Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 24

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 24
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 for the fees and expenses incurred by it and its legal counsel in connection with this offering.

| S-15 |

No Sales of Similar Securities

Pursuant to certain ‘‘lock-up’’ agreements, our executive officers and directors and 5% or greater shareholders of our Company have agreed, subject to certain exceptions, not to and will not cause or direct any of its affiliates to offer, sell, contract to sell, hypothecate, pledge or otherwise dispose of or announce the intention to otherwise dispose of, or enter into, or announce the intention to enter into any swap, hedge or similar agreement or arrangement (including, without limitation, the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) that transfers, is designed to transfer or reasonably could be expected to transfer (whether by the stockholder or someone other than the stockholder) that transfers, in whole or in part, directly or indirectly the economic consequence of ownership of, directly or indirectly, or make any demand or request or exercise any right with respect to the registration of, or file with the SEC a registration statement under the Securities Act relating to, any common stock or securities convertible into or exchangeable or exercisable for any common stock without the prior written consent of Lucid for a period of sixty (60) days after the date of the closing of the offering.

Subsequent Equity Sales

Additionally, we have agreed that for a period of ninety (90) days following the date of closing of this offering, subject to certain exceptions outlined in the underwriting agreement, that (1) we will not enter into any agreement to issue or announce the issuance of proposed issuance of any shares of Common or any Common Stock equivalents (as defined in the underwriting agreement); and (2) we will not effect or enter into an agreement to effect any issuance of Common Stock or any Common stock equivalents involving a variable rate transaction including, among other things, an “at-the-market offering” agreement whereby we may issue securities at a future determined price regardless of whether shares pursuant to such agreement have actually been issued and regardless of whether such agreement is subsequently canceled.

Right of First Refusal

We have agreed that, for a period of 12 months from the end of the engagement term with Lucid, should we require the services of an investment banker, financial advisor, or other similar professional in connection with a fairness opinion, valuation, recapitalization, capital raising, sale,