Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 29

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 29
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 and an immediate dilution in as adjusted
net tangible book value of $0.88 per share to investors purchasing shares of common stock in this offering.

| S-17 |

<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 shown opposite its name below:

| Underwriters               |     | Number of Shares |            |
| Lucid Capital Markets, LLC |     |                  | 46,666,667 |
| Total                      |     |                  |            |

Delivery of the Shares (other
than any Option Shares) is expected on or about June 18, 2025, against payment in immediately available funds and subject to customary
closing conditions.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

Option to Purchase Additional Shares.

We have granted to the underwriters
an option to purchase up to 7,000,000 additional shares of Common Stock at the public offering price, less
the underwriting discounts and commissions. This option is exercisable for a period of 45 days. The underwriters may exercise this option
solely for the purpose of covering overallotments, if any, made in connection with the sale of Common Stock offered hereby.

Discounts and Commissions

The following table shows the initial public offering price, underwriting discounts and commissions and proceeds, before expenses, to us. These amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase additional shares.

|                                           |     | Per Share |       |     | Total                         
 Without Over-Allotment Option |               |     | With Over Allotment Option |               |
|:------------------------------------------|:----|:----------|------:|:----|:------------------------------|--------------:|:----|:---------------------------|--------------:|
| Public offering price                     |     | $         |  1.50 |     | $                             | 70