Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 73

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 73
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 to aid you in your analysis of the financial
aspects of the Business Combination between RF Acquisition Corp. (“RFAC”) and GCL Global Limited (“GCL Global”),
which was consummated on February 13, 2025.

The unaudited pro forma condensed
combined financial statements are based on the RFAC historical financial statements and GCL Global historical financial statements as
adjusted to give pro forma effect to the events that are related and/or directly attributable to the business combination (the “Transactions”),
are factually supportable and, with respect to the pro forma statements of operations, are expected to have a continuing impact on the
results of the post-combination company. The unaudited pro forma condensed combined balance sheet gives pro forma effect to the Transactions
as if they had been consummated on September 30, 2024. The unaudited pro forma condensed combined statement of operations for the six
months ended September 30, 2024 and for the year ended March 31, 2024, gives effect to the Transactions as if they had occurred on April 1,
2023, the beginning of the earliest period presented.

The unaudited pro forma
condensed combined financial statements were prepared in accordance with Article 11 of SEC Regulation S-X, as amended by the
final rule, Release No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses. Release No. 33-10786
replaced the previous pro forma adjustment criteria with simplified requirements to depict the accounting for the Transactions (“Transaction
Accounting Adjustments”) and present the reasonably estimable synergies and other transaction effects that have occurred or are
reasonably expected to occur (“Management’s Adjustments”). Management has elected not to present Management’s
Adjustments and will only be presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial
information. The adjustments presented in the unaudited pro forma condensed combined financial statements have been identified and
presented to provide re Transactions.

The unaudited pro forma
condensed combined financial statements are provided for illustrative purposes only and are not necessarily indicative of what the actual
results of operations and financial position would have been had the Transactions taken place on the dates indicated, nor are they indicative
of the future consolidated results of operations or financial position of the Combined Company.

There is no historical activity
with respect to PubCo, Merger Sub 1 and Merger Sub 2, and accordingly