Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 59

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 59
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 Ordinary Shares.

In general, we will be treated
as a PFIC for any taxable year in which either (1) at least 75% of our gross income (looking through certain 25% or more-owned subsidiaries)
is passive income or (2) at least 50% of the average value of our assets (looking through certain 25% or more-owned subsidiaries) is
attributable to assets that produce, or are held for the production of, passive income. Passive income generally includes, without limitation,
dividends, interest, rents, royalties, and gains from the disposition of passive assets. If we are determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. Holder (as defined in “Material U.S. Federal Income Tax Considerations”) of our securities, the U.S. Holder may be subject to increased U.S. federal income tax liability and may
be subject to additional reporting requirements. The determination of whether we are a PFIC is a fact-intensive determination made on
an annual basis applying principles and methodologies that in some circumstances are unclear and subject to varying interpretation. Our
actual PFIC status for any taxable year will not be determinable until after the end of such taxable year. Accordingly, there can be
no assurance with respect to our status as a PFIC for our current taxable year or any subsequent taxable year. We urge U.S. Holders to
consult their own tax advisors regarding the possible application of the PFIC rules in light of their individual circumstances.

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Changes to, or changes in interpretations of, tax laws could have a material adverse effect on our business, financial condition and results of operations.

We are subject to income
taxes and non-income taxes in the United States and other countries in which we transact or conduct business, and such laws and rates
vary by jurisdiction. Tax laws and regulations, including at non-U.S. and U.S. federal and local jurisdictions, frequently change, especially
in relation to the interpretation of existing tax laws for new and emerging industries, and we cannot always reasonably predict the impact
from, or the ultimate cost of compliance with, current or future tax laws.

Any changes in the taxation
of our business activities may increase our worldwide effective tax rate and harm our business, financial condition and results of operations.
Our tax expense could also be impacted by the applicability of withholding taxes and the impact of changes in the evaluation of