Company: GCL
Filing Date: 2025-09-09
Form Type: 424B3
Source: 0001213900-25-086274
Chunk: 198

Company: GCL Global Holdings Ltd
Filing Date: 2025-09-09
Form: 424B3
Chunk 198
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 in effect, each of the Company’s employees, consultants or advisors who purchases equity shares
from the Company in connection with a compensatory stock plan or other written agreement executed prior to the completion of the Business
Combination is eligible to resell those equity shares in reliance on Rule 144, but without compliance with some of the restrictions,
including the holding period, contained in Rule 144. However, the Rule 701 shares would remain subject to lock-up arrangements and would
only become eligible for sale when the lock-up period expires.

<div align='center'>112

EQUITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</div>

The following table sets
forth information regarding the beneficial ownership of our ordinary shares as of the date of this prospectus by:

| ● | each                                                                                     
 person known by us to be the beneficial owner of more than 5% of our outstanding shares; |

| ● | each                                         
 of our executive officers and directors; and |

| ● | all                                              
 our executive officers and directors as a group. |

Beneficial ownership is
determined in accordance with the rules of the SEC and includes voting or investment power with respect to, or the power to receive the
economic benefit of ownership of, the securities. In computing the number of shares beneficially owned by a person and the percentage
ownership of that person, shares that the person has the right to acquire within 60 days are included, including through the exercise
of any option or other right or the conversion of any other security. However, these shares are not included in the computation of the
percentage ownership of any other person.

The calculations in the
table below are based on 122,572,978 ordinary shares issued and outstanding as of the date of this prospectus.

| Name and Address of Beneficial Owner                           |     | Number of 
 Shares    |            |     | Percentage of 
 Class         |      |   |
| Five Percent or Greater Holders:                               |     |           |            |     |               |      |   |
| Epicsoft Ventures                                              
 Ltd.(1)                                                        |     |           | 80,581,793 |     |               | 65.7 | % |
| Sega Corporation(2)                                            |     |           |  8,001,835 |     |               |  6.5 | % |
| RF Dynamic LLC(3)                                              |     |           |  7,325,500 |     |               |