Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 198

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 198
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 the Business Combination, the Sponsor and holders of at least 5% of GCL Global’s ordinary shares before the consummation of the Business Combination on a fully-diluted basis entered into lock-up agreements (the “Lock-Up Agreements”). Certain number of PubCo Ordinary Shares received by such shareholders are locked-up until the earlier of: (i) 12 months from the Closing Date and, (ii) subsequent to the Mergers, (a) the date on which the closing price of the PubCo Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share splits, share consolidations, share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like), for any 20 Trading Days within any 30-Trading Day period commencing at least 150 days after the consummation of the Mergers, or (b) the date on which PubCo consummates a liquidation, merger, capital stock exchange, reorganization, or other similar transaction which results in all of PubCo’s shareholders having the right to exchange their PubCo Ordinary Shares for cash, securities or other property. These lock-up provisions can be waived at any time by the Company.

Registration Rights

Registration Rights Agreement.

In connection with, and as a condition to the consummation of, the Business Combination, PubCo, certain holders of GCL Global’s ordinary shares before the consummation of the Business Combination, and the Sponsor entered into a registration rights agreement, pursuant to which, among other things, PubCo agreed to provide such holders with certain rights relating to the registration for resale of the PubCo Ordinary Shares that they received in the Business Combination.

Escrow Provisions

Shares Escrow Agreement

On December 18, 2024, in connection with GCL Global’s acquisition of 20% of Nekcom’s equity interests, GCL Global issued to Nekcom an aggregate of 524,650 GCL Global’s fully paid and non-assessable ordinary shares that were exchanged for an aggregate of 2,126,729 PubCo’s ordinary shares (the “Nekcom Consideration Shares) in connection with the Business Combination, all of which were issued at Closing but held in escrow until Full Recoupment Date (as defined in the Publishing Agreement). The date on which these shares will be released to either Nekcom or the Company for cancellation will depend on the value of Nekcom Consideration Shares (the “Consideration Shares VWAP