Company: GAME
Filing Date: 2025-07-07
Form Type: 424B5
Source: 0001641172-25-018031
Chunk: 23

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-07
Form: 424B5
Chunk 23
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403                                        
 shares of Common Stock issued on June 6, 2025. |

| 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 |     |           |     |                        |
| Total                      |     |           |     |                        |

Delivery of the Shares and/or Pre-Funded Warrants (other than any Option Shares) is expected on or about , 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 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 |     | Per Pre-Funded 
 Warrant        |     | Total                 
 Without               
 Over-Allotment Option |     | With                  
 Over Allotment Option |
|:----------------------------------------|:----|:------|:----|:---------------|:----|:----------------------|:----|:----------------------|
| Public offering price                   |     | $     |     | $              |     | $                     |     | $                     |
|