Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 201

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 201
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 ordinary share of the Company (rounded down to the nearest who...  

  2,000,000 shares of the Company’s                                                                               

The following table presents
the number of the Company’s ordinary shares issued and outstanding immediately following the Reverse Recapitalization:

  RFAC’s common stock outstanding prior to Reverse Recapitalization                                                                                     4,276,394  
  Ordinary shares issued at the Closing as an incentive to certain investors designated by RFAC Sponsor in connection with Transaction Financing        2,000,000  
  Conversion of GCL Global’s ordinary shares                                                                                                          120,000,000  
  Minus ordinary share placed in escrow:                                                                                                                           
  Bonus Shares in connection with convertible note (See Note 16)                                                                                      ( 2,201,665  
  Issuance of ordinary shares in connection with long-term investment in Nekcom Inc. (“ Nekcom”) (See Note 5)                                         ( 2,126,729  
  Rounding                                                                                                                                                   ( 22  
  Total ordinary share issued and outstanding                                                                                                         121,947,978  

F-27

GCL GLOBAL HOLDINGS LTD
AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

GCL Global was determined
to be the accounting acquirer given GGL Global effectively controlled the combined entity after the SPAC Transaction. The transaction
is not a business combination because RFAC was not a business. The transaction is accounted for as a reverse recapitalization, which is
equivalent to the issuance of shares by GCL Global for the net monetary assets of RFAC, accompanied by a recapitalization. GCL Global
is determined as the accounting acquirer and the historical financial statements of GCL Global became the Company’s historical financial
statements, with retrospective adjustments to give effect of the reverse recapitalization. The net assets of RFAC were recognized as of
the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are those of
GCL Global and GCL Global’s operations are the only ongoing operations of GCL.

In
connection with the Reverse Recapitalization, the Company raised approximately $ 0.6 0.6.

The
following table reconciles the elements of the Reverse Recapitalization to the consolidated statements of cash flows, changes in shareholders’
equity, and net deficit of RFAC as of the closing date.

                                                                                      At                                           
  Funds held