Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 30

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 30
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______ per share to new
investors purchasing shares of Common Stock in this offering. Dilution per share to investors purchasing shares of our Common Stock or
pre-funded warrants in this offering is determined by subtracting as adjusted net tangible book value per share after this offering from
the public offering price per share paid by investors purchasing shares of our Common Stock or pre-funded warrants in this offering.

Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the assumed public offering price per share paid by new investors. The following table illustrates this per share dilution:

| Assumed offering price per share                                                
 Historical                                                                      
 net tangible book value per share as of March 31, 2025                          |     |   | (0.45 | ) |     |   |
|:--------------------------------------------------------------------------------|:----|:--|:------|:--|:----|:--|
| Increase in net tangible                                                        
 book value per share attributed to new investors participating in this offering |     | $ |       |   |     |   |
| As adjusted net tangible                                                        
 book value per share as of March 31, 2025, after giving effect to this offering |     |   |       |   |     | $ |
| Dilution per share to                                                           
 new investors participating in this offering                                    |     |   |       |   |     | $ |

The information above and in the foregoing table is based upon 38,825,619 shares of our Common Stock outstanding as of March 31, 2025. The information above and in the foregoing table excludes:

| ● | 87,946                                          
 shares of Common Stock issued on April 1, 2025; |

| ● | 210,403                                                      
 shares of Common Stock issued on June 6, 2025;               |
| ● | 8,692,866 shares of Common Stock issued on July 9, 2025; and |
| ● | 991,345 shares of Common Stock issued on July 10, 2025.      |

In addition, the table above
assumes that the underwriters do not exercise their over-allotment option. If the underwriters exercise their over-allotment option in
full, the as adjusted net tangible book value will increase to approximately $______ per share, representing an immediate increase in
as adjusted net tangible book value of $______ per share to our existing stockholders and an immediate