Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 20

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 20
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| ● | 87,946                                              
 shares of Common Stock issued on April 1, 2025; and |

| ● | 210,403                                        
 shares of Common Stock issued on June 6, 2025. |

As a result of the offering, the shareholder’s equity of the Company will increase by the amount of the net proceeds of the offering and the number of issued and outstanding Common Stock will increase by the number of Common Stock actually distributed under the offering.

<div align='center'>USE OF PROCEEDS</div>

We estimate the net proceeds to us from this offering will be approximately $7.44 million (or approximately $8.56 million if the Underwriter’s option to purchase additional shares is exercised in full) after deducting underwriting discounts and commissions and estimated offering expenses payable by us. We will receive nominal proceeds, if any, from any exercise of pre-funded warrants.

The net proceeds from this offering are expected to be used by the Company for general corporate purposes, which may include, without limitation, strategic investments, mergers and acquisitions of companies, businesses, or assets; acquisitions of cryptocurrencies; the development and implementation of a cryptocurrency treasury strategy; and general working capital and operational expenditures. The timing and amount of the actual expenditures will depend on a variety of factors, including market conditions and the availability of investment opportunities.The Company may, from time to time, issue securities (including equity and debt securities) other than pursuant to this Prospectus Supplement.

Although the Company intends to expend the net proceeds from the Offering as set forth above, there may be circumstances where, for sound business reasons, a reallocation of funds may be prudent or necessary, and may vary materially from that set forth above. In addition, management of the Company will have broad discretion with respect to the actual use of the net proceeds from the offering. See “ Risk Factors.”

| S-13 |

<div align='center'>DILUTION</div>

If you invest in our Common Stock or pre-funded warrants in this offering, your ownership interest will be diluted to the extent of the difference between the public offering price per share of our Common Stock or pre-funded warrant in this offering and the as adjusted net tangible book value per share of our Common Stock immediately after this offering. Our net tangible book value as of March 31, 2025 was $(17.29) million, or $(0.45) per share of Common Stock. Net tangible book value per share represents the amount of total tangible assets (total assets less intangible