Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 17

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 17
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 Proceeds” if determined by the Board to be in the Company’s best interests to do so. Shareholders may not agree with the manner in which the Board and management choose to allocate and spend the net proceeds. The failure by the Company to apply these funds effectively could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects.

Loss of Entire Investment

An investment in our Common Stock is speculative and may result in the loss of an investor’s entire investment. Only potential investors who are experienced in high-risk investments and who can afford to lose their entire investment should consider an investment in the Company.

Investors participating in this offering may incur immediate and substantial dilution in the book value of their shares.

Since the offering
price for our shares of Common Stock in this offering is substantially higher than the net tangible book value per share of Common Stock
outstanding prior to this offering, you will suffer immediate and substantial dilution in the net tangible book value of the shares of
Common Stock you purchase in this offering. After giving effect to the sale of 46,666,667 shares of our Common Stock in this offering
at the public offering price of $1.50 per share and based on our net tangible book value (deficit) as of March 31, 2025 of $(0.45)
per share, if you purchase shares of Common Stock in this offering you will suffer substantial and immediate dilution of $0.94
per share in the net tangible book value of the Common Stock. If the underwriters exercise their option to purchase additional shares
of Common Stock, you will experience additional dilution. See the section entitled “Dilution” below for a more detailed discussion
of the dilution you will incur if you purchase shares in this offering.

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Dilution from Further Financings

The Company may need to raise additional financing in the future, including through the issuance of additional equity securities or convertible debt securities. If the Company raises additional funding by issuing additional equity securities or convertible debt securities, such financings may substantially dilute the interests of shareholders of the Company and reduce the value of their investment and the value of the Company’s securities.

Future sales or issuances of our Common Stock in the public markets, or the perception of such sales, could depress the trading price of our Common Stock.

The sale of a substantial number of shares of our Common Stock or other equity-related securities in the public markets, or the perception that such sales could occur