F-55

GCL GLOBAL LIMITED AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

In November 2024, GCL Global, Nekcom and certain
significant shareholders of Nekcom entered into a Series B Preferred Stock Purchase Agreement (the “Nekcom SPA”) pursuant
to which, among other things, (i) Nekcom has agreed to enter into a publishing agreement with GCL Global (the “Nekcom Publishing
Agreement”) appointing the Company or any of its designated subsidiaries as Nekcom’s exclusive global publisher and distributor
of Showa American Story; and (ii) the Company has agreed to purchase a number of Nekcom’s Series B Preferred Stock that would constitute
20% of the total outstanding shares of Nekcom for an aggregate purchase price of $15,000,000 consisting of (a) $7,500,000 in cash, and
(b) $7,500,000 in GCL Global ordinary shares. On December 18, 2024, the Nekcom Publishing Agreement was signed, appointing 4Divinity as
the exclusive global publisher and distributor of the game Showa American Story. In connection with the Nekcom SPA