Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 362

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 362
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 Non-cash investing and financing activities:                                |     |                |             |   |     |                |             |   |
| Excise tax on stockholder redemption                                        |     | $              |     131,365 |   |     | $              |     906,736 |   |
| Accretion of Class A common stock subject to possible redemption            |     | $              |   1,646,341 |   |     | $              |   3,056,238 |   |

<div align='center'>The accompanying notes are an integral part of the audited financial statements.

F-101

RF ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS</div>

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS, AND GOING CONCERN

RF Acquisition Corp. (the
“Company”) is a blank check company incorporated in Delaware on January 11, 2021. The Company was formed for the purpose
of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses (the “Business Combination”). Although the Company is not limited to a particular industry or sector
for purposes of consummating a Business Combination, the Company intends to focus its search for an initial business combination on companies
that are within the financial services, media, technology, retail, interpersonal communication, transportation, and education sectors.
The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.

As of December 31, 2024, the
Company had not yet commenced any operations. All activities for the period from January 11, 2021 (inception) through December 31, 2024,
relates to the Company’s formation and the initial public offering (“the Initial Public Offering”) which is described
below. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest.
The Company will generate non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.
The Company has selected December 31 as its fiscal year end.

The registration statement
for the Company’s Initial Public Offering was declared effective on March 23, 2022. On March 28, 2022, the Company consummated
the Initial Public Offering of 10,000,000 units (the “Units” and,