Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 63

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 63
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 negatively affect our after-tax returns. Accordingly, no assurance
can be given that the currently anticipated tax treatment will not be modified by legislative, judicial or administrative changes, possibly
with retroactive effect. In addition, no assurance can be given that any tax authority or court will agree with any particular interpretation
of the relevant laws.

We may be unable to maintain the listing of our securities in the future.

If we fail to meet the continued
listing requirements and Nasdaq delists the Ordinary Shares, we could face significant material adverse consequences, including:

| ● | a limited availability of market quotations for the Ordinary Shares; |

| ● | a limited amount of news and analyst coverage for us; and |

| ● | a decreased ability to issue additional securities or obtain additional financing in the future. |

<div align='center'>33

USE OF PROCEEDS</div>

All of the securities offered
by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for its account. We will not receive
any of the proceeds from these sales.

The Selling Shareholders
will pay any underwriting discounts and commissions and expenses incurred by the Selling Shareholders for brokerage, accounting, tax
or legal services or any other expenses incurred by the Selling Shareholders in disposing of the securities. We will bear the costs,
fees and expenses incurred in effecting the registration of the securities covered by this prospectus, including all registration and
filing fees, Nasdaq listing fees and fees and expenses of our counsel and our independent registered public accounting firm.

<div align='center'>CAPITALIZATION AND INDEBTEDNESS</div>

The following table sets
forth our cash and cash equivalents and capitalization as of March 31, 2025 on:

| ● | a                                                                                           
 pro forma basis for the Company, giving effect to the Ban Leong Transaction. See “Unaudited 
 Pro Forma Condensed Combined Financial Information” for more details.                       |

|                                            |     | As of March 31, 2025 |            |     |           |            |
|:-------------------------------------------|:----|:---------------------|-----------:|:----|:----------|-----------:|
|                                            |     | Actual               |            |     | Pro forma |            |
| Cash, cash equivalents and restricted cash |     | $                    | 21,378,715 |     | $         | 27,260,434 |
| Debt:                                      |     |                      |            |     |