Company: GCL
Filing Date: 2025-07-31
Form Type: 20-F
Source: 0001213900-25-069672
Chunk: 34

Company: GCL Global Holdings Ltd
Filing Date: 2025-07-31
Form: 20-F
Item: Item 3
Chunk 34
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 total annual gross revenue of at least $1.235 billion, or (c) in which GCL
is deemed to be a large accelerated filer, which means the market value of GCL Ordinary Shares that is held by non-affiliates exceeds
$700 million as of the end of its last fiscal year, and (2) the date on which GCL has issued more than $1.0 billion in non-convertible
debt during the prior three-year period.

GCL cannot predict if investors
will find its ordinary shares less attractive because it will rely on the accommodations and exemptions available to emerging growth
companies. If some investors find GCL Ordinary Shares less attractive as a result, there may be a less active trading market for GCL
Ordinary Shares and GCL’s share price may be more volatile.

Risks Related to Our Securities

We cannot be sure that an active trading
market will develop for the Ordinary Shares.

We are a newly formed entity
and prior to the Business Combination, we had not issued any securities in the U. S. markets nor had there been extensive information about
us, our businesses, or our operations publicly available. Notwithstanding the listing of our securities on the Nasdaq Global Select Market
currently, we cannot assure you that an active market for our Ordinary Shares will develop or the price at which the Ordinary Shares will
trade.

There also may not be enough
liquidity in such market to enable shareholders to sell their Ordinary Shares. If an active trading market for the Ordinary Shares does
not develop, investors may not be able to re-sell their Ordinary Shares, rendering their shares illiquid and possibly resulting in a complete
loss of their investment. We cannot predict the extent to which investor interest in our company will lead to the development of an active,
liquid trading market. The trading price of and demand for the Ordinary Shares and the development and continued existence of a market
and favorable price for the Ordinary Shares will depend on a number of conditions, including the development of a market following, including
by analysts and other investment professionals, our businesses, operations, results and prospects, general market and economic conditions,
governmental actions, regulatory considerations, legal proceedings and developments or other factors. These and other factors may impair
the development of a liquid market and the ability of investors to sell shares at an attractive price. These factors also could cause
the market price and demand for the Ordinary Shares to fluctuate substantially, which may limit or prevent investors from readily selling
their shares