Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 650

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 650
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 outstanding Advance Notices for which
shares of common stock need to be issued and the Company has paid all amounts owed to Yorkville pursuant to the Promissory Note. The
Company and Yorkville may also agree to terminate the SEPA by mutual written consent.

11

Any
purchase under an Advance would be subject to certain limitations, including that Yorkville shall not purchase or acquire any shares
that would result in it and its affiliates beneficially owning more than 4.99% of the then outstanding voting power or number of shares
of Common Stock or any shares that, aggregated with shares issued under all other earlier Advances, would exceed 19.99% of all shares
of Common Stock outstanding on the date of the SEPA (the “Exchange Cap”), unless the Company obtains stockholder approval
to issue shares of Common Stock in excess of the Exchange Cap in accordance with applicable Nasdaq rules.

In
connection with the execution of the SEPA, the Company paid a diligence fee (in cash) to Yorkville in the amount of $25,000. Additionally,
the Company agreed to pay a commitment fee of $200,000 to Yorkville, payable as follows: (i) $100,000 payable within three days of the
date of the SEPA, in the form of the issuance of 80,000 shares of Common Stock, representing $100,000 divided by the closing price as
of the trading day immediately prior to the date of the SEPA, and (ii) $100,000 payable on the three-month anniversary of the date of
the SEPA, payable in either cash or in the form of an Advance.

Additionally,
Yorkville agreed to advance to the Company, in exchange for a convertible promissory note (the “Promissory Note”), an aggregate
principal amount of up to $6.5 million (the “Pre-Paid Advance”), which was funded on July 8, 2024. The purchase price for
the Pre-Paid Advance is 93.0% of the principal amount of the Pre-Paid Advance. Interest shall accrue on the outstanding balance of the
Pre-Paid Advance at an annual rate equal to 0%, subject to an increase to 18% upon an event of default as described in the Promissory
Note. The maturity date of the Promissory Note issued in connection with the Pre-Paid Advance will be 12 months after the issuance date
of such Promissory Note. Yorkville may convert the Promiss