Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 75

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 75
---
 financial statements
do not purport to project the future operating results or financial position of the Combined Company following the completion of the Business
Combination. The unaudited pro forma adjustments represent management’s estimates based on information available as of the date
of these unaudited pro forma condensed combined financial statements and are subject to change as additional information becomes available
and analyses are performed.

<div align='center'>41

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF SEPTEMBER 30, 2024</div>

| Assets:                                                           
 Current                                                           
 assets:                                                           |     | (1)          
 RFAC         
 (1)          
 (Historical) |            |   |     | Transaction 
 Accounting  
 Adjustments |             |   |     | Note |     | (Pro Forma) |            |   |     | (2)          
 GCL Global   
 (Historical) |            |   |     | Transaction 
 Accounting  
 Adjustments |            |   |     | Note |    |     | (Pro   
 Forma) |            |   |     | Actual      
 Redemptions 
 Transaction 
 Accounting  
 Adjustments |             |   |     | Note |    |     | Pro      
 Forma    
 Combined |             |   |
|:------------------------------------------------------------------|:----|:-------------|-----------:|:--|:----|:------------|------------:|:--|:----|:-----|:----|:------------|-----------:|:--|:----|:-------------|-----------:|:--|:----|:------------|-----------:|:--|:----|:-----|:---|:----|:-------|-----------:|:--|:----|:------------|------------:|:--|:----|:-----|:---|:----|:---------|------------:|:--|
| Cash                                                              
 and cash equivalents                                              |     | $            |    118,349 |   |     | $           |     299,113 |   |     | -B   |     | $           |    587,922 |   |     | $            |  7,727,167 |   |     | $           |   (236,155 | ) |     |      | -I |     | $      | 36,503,512 |   |     | $           |     499,931 |   |     |