Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 232

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 19
Chunk 232
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 equity-linked securities, for capital raising purposes in connection with the closing
of a Business Combination at an issue price or effective issue price of less than $9.20per share of Ordinary share (with such issue
price or effective issue price to be determined in good faith by the Company’s board of directors, and, in the case of any such
issuance to the Sponsor, our initial stockholders or such affiliates, without taking into account any founder shares held by the Sponsor,
initial stockholders or such affiliates, as applicable, prior to such issuance) (the “ Newly Issued Price”), (y) the aggregate
gross proceeds from such issuances represent more than60% of the total equity proceeds, and interest thereon, available for the
funding of a Business Combination on the date of the completion of a Business Combination (net of redemptions), and (z) the volume
weighted average trading price of the Company’s Ordinary share during the 20 trading day period starting on the trading
day after the day on which the Company completes a Business Combination (such price, the “ Market Value”) is below $9.20per
share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to115% of the greater of the Market
Value or the Newly Issued Price, and the $18.00per share redemption trigger price will be adjusted (to the nearest cent) to be equal
to180% of the greater of the Market Value or the Newly Issued Price.

The summary of warrants activity
is as follows:

                                                      Weighted                       
                                                      Average                        
                                                      Exercise                       
                                                      Price                          
  March 31, 2023      -               -               $             -          -     
  Granted             -               -               $             -          -     
  Forfeited           -               -               $             -          -     
  Exercised           -               -               $             -          -     
  March 31, 2024      -               -               $             -          -     
 ─────────────────────────────────────────────────────────────────────────────────────
  Granted             16,500,000      16,500,000      $             11.50      5.00  
  Forfeited           -               -               $             -          -     
  Exercised           -               -               $             -          -     
  March 31, 2025      16,500,000      16,500,000