Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 69

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 69
---
 and |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future. |

<div align='center'>36

USE OF PROCEEDS</div>

All of the securities offered
by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We will
not receive any of the proceeds from these sales.

The Selling Shareholders will
pay any underwriting discounts and commissions and expenses incurred by the Selling Shareholders for brokerage, accounting, tax or legal
services or any other expenses incurred by the Selling Shareholders in disposing of the securities. We will bear the costs, fees and expenses
incurred in effecting the registration of the securities covered by this prospectus, including all registration and filing fees, Nasdaq
listing fees and fees and expenses of our counsel and our independent registered public accounting firm.

We will receive up to an
aggregate of $189.75 million from the exercise of the Warrants, assuming the exercise in full of all of the Warrants. We expect to
use the net proceeds from the exercise of these securities, if any, for general corporate purposes. We will have broad discretion
over the use of proceeds from the exercise of these securities. There is no assurance that the holders of the Warrants will elect to
exercise any or all of such Warrants. To the extent that any of these Warrants are exercised on a “cashless basis,” the
amount of cash we would receive from the exercise of the Warrants will decrease. See “Description of Securities - Warrants” for more details.

There is no assurance that the holders of the Warrants will elect to
exercise any or all of such Warrants. The exercise price of the Warrants is $11.50 per share. The likelihood that warrant holders will
exercise the Warrants, and therefore the amount of cash proceeds that we would receive, is dependent upon the trading price of our Ordinary
Shares. If the trading price for our Ordinary Shares is less than $11.50 per share, we believe holders of the Warrants will be unlikely
to exercise their respective securities. As the closing price of our Ordinary Shares was $2.13 as of March 13, 2025, we believe that holders
of the Warrants are currently unlikely to exercise their respective securities. There is no guarantee that the Warrants will be in the
money prior to their expiration, and as such, the Warrants may expire worthless and we may receive no proceeds