Company: GCL
Filing Date: 2025-04-08
Form Type: 424B3
Source: 0001213900-25-029989
Chunk: 377

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-08
Form: 424B3
Chunk 377
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 a Business
Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and
repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the
nature and amount of any “PIPE” or other equity issuances in connection with a Business Combination (or otherwise issued not
in connection with a Business Combination but issued within the same taxable year of a Business Combination) and (iv) the content of regulations
and other guidance from the Treasury.

On June 28, 2024, the Internal
Revenue Service issued final regulations with respect to the timing and payment of the Excise Tax. Pursuant to those regulations, the
Company would need to file a return and remit payment for any liability incurred during the period from January 1, 2023 to December 31,
2023 on or before October 31, 2024. Additionally, the Company will need to remit payment and file a return for the liability incurred
between January 1, 2024 through December 31, 2024 on or before October 31, 2025.

<div align='center'>F-108</div>

The Company is currently evaluating
its options with respect to payment of this obligation. If the Company is unable to pay its obligation in full, it will be subject to
additional interest and penalties which are currently estimated at 10% interest per annum and a 5% underpayment penalty per month or portion
of a month up to 25% of the total liability for any amount that is unpaid from November 1, 2024 until paid in full.

On March 24, 2023, a special
meeting was held where the Company approved the Extension Amendment, extending the date by which the Company must consummate a business
combination. In connection the stockholders of record were provided the opportunity to exercise their redemption rights. Holders of 7,391,973
shares of Class A common stock exercised their right to redemption at a per share redemption price of approximately $10.29. On April 3,
2023, a total of $76,054,240 in redemption payments were made in connection with this redemption. Following the redemption, the Company
recorded $760,542 of excise tax expense and excise tax payable related to the redemption. On December 20, 2023, the stockholders of record