Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 260

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 260
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 game.

Note 5 — Long-term investments

As of March 31, 2025 and
2024, Long-term investments comprised of the following:

|                                  |     | 2025 |  March 31, |     | 2024 | March 31, |
|:---------------------------------|:----|:-----|-----------:|:----|:-----|----------:|
| Investment in Nekcom             |     | $    | 15,364,229 |     | $    |         - |
| Investment in Cloudshelf Limited |     |      |     71,045 |     |      |    71,045 |
| Total                            |     | $    | 15,435,274 |     | $    |    71,045 |

Investment in Nekcom

On November 20, 2024 (“Acquisition
Date”) , the Company, Nekcom and certain significant shareholders of Nekcom entered into a Series B Preferred Stock Purchase Agreement
(the “Nekcom SPA”) pursuant to which the Company has agreed to purchase 12,250,000 of Nekcom’s Series B Preferred Stock
that would constitute 20% of the total outstanding shares of Nekcom for an aggregate purchase price of $15,000,000 consisting of (a)
$7,500,000 in cash, and (b) $7,500,000 in the Company’s ordinary shares.

<div align='center'>F-34

GCL GLOBAL HOLDINGS LTD AND ITS SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

In
connection with the Nekcom SPA, 262,325 ordinary shares of GCL Global (the “Nekcom
Consideration Shares”) and an additional 262,325 ordinary shares of GCL Global (the
“Nekcom Additional Consideration Shares”) were issued in the name of Nekcom on
December 18, 2024 but were held in escrow until full recoupment date of the minimum
guarantee (“Full Recoupment Date”) when they will be released to either Nekcom
or the Company depending on the value of Nekcom Consideration Shares (the “Consideration
Shares VWAP”) based on the volume weighted average price of the Consideration Shares
over thirty (30) trading days immediately preceding the Full Recoupment Date. If the Consideration
Shares VWAP exceeds $7,