Company: GCL
Filing Date: 2025-09-05
Form Type: F-1/A
Source: 0001213900-25-085150
Chunk: 189

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-05
Form: F-1/A
Chunk 189
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 Business Combination was consummated on February 13, 2025. As a result, RFAC and GCL Global, including its subsidiaries,
became wholly-owned subsidiaries of the Company.

The Business Combination
was accounted for as a “reverse recapitalization”. Under this method of accounting, RFAC was treated as the “acquired”
company for financial reporting purposes. Accordingly, the Business Combination was treated as the equivalent of GCL Global issuing shares
for the net assets of RFAC, accompanied by a recapitalization. The net assets of RFAC are stated at historical costs. No goodwill or
other intangible assets are recorded.

Upon closing of the Business
Combination, PubCo and its subsidiaries are hereafter referred as the Company.

The accompanying consolidated
financial statements reflect the activities of the Company and each of the following subsidiaries as of March 31, 2025:

| Name                                                
 GCL Global Limited (“GCL Global”)                   
 RF Acquisition Corp (“RFAC”)                        |     | Background                                                                                                                                                                                 
 ●       A Cayman Island Company ●       Incorporated on October 12, 2023 ●       Holding Company                                                                                           
 ●       A Delaware, US Company ●       Incorporated on January 11, 2021 ●       Holding Company                                                                                            |     | Ownership                   
 100.0% owned by Pubco       
 100.0% owned by Pubco       |
|:----------------------------------------------------|:----|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:----------------------------|
| Grand Centrex Limited (“GCL BVI”)                   |     | ●       A BVI Company ●       Incorporated on November 16, 2018 ●       Holding Company                                                                                                    |     | 99.8% owned by GCL Global   |
| GCL Global Pte. Ltd (“GCL Global SG”)               |     | ●       A Singapore Company ●       Incorporated on July 26, 2021 ●       Holding Company                                                                                                  |     | 100% owned by GCL Global    |
| Titan Digital Media Pte. Ltd. (“Titan Digital”) (1) |     | ●       A Singapore Company ●       Incorporated on January 08, 2018 ●       An advertising Company that provides video production, and advertising in social media platform.              |     | 85% owned by GCL Global SG  |
| Epicsoft Asia Pte. Ltd (“Epic SG”)                  |     | ●       A Singapore Company ●       Incorporated on September 23, 2014 ●       A gaming