Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 202

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 202
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 the sale.                 |

Sales by PubCo’s affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public information about PubCo.

Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies

Rule 144 is not available for the resale of securities initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important exception to this prohibition if the following conditions are met:

| ● | the                                                                                          
 issuer of the securities that was formerly a shell company has ceased to be a shell company; |

| ● | the                                                                                      
 issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) 
 of the Exchange Act;                                                                     |

| ● | the                                                                                            
 issuer of the securities has filed all Exchange Act reports and material required to be filed, 
 as applicable, during the preceding 12 months (or such shorter period that the issuer          
 was required to file such reports and materials); and                                          |

| ● | at                                                                                                 
 least one year has elapsed from the time that the issuer filed Form 20-F type information          
 with the SEC, which is expected to be filed promptly after completion of the Business Combination, 
 reflecting its status as an entity that is not a shell company.                                    |

Rule 701

In general, under Rule 701 of the Securities Act as currently in effect, each of the Company’s employees, consultants or advisors who purchases equity shares from PubCo in connection with a compensatory stock plan or other written agreement executed prior to the completion of the Business Combination is eligible to resell those equity shares in reliance on Rule 144, but without compliance with some of the restrictions, including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would only become eligible for sale when the lock-up period expires.

<div align='center'>119

EQUITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

The following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of the date of this prospectus by:

| ● | each                                                                                     
 person known by us to be the beneficial owner of more than 5% of our outstanding shares; |

| ● | each                                         
 of our executive officers and directors; and |

| ● | all                                              
 our executive officers and