The board of GCL Technology Holdings Limited (SEHK:3800) agreed to spin-off a 37% stake in GCL New Energy Holdings Limited (SEHK:451) on August 30, 2022. The Proposed Distribution in Specie will involve a distribution of 318 GCL New Energy shares for every 1,000 Shares held in GCL Technology Holdings Limited. The Record Date for determining Shareholders' entitlement to the Proposed Distribution in Specie is September 27, 2022. Distribution is expected to complete on October 11, 2022. As on September 27, 2022, shareholders of GCL Technology approved the spin-off.

GCL Technology Holdings Limited (SEHK:3800) completed the spin-off of a 37% stake in GCL New Energy Holdings Limited (SEHK:451) on October 11, 2022.