Company: GCL
Filing Date: 2025-08-27
Form Type: DRS
Source: 0001213900-25-080905
Chunk: 338

Company: GCL Global Holdings Ltd
Filing Date: 2025-08-27
Form: DRS
Chunk 338
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 fraud or the consequences of committing a crime.

The Company’s Articles
Amended and Restated Memorandum and Articles of Association provide for indemnification and advancement of expenses for its current and
former directors and officers to the fullest extent permitted under the laws of the Cayman Islands, in the absence of actual fraud or
wilful default. The Company has entered into indemnification agreements with each director and officers of the Company.

Insofar as indemnification
for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing
provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities
Act and is therefore unenforceable.

Item 7. Recent Sales of Unregistered Securities

In the past three years,
GCL Global has issued the following securities that were not registered under the Securities Act. We believe that each of the following
issuances was exempt from registration under the Securities Act in reliance on Regulation S under the Securities Act regarding sales
by an issuer in offshore transactions, or pursuant to Section 4(a)(2) of the Securities Act regarding transactions not involving a public
offering, or pursuant to benefit plans and contracts relating to compensation as provided under Rule 701 promulgated under Section 3(b)
of the Securities Act. None of these transactions involved any underwriters, underwriting discounts or commissions, or any public offering.

On December 18, 2024, GCL
Global issued to Nekcom a total of 524,650 ordinary shares which were exchanged for a total of 2,126,728 PubCo ordinary shares at closing
of the Business Combination.

Between September and December
2024, GCL Global issued to certain accredited investors an aggregate of $33,025,000 convertible notes which converted into GCL Global’s
fully paid and non-assessable ordinary shares and were exchanged for 9,540,552 PubCo ordinary shares. Of the 9,540,552 shares issued
at Closing, 2,201,665 shares were “Bonus Shares” held in escrow for three (3) years from the Closing Date.

Pursuant to a certain Marketing Services Agreement dated April 28,
2025 with a third-party vendor, the Company issued 41,853 ordinary shares valued at approximately $2.39 per share, the then prevailing
trading price of the ordinary shares, to the vendor as compensation for the services rendered by the