Company: GCL
Filing Date: 2025-04-03
Form Type: F-1
Source: 0001213900-25-028608
Chunk: 358

Company: GCL Global Holdings Ltd
Filing Date: 2025-04-03
Form: F-1
Chunk 358
---
, which is described in Note 4, and (ii) the sale of 500,000 Private Placement Warrants at a price of $1.00
per Private Placement Warrant in a private placement to EBC, generating gross proceeds of $500,000.

On March 30, 2022, the
underwriter exercised their over-allotment option, resulting in an additional 1,500,000 Units issued for an aggregate amount of $15,000,000.
In connection with the underwriter’s exercise of their over-allotment option, the Company also completed the private sale of an
aggregate of (i) 400,500 Private Placement Warrants to the Company’s Sponsor, at a purchase price of $1.00 per Private Placement
Warrant, generating gross proceeds of $400,500, and (ii) 49,500 Private Placement Warrants to EBC, at a purchase price of $1.00 per Private
Placement Warrant, generating gross proceeds of $49,500.

Following the closing of the
Initial Public Offering on March 28, 2022 and the exercise of the over-allotment option on March 30, 2022, an amount of $116,150,000
from the net proceeds of the sale of the Units in the Initial Public Offering and the sale of the Private Placement Warrants was placed
in a trust account (the “Trust Account”) located in the United States with Continental Stock Transfer & Trust Company
acting as trustee and invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment
Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in money market
funds meeting the certain conditions under Rule 2a-7 of the Investment Company Act, which invest only in direct U.S. government treasury
obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution
of the Trust Account, as described below. In February of 2023 the Company’s trust balance was moved to an interest-bearing bank
deposit account.

On March 24, 2023, a special
meeting was held where the Company’s stockholders approved a proposal (the “Extension Amendment” or “Extension
Amendment Proposal”) to amend the Company’s amended and restated certificate of incorporation to give