Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 48

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 48
---
. The statutory requirements of GCL’s home country of Cayman
Islands do not strictly require a majority of its board to consist of independent directors. Thus, although a director must act in the
best interests of GCL, it is possible that fewer board members will be exercising independent judgment and the level of board oversight
of the management the company may decrease as a result. In addition, the Nasdaq Listing Rules also require U.S. domestic issuers to have
an independent compensation committee with a minimum of two members, a nominating committee, and an independent audit committee with
a minimum of three members. GCL, as a foreign private issuer, with the exception of needing an independent audit committee composed of
at least three members, is not subject to these requirements. The Nasdaq Listing Rules may also require shareholder approval for certain
corporate matters that GCL’s home country’s rules do not. Following Cayman Islands governance practices, as opposed to complying
with the requirements applicable to a U.S. company listed on Nasdaq, may provide less protection to you than would otherwise be the case.

Although as a foreign private issuer, GCL is exempt from certain corporate governance standards applicable to US domestic issuers, if GCL cannot continue to satisfy the listing requirements and other rules of Nasdaq, GCL’s securities may be delisted, which could negatively affect the price of its securities and your ability to sell them.

GCL’s securities are
listed on Nasdaq in connection with the Business Combination. GCL cannot assure you that its securities will continue to be listed on
Nasdaq.

In addition, in order to
maintain its listing on Nasdaq, GCL is required to comply with certain rules of Nasdaq, including those regarding minimum shareholders’
equity, minimum share price, minimum market value of publicly held shares, and various additional requirements. Even if GCL initially
meets the listing requirements and other applicable rules of Nasdaq, GCL may not be able to continue to satisfy these requirements and
applicable rules. If GCL is unable to satisfy Nasdaq criteria for maintaining its listing, its securities could be subject to delisting.

If Nasdaq subsequently delists
its securities from trading, GCL could face significant consequences, including:

| ● | a limited availability for market quotations for its securities; |

| ● | reduced liquidity with respect to its securities; |

| ● | a determination that its ordinary shares is a “penny stock,” which                                                                      
 will require brokers trading