Company: GCL
Filing Date: 2025-05-22
Form Type: 6-K
Source: 0001213900-25-046606
Chunk: 1

Company: GCL Global Holdings Ltd
Filing Date: 2025-05-22
Form: 6-K
Chunk 1
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cash or a combination of cash and ordinary shares. In an Event of Default (as defined in the SPA), the interest rate shall automatically
increase to 18% per annum (the “Default Rate”).

The Buyer will have the right
to convert all or a portion of the Notes at any time after the date of issuance and prior to the maturity date, which is the three years
from the date of issuance. The number of ordinary shares issuable upon conversion of the Notes (the “Conversion Shares”) shall
be determined by dividing (i) the sum of (x) the portion of the Principal (as defined in the Notes) to be converted, redeemed or otherwise
with respect to which this determination is being made at a 10% premium, and (y) all accrued and unpaid interest with respect to such
portion of the Principal and accrued and unpaid Late Charges (as defined in the Notes) with respect to such portion of such Principal
and such Interest, if any) (the “Conversion Amount”) by (ii) $2.16, subject to anti-dilution adjustments (the “Conversion
Price”).

At
any time, the Company shall have the right to redeem all, but not less than all, of the Outstanding Amount (as defined in the Notes) then
remaining under the Notes in cash at a price equal to the greater of (i) the Outstanding Amount at a 20% premium, and (ii) the product
of (1) the quotient of (A) the Conversion Amount being redeemed divided by (B) the Alternate Conversion Price (as defined in the Notes)
then in effect, multiplied by (2) the greatest closing price of the ordinary shares on any trading day during a measurement period specified
in the Note.

The
foregoing description of the terms of the SPA and the Notes does not purport to be complete and is qualified in its entirety by, the full
text of the SPA and the form of Note which are filed herewith as Exhibit 10.1 and 4.1, respectively, to this Current Report on Form 6-K
(the “Report”), and are incorporated herein by reference.

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Registration Rights Agreement

In
connection with the SPA, the Company and the Buyer entered into a Registration Rights Agreement pursuant to which the Company has agreed
to provide certain registration rights with respect to the Registrable Securities (which include Conversion Shares and is defined in the
Registration Rights Agreement) and file a registration