Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 29

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 29
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 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.”

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<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 assets) less total liabilities, divided by the number of shares of our Common Stock outstanding as of March 31, 2025.

After giving effect to the
sale by us of ______shares of our Common Stock in this offering at the public offering price of $______ per share, and pre-funded warrants
to purchase ______ shares of Common Stock at the public offering price of $______ per pre-funded warrant (which equals the public offering
price of the Common Stock at which shares of our Common Stock are being sold to the public in this offering less the $0.0001 per share
exercise price of each such pre-funded warrant) (excluding shares of Common Stock issuable upon exercise of the pre-funded warrants, any
proceeds which may be received upon exercise of the pre-funded warrants or any resulting accounting associated with the exercise of the
pre-funded warrants), and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as
adjusted net tangible book value as of March 31, 2025 would have been $______ million, or $______ per share. This represents an immediate
increase in net tangible book value of $______ per share to existing stockholders and an immediate dilution of $