Company: GCL
Filing Date: 2025-02-20
Form Type: 20FR12B
Source: 0001213900-25-015736
Chunk: 3

Company: GCL Global Holdings Ltd
Filing Date: 2025-02-20
Form: 20FR12B
Chunk 3
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 merger as a wholly owned subsidiary of the Company (the “SPAC Merger” and together with the Initial Merger, the “Mergers”, and together the other transactions and ancillary agreements contemplated by the Merger Agreement and the Ancillary Agreements (as defined below), the “Business Combination” or “Transactions”). As a result of the Transactions, RFAC and GCL Global each became a wholly-owned subsidiary of the Company.

Immediately prior to the consummation of the Business Combination, all outstanding Units of RFAC (each of which consists of (i) one share of Class A common stock of RFAC (“RFAC Class A Common Stock”), (ii) one warrant entitling its holder to purchase one share of RFAC Class A Common Stock for $11.50 per share (“RFAC warrant”), and (iii) one right (“RFAC right”) to receive one-tenth of one share of RFAC Class A Common Stock upon the consummation of an initial business combination) automatically separated into their individual components of RFAC Class A Common Stock, RFAC warrants and RFAC rights which ceased separate existence and trading. Upon the consummation of the Business Combination, the equity holdings of the RFAC stockholders were exchanged as follows:

| ● | 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). |

Certain amounts that appear in this Report may not sum due to