Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 374

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 374
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 stock to equal the redemption value
at the end of each reporting period. Increases or decreases in the carrying amount of redeemable common stock are affected by charges
against additional paid in capital (to the extent available) and accumulated deficit.

<div align='center'>F-109</div>

At December 31, 2024,
the Class A common stock subject to possible redemption reflected in the balance sheet is reconciled in the following table:

| Class A common stock subject to possible redemption at December 31, 2022 |     | $ | 117,146,232 |   |
| Less:                                                                    |     |   |             |   |
| Stockholder redemption of 7,391,973 shares at redemption value           |     |   | (76,054,240 | ) |
| Stockholder redemption of 1,363,378 shares at redemption value           |     |   | (14,619,421 | ) |
| Add:                                                                     |     |   |             |   |
| Accretion of carrying value to redemption value                          |     |   |   3,056,238 |   |
| Class A common stock subject to possible redemption at December 31, 2023 |     | $ |  29,528,809 |   |
| Less:                                                                    |     |   |             |   |
| Stockholder redemption of 1,170,280 shares at redemption value           |     |   | (13,136,586 | ) |
| Add:                                                                     |     |   |             |   |
| Accretion of carrying value to redemption value                          |     |   |   1,646,341 |   |
| Class A common stock subject to possible redemption at December 31, 2024 |     | $ |  18,038,564 |   |

Net Income (Loss) Per Share Common Share

The Company complies with
the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Basic income (loss) per common share
is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding
during the period. Consistent with FASB 480, common shares subject to possible redemption, as well as their pro rata share of undistributed
trust earnings consistent with the two-class method, have been included in the calculation of income (loss) per common share for the twelve
months ended December 31,