Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 19

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 19
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 volatility as well as service provider terms and market reputations and performance, among others, prior to implementing any such strategy, all of which could effect our ability to successfully implement and execute on any such future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodian or custodians with which we will custody substantially all of our ethereum, could have a material adverse effect on our business, prospects, financial condition, and operating results.

If ethereum is determined to constitute a security for purposes of the federal securities laws, the additional regulatory restrictions imposed by such a determination could adversely affect the market price of ethereum and in turn adversely affect the market price of our common stock. See “ Risk Factors—Regulatory change reclassifying ethereum as a security could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, or the 1940 Act, and could adversely affect the market price of ethereum and the market price of our common stock” above. Moreover, the risks of us engaging in a ethereum treasury strategy could create complications due to the lack of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The due diligence procedures conducted by us and our liquidity providers to mitigate transaction risk may fail to prevent transactions with a sanctioned entity.

We will execute trades through U.S.-based liquidity providers, and rely on these third parties to implement controls and procedures to mitigate the risk of transacting with sanctioned entities. While we expect our third party service providers to conduct their business in compliance with applicable laws and regulations and in accordance with our contractual arrangements, there is no guarantee that they will do so. Accordingly, we are exposed to risk that our due diligence procedures may fail. If we are found to have transacted in ethereum with bad actors that have used ethereum to launder money or with persons subject to sanctions, we may be subject to regulatory proceedings and any further transactions or dealings in ethereum by us may be restricted or prohibited.

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<div align='center'>CONSOLIDATED CAPITALIZATION</div>

The following describes the changes in the consolidated capitalization of the Company since March 31, 2025, the date of the Company’s most recent financial statements. Except as set forth below, there have been no material changes in the share and loan capital of the Company, on a consolidated basis, since March 31, 2025