Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 395

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 395
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 from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and
(z) the volume weighted average trading price of the Company’s Class A common stock during the 20 trading day period starting
on the trading day after the day on which the Company completes a Business Combination (such price, the “Market Value”) is
below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of
the Market Value or the Newly Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to
be equal to 180% of the greater of the Market Value or the Newly Issued Price.

<div align='center'>F-117</div>

NOTE 8. CLASS A COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A
common stock features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence
of uncertain future events. The Company is authorized to issue 380,000,000 shares of Class A common stock with a par value of $0.0001
per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. Accordingly, as of December 31,
2024, and December 31, 2023, 1,574,369 and 2,744,649 shares of Class A common stock subject to possible redemption are presented
as temporary equity, outside of the stockholders’ deficit section of the Company’s balance sheet.

NOTE 9. FAIR VALUE MEASUREMENT

Fair value is defined as the
price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants
at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

| ● | Level                                                                                                           
 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |

| ● | Level