Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 72

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 72
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 in full of all of the Warrants. We expect to
use the net proceeds from the exercise of these securities, if any, for general corporate purposes. We will have broad discretion
over the use of proceeds from the exercise of these securities. There is no assurance that the holders of the Warrants will elect to
exercise any or all of such Warrants. To the extent that any of these Warrants are exercised on a “cashless basis,” the
amount of cash we would receive from the exercise of the Warrants will decrease. See “Description of Securities - Warrants” for more details.

There is no assurance that
the holders of the Warrants will elect to exercise any or all of such Warrants. The exercise price of the Warrants is $11.50 per share.
The likelihood that warrant holders will exercise the Warrants, and therefore the amount of cash proceeds that we would receive, is dependent
upon the trading price of our Ordinary Shares. If the trading price for our Ordinary Shares is less than $11.50 per share, we believe
holders of the Warrants will be unlikely to exercise their respective securities. As the closing price of our Ordinary Shares was $1.98
as of March 28, 2025, we believe that holders of the Warrants are currently unlikely to exercise their respective securities. There is
no guarantee that the Warrants will be in the money prior to their expiration, and as such, the Warrants may expire worthless and we may
receive no proceeds from the exercise of these securities. To the extent that any of the Warrants are exercised on a “cashless basis,”
the amount of cash we would receive from the exercise of the respective securities will decrease. We do not expect to rely on the cash
exercise of Warrants to fund our operations. Instead, we intend to rely on our primary sources of cash discussed elsewhere in this prospectus
to continue to support our operations. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” for additional information.

<div align='center'>37

CAPITALIZATION</div>

The following table sets forth our cash and cash equivalents and capitalization as of September 30, 2024 on:

| ● | a                                                                                                    
 pro forma basis for the Company, giving effect to the Business Combination and related transactions. 
 See “Unaudited Pro Forma Condensed Combined Financial Information” for                               
 more details; and                                                                                    |

| ● | an                                                                                              
 adjusted