Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 221

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 221
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 contemplated transactions: (i) a Cayman Islands exempted company
limited by shares (“Merger Sub 1”), and (ii)a Delaware corporation (“Merger Sub 2”). The transactions will occur
in two steps: (i) Merger Sub 1 will merge with and into GCL Global, with GCL Global surviving the merger and becoming a wholly-owned
subsidiary of PubCo (the “Initial Merger”); and (ii) following the Initial Merger, Merger Sub 2 will merge with and into
RFAC, with RFAC surviving the merger and becoming a wholly-owned subsidiary of PubCo (the “SPAC Merger”). Together, the Initial
Merger, the SPAC Merger, and the other transactions and agreements contemplated by the Merger Agreement constitute the “Business
Combination.”

Upon consummation of the Business Combination, both
GCL Global and RFAC will become wholly-owned subsidiaries of PubCo.

Following the consummation of the transaction contemplated
by the Merger Agreement, the Company will be the surviving publicly traded corporation, and will own all of the equity interests of GCL
Global and RFAC. However, the consummation of the transactions contemplated by the Merger Agreement is subject to numerous conditions,
and there can be no assurances that such conditions will be satisfied.

NOTE 2 — GOING CONCERN CONSIDERATION

The Company’s financial statements have been
prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities during the normal course
of operations. The Company incurred net losses of $4,619 for the period from October 12, 2023 (inception) through March 31,
2024, with a working capital deficit of $4,619 as of March 31, 2024. The Company’s operating results for future periods are
subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses for the foreseeable
future. Accordingly, the Company may not be able to obtain additional financing. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern.

Management plans to address this uncertainty through
a Business Combination as discussed in Note 1. The Company’s financial statements do not give effect to any adjustments relating
to the carrying values and classification of assets and liabilities that would be necessary should the Company be unable to continue as
a going concern.

NOTE 3 — SUMMARY OF SIGNIFICANT