Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 173

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 173
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 or about February 5, 2025, the “Note Purchase Agreements”), we have issued
to certain accredited investors (the “Transaction Investors”) an aggregate of $33,025,000 convertible notes which converted
into GCL Global fully paid and non-assessable ordinary shares that were exchanged for 9,540,552 shares of Merger Consideration Shares
(as defined in the Merger Agreement) on February 13, 2025 upon closing of the business combination. Of the 9,540,552 shares issued at
Closing, 2,201,665 shares were “Bonus Shares” (as defined in the Note Purchase Agreements) held in escrow for three (3) years
from the Closing Date; and at the end of each of the first three anniversary dates of the Closing Date, one-third (1/3) of the Bonus Shares
shall be released from the escrow account to either the Transaction Investors or to the Company for cancellation, based on the number
of Merger Consideration Shares held by the Transaction Investors at the time.

On February 13, 2025 (the “Closing Date”), we have consummated the business combination with RF Acquisition Corp. (the “RFAC”), a U.S. publicly traded special purpose acquisition company (“SPAC”). Upon closing of the business combination, we received a net proceed of approximately $0.5 million from RFAC’s trust account.

Our future operations are highly dependent on a combination of factors, including but not necessarily limited to changes in the demand for our products or services, local government policy, economic conditions, and competition in the gaming industries.

However, based on the above considerations, our management is of the opinion that it has sufficient funds to meet our working capital requirements and current liabilities as they become due one year from the date of issuance of these financial statements..

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The following summarizes the key components of our cash flows for the six months ended September 30, 2024 and 2023.

|                                                            |     | For the Six Months Ended 
 September 30,            
 2024                     
 (Unaudited)              |            |   |     | 2023        
 (Unaudited) |            |   |
|:-----------------------------------------------------------|:----|:-------------------------|-----------:|:--|:----|:------------|-----------:|:--|
| Net cash (used in) provided operating activities           |     | $                        | (2,