Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 22

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 22
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 value per share as of March 31, 2025, after giving effect to this offering |     |   |       |   |     | $ | (0.23 | ) |
| Dilution per share to                                                           
 new investors participating in this offering                                    |     |   |       |   |     | $ | (1.18 | ) |

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; and |

| ● | 210,403                                        
 shares of Common Stock issued on June 6, 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 $(0.20) per share, representing an immediate increase in as adjusted net tangible book value of $(0.25) per share to our existing stockholders and an immediate dilution in as adjusted net tangible book value of $1.15 per share to investors purchasing shares of common stock in this offering.

| S-14 |

<div align='center'>UNDERWRITING</div>

Lucid Capital Markets, LLC (“ Lucid”) is acting as the representative for the underwriters for this offering. Under the terms of an underwriting agreement, which will be filed as an exhibit to a Current Report on Form 8-K to be incorporated into the registration statement to which this Prospectus Supplement and the accompanying Prospectus constitute a part, with respect to the shares being offered, each of the underwriters named below has severally agreed to purchase from us the respective number of shares of Common Stock and pre-funded warrants shown opposite its name below:

| Underwriters               |     | Number of Shares |           |     | Number of Pre-Funded Warrants |           |
| Lucid Capital Markets, LLC |     |                  | 4,692,866 |     |                               | 3,728,188 |
| Total                      |     |                  | 4,692,866 |     |                               | 3,728,188 |

Delivery of the Shares and/or Pre-Funded Warrants (other than any Option Shares) is expected on or about June 9, 2025