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

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 18
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, could depress the market price of our Common Stock and impair our ability to raise capital through the sale of additional equity securities. We may sell large quantities of our Common Stock at any time pursuant to this Prospectus Supplement and/or in one or more separate offerings. We cannot predict the effect that future sales of Common Stock or other equity-related securities would have on the market price of our Common Stock.

Operational, Market and Legal Risks.

The Company is exposed to a variety of operational, market and legal risks in connection with the operation of its business that could have a material adverse effect on the Company and its business, including but not limited to the risks that: the Company will not be successful in creating products and services that appeal to customers, that the Company will not be successful in acquiring or retaining talent, or operating profitably; that Company will not be successful in adapting to changes in market forces, including competition, consumer attitudes, business methods and financing trends; and that the Company could be materially affected by changes in the legal and regulatory landscape in which it operates or by adverse outcomes in pending or future litigation, including the legal matters disclosed in the litigation section of the Company’s Annual Report on Form 10-K for the fiscal year December 31, 2024, filed with the SEC on April 15, 2025 on sec.gov/edgar.

We have never paid dividends on our capital stock and we do not anticipate paying any dividends in the foreseeable future.

We have not paid dividends on any of our classes of capital stock to date and we currently intend to retain our future earnings, if any, to fund the development and growth of our business. As a result, capital appreciation, if any, of our Common Stock will be your sole source of gain for the foreseeable future.

The due diligence procedures conducted by us and our liquidity providers to mitigate transaction risk may fail to prevent transactions with a sanctioned entity.

We will execute trades through
U.S.-based liquidity providers, and rely on these third parties to implement controls and procedures to mitigate the risk of transacting
with sanctioned entities. While we expect our third party service providers to conduct their business in compliance with applicable laws
and regulations and in accordance with our contractual arrangements, there is no guarantee that they will do so. Accordingly, we are exposed
to risk that our due diligence procedures may fail. If we are found to have transacted in Ethereum with bad actors that have used Ethereum
to launder money or with persons subject to sanctions, we may be subject to regulatory proceedings and any