Company: GCL
Filing Date: 2025-02-20
Form Type: 20FR12B
Source: 0001213900-25-015736
Chunk: 14

Company: GCL Global Holdings Ltd
Filing Date: 2025-02-20
Form: 20FR12B
Chunk 14
---
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

None.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

In connection with the Business
Combination, Marcum LLP, which was the auditor for RFAC, was dismissed effective February 14, 2025.

The reports of Marcum LLP
on the financial statements of RFAC as of December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024,
did not contain any adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope,
or accounting principles. Marcum LLP’s audit report contained an explanatory paragraph related to the substantial doubt of RFAC’s
ability to continue as a going concern.

During the fiscal years ended
December 31, 2024 and December 31, 2023 and through February 14, 2025, there were no (i) “disagreements,” as that term is
defined in Item 16F(a)(1)(iv) of Form 20-F and the related instructions to Item 16F of Form 20-F, with Marcum LLP on any matter of accounting
principles or practices, financial statement disclosures, or auditing scope or procedure, which such disagreements, if not resolved to
the satisfaction of Marcum LLP, would have caused Marcum LLP to make reference thereto in its reports on the financial statements of RFAC
for such periods; or (ii) “reportable events” as that term is described in paragraphs (A) through (D) of Item 16F(a)(1)(v)
of Form 20-F, other than a previously disclosed material weakness in RFAC’s internal control over financial reporting in connection
with lack of controls to assure the accuracy and completeness of accrued expenses and excise tax payable, and classification and presentation
of expense reimbursements accounting, and the proper valuation of Class A Common Stock subject to possible redemption.

The Company provided Marcum
LLP with a copy of the disclosure it is making in this Report and requested that Marcum LLP furnish the Company with a letter addressed
to the U.S. Securities and Exchange Commission (the “SEC”), pursuant to Item 16F(a)(3) of Form 20-F, stating whether Marcum
LLP agrees with the statements made by