Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 76

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 76
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 Merger (the “Initial Merger Effective Time”):

| ● | Each ordinary share of GCL Global issued and outstanding immediately prior to the Initial Merger Effective                             
 Time (other than any treasury shares or Dissenting Shares), was automatically cancelled and ceased to exist in exchange for the right  
 to receive, such number of newly issued ordinary shares of PubCo, par value $0.0001 per share (the “PubCo Ordinary Shares”)            
 equal to the Company exchange Ratio, rounded up to the nearest whole share to each holder set forth therein (the “Merger Consideration 
 Shares”), and as of the Initial Merger Effective Time, each Company Shareholder (as defined in the Merger Agreement) ceased            
 to have any other rights in and to the Company (other than any applicable appraisal and dissenter’s rights);                           |

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Further, at the effective time of the
SPAC Merger (the “SPAC Merger Effective Time”):

| ● | Each share of RFAC common stock, including RFAC Class A Common Stock and RFAC Class B Common Stock, issued                                        
 and outstanding immediately prior to the effective time of the Business Combination (other than any redeemed shares) was automatically            
 cancelled and ceased to exist and, for each share of RFAC common stock, the Company issued to each RFAC shareholder (other than RFAC shareholders 
 who exercised their redemption rights in connection with the Business Combination) one validly issued Company ordinary share;                     |

| ● | Each RFAC warrant issued and outstanding immediately prior to effective time of the Business Combination                              
 converted into a Company warrant to purchase one ordinary share of the Company (each, a “Warrant”) (or equivalent portion             
 thereof). The Warrants have substantially the same terms and conditions as set forth in the RFAC warrants, except that the Warrant is 
 exercisable for shares of the Company ordinary shares rather than RFAC common stock; and;                                             |

| ● | Every 10 RFAC Rights issued and outstanding immediately prior to the effective time of the Business Combination 
 converted into one ordinary share of the Company (rounded down to the nearest whole share).                     |

Accounting for the Business Combination

The Business Combination accounted
for as a “reverse recapitalization” in accordance with U.S. GAAP. Under this method of accounting, RFAC was treated as the
“acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to
the Business Combination, G