Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 226

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 226
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 or “PubCo”) was incorporated as a Cayman Islands exempted company limited by shares on October 12, 2023.
The Company was formed solely for the purpose of completing the transactions contemplated by the Merger Agreement, dated as of October
18, 2023 (as may be further amended, supplemented, or otherwise modified from time to time, the “Merger Agreement”). The parties
to the Merger Agreement include PubCo, Grand Centrex Limited, a British Virgin Islands business company (“GCL BVI”), GCL Global
Limited, a Cayman Islands exempted company limited by shares (“GCL Global”), RF Acquisition Corp., a Delaware corporation
(“RFAC”), and RF Dynamic LLC, a Delaware limited liability company (the “Sponsor”).

Pursuant
to the Merger Agreement, PubCo will form two wholly-owned subsidiaries for the purpose of participating in the contemplated
transactions: (i) a Cayman Islands exempted company limited by shares (“Merger Sub 1”), and (ii)a Delaware corporation
(“Merger Sub 2”). The transactions will occur in two steps: (i) Merger Sub 1 will merge with and into GCL Global, with
GCL Global surviving the merger and becoming a wholly-owned subsidiary of PubCo (the “Initial Merger”); and (ii)
following the Initial Merger, Merger Sub 2 will merge with and into RFAC, with RFAC surviving the merger and becoming a wholly-owned subsidiary of PubCo (the “SPAC Merger”). Together, the Initial Merger, the SPAC Merger, and the other transactions
and agreements contemplated by the Merger Agreement constitute the “Business Combination.”

Upon consummation of the Business
Combination, both GCL Global and RFAC will become wholly-owned subsidiaries of PubCo.

Following the consummation of
the transaction contemplated by the Merger Agreement, the Company will be the surviving publicly traded corporation, and will own all
of the equity interests of GCL Global and RFAC. However, the consummation of the transactions contemplated by the Merger Agreement is
subject to numerous conditions, and there can be no assurances that such conditions will be satisfied.

NOTE 2 — GOING CONCERN CONSIDERATION

The Company’s
unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation
of liabilities during the normal course of operations. The Company incurred net