Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 399

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 399
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12. SUBSEQUENT EVENTS

The Company evaluated subsequent
events and transactions that occurred after the balance sheet date through the date that the financial statements were issued. Based upon
this review, other than below, the Company did not identify any subsequent events that would have required adjustment or disclosure in
the financial statements, except for the following.

On January 23, 2025, a Special
Meeting was held in which the Company’s stockholders of record approved a proposal to adopt (a) the agreement and plan of merger,
dated October 18, 2023 (as amended), by and among the Company, GCL Global Holdings Ltd, Grand Centrex Limited, GCL Global Limited, and
RF Dynamic LLC, (b) the business combination and related transactions, and (c) all other related proposals.

At the Special Meeting, the
stockholders of record were provided the opportunity to exercise their redemption rights. Holders of 1,522,973 shares of Class A common
stock exercised their redemption rights at a per share redemption price of approximately $11.55. Following the redemption, the Company
had a total of 51,396 shares of Class A common stock subject to possible redemption outstanding.

On October 30, 2024, the Company
received written notice from the listing qualifications department of The Nasdaq Stock Market LLC (“Nasdaq”) stating that
the Company had not regained compliance with Nasdaq Listing Rule 5450(a)(2) within the 180-calendar day compliance period. Subsequently,
the Company appealed this determination and requested a hearing to the Nasdaq Hearings Panel (the “Panel”). On November 6,
2024, Nasdaq granted the Company a hearing on December 19, 2024 with the Panel.

On January 21, 2025, the Company
received a written notice from Nasdaq stating that, based on the information presented at the hearing on December 19, 2024, the Panel
has determined to grant the Company’s request for continued listing on Nasdaq, subject to the Company demonstrating compliance with
Listing Rule 5405 on or before March 23, 2025.

On February 13, 2025, the
Company consummated its business combination with GCL Global Holdings Ltd., pursuant to the terms of the agreement and plan of merger,
dated October 18, 2023 (as amended), by and among the Company, GCL Global Holdings Ltd, Grand Centrex Limited, GCL Global Limited,