Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 132

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 132
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 to back catalog games during the fiscal year
ended March 31, 2025, 2024 and 2023, respectively. We have forged multi-year distribution deals with international video game publishers
and studios to sell selected game titles within certain territories in Asia. We have sold more than 14.1 million of physical and digital
copies of video games during the past three fiscal years. Our success will continue to depend on our ability to obtain the distribution
rights for “hit” game titles which can create sequels and incremental revenue opportunities through add-on content and merchandise.
The success of the games we distribute also depends, in part, on unpredictable and constantly changing factors beyond our control including
consumer preferences and spending habits, competing games and the availability of other entertainment experiences. Our ability to negotiate
with resellers and platform partners, and to add sales channels in territories outside of the countries we currently distribute games
can determine our continued success in the game distribution business

<div align='center'>77</div>

Growth in the game publishing business and game IP development

4Divinity was formed in
2022 as a Group Subsidiary dedicated to games publishing and game development. As of the date of this Report, GCL Group has either published
or co-published a total of twelve game titles, generating publishing revenue from digital sales of games sold on the Steam, Xbox and
PlayStation platforms. Our success in growing the game publishing business will depend on our ability to identify global game designing
talents, and partner with game developers, publishers, and brand owners to create original content and entertainment properties. To further
expand our game titles offerings, we have started extensive planning of a large scale game development project since early 2024. For
instance, in December 2024, Nekcom signed a publishing agreement with us appointing 4Divinity as Nekcom’s global publisher and
distributor of the upcoming game Showa American Story, excluding certain regions previously licensed to other parties. In
the future, we plan to have a large and diversified library of game titles that would come from internally developed game IP. Our success
in developing game IP will depend on our ability to raise adequate funding required for the projects.

Risks associated with operating and investing in Asia

We derive a significant
portion of revenue from our operations in Asia. With our recent acquisition of Ban Leong, we now have operations in Thailand and expanded
operations in Malaysia. Our operations and investments in Asia are subject to various