Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 26

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 26
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.S. federal income tax treatment of transactions in digital assets is unclear.

Due to the new and evolving
nature of digital assets and the absence of comprehensive guidance with respect to digital assets, many significant aspects of the U.S.
federal income tax treatment of digital assets are uncertain. Our operations and dealings, in or in connection with digital assets, as
well as transactions in digital assets generally, could be subject to adverse tax consequences in the United States, including as a result
of development of the legal regimes surrounding digital assets, and our operating results, as well as the price of digital assets, could
be adversely affected thereby.

It is also unclear what additional
guidance on the treatment of digital assets for U.S. federal income tax purposes may be issued in the future. Any such alteration of the
current IRS positions or additional guidance could result in adverse tax consequences for us and could have an adverse effect on the value
of digital assets. Because of the evolving nature of digital assets, it is not possible to predict potential future developments that
may arise with respect to digital assets. Such developments may increase the uncertainty with respect to the treatment of digital assets
for U.S. federal income tax purposes.

| S-15 |

<div align='center'>CONSOLIDATED CAPITALIZATION</div>

The following describes the changes in the consolidated capitalization of the Company since March 31, 2025, the date of the Company’s most recent financial statements. Except as set forth below, there have been no material changes in the share and loan capital of the Company, on a consolidated basis, since March 31, 2025.

| ● | 87,946                                          
 shares of Common Stock issued on April 1, 2025; |

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

| ● | 8,692,866 shares of Common Stock issued on July 9, 2025; and |

| ● | 991,345 shares of Common Stock issued on July 10, 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 $70 million (or approximately $80 million if the Under