Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 176

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 176
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issuer, we are also subject to reduced disclosure requirements and are exempt from certain provisions of the U.S. securities rules and
regulations applicable to U.S. domestic issuers such as the rules regulating solicitation of proxies and certain insider reporting and
short-swing profit rules. For instance, we are exempt from the requirement to obtain shareholder approval for certain dilutive events,
including a transaction other than a public offering involving the sale of 20% or more of the issuer’s ordinary shares outstanding
prior to the transaction for less than the greater of book or market value of the shares, or the issuance of ordinary shares issuable
upon conversion of the convertible notes.

We are a “controlled
company” as defined under the Nasdaq rules, because Mr. Jacky Choo See Wee, our Group Chairman is able to exercise approximately
63.8% of the aggregate voting power of our total issued and outstanding shares. Under the Nasdaq rules, a “controlled company”
may elect not to comply with certain corporate governance requirements. Accordingly, we have elected to avail itself of the exemptions
available to it under Rule 5615(a)(7)(B) of the Nasdaq rules by foregoing (i) the requirement that we have a compensation committee that
is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities and
(ii) the requirement that we have a nominating and corporate governance committee with a written charter addressing the committee’s
purpose and responsibilities. We are eligible to take advantage of additional exemptions from certain Nasdaq corporate governance requirements.
As a result, our shareholders may not have the same protection afforded to shareholders of companies that are subject to these corporate
governance requirements.

Independence of Directors

We adhere to the rules of
the Nasdaq stock market, as applicable to foreign private issuers and controlled companies, in determining whether a director is independent.
Our board of directors has consulted, and will continue to consult, with its counsel to ensure that the board of director’s determinations
are consistent with those rules and all relevant securities and other laws and regulations regarding the independence of directors.

We currently have six directors,
three of whom qualify as independent within the meaning of the independent director guidelines of Nasdaq. Tse Meng Ng, Wilson W. Wang
and Joshua Kewei Cui are “independent directors” as defined in the rules of Nasdaq and applicable SEC rules.

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Director Nominations

As a “controlled company”