Company: GCL
Filing Date: 2025-03-17
Form Type: DRS
Source: 0001213900-25-024502
Chunk: 53

Company: GCL Global Holdings Ltd
Filing Date: 2025-03-17
Form: DRS
Chunk 53
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d) is not in respect of taxes, a fine or a penalty; and (e) was not obtained in a manner
and is not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands. It may be difficult
or impossible for you to bring an action against PubCo or against these individuals in the Cayman Islands in the event that you believe
that your rights have been infringed under the applicable securities laws or otherwise. Even if you are successful in bringing an action
of this kind, the laws of the Cayman Islands may render you unable to enforce a judgment against PubCo’s assets or the assets of
PubCo’s directors and officers.

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Shareholders of Cayman Islands
exempted companies like PubCo have no general rights under Cayman Islands law to inspect corporate records or to obtain copies of lists
of shareholders of these companies. PubCo’s directors have discretion under PubCo’s Amended and Restated Memorandum and Articles
of Association to determine whether or not, and under what conditions, its corporate records may be inspected by its shareholders, but
are not obliged to make them available to its shareholders. This may make it more difficult for you to obtain the information needed to
establish any facts necessary for a shareholder motion or to solicit proxies from other shareholders in connection with a proxy contest.

As a result of all of the above,
PubCo’s public shareholders may have more difficulty in protecting their interests in the face of actions taken by PubCo’s
management, members of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated
in the United States.

Cayman Islands companies may
not have standing to initiate a derivative action in a federal court of the United States. As a result, your ability to protect your interests
if you are harmed in a manner that would otherwise enable you to sue in a United States federal court may be limited to direct shareholder
lawsuits.

As a “controlled company” under the Nasdaq rules, PubCo may choose to exempt itself from certain corporate governance requirements that could have an adverse effect on our public shareholders.

Mr. Jacky Choo See Wee,
our Group Chairman, holds a majority of the voting power of PubCo. Accordingly, PubCo is a “controlled company” within the
meaning of Nasdaq Listing Rule 5615. PubCo therefore, is eligible to utilize certain exemptions from the corporate governance requirements
of the