Company: GAME
Filing Date: 2025-08-22
Form Type: PRER14A
Source: 0001641172-25-025153
Chunk: 30

Company: GameSquare Holdings, Inc.
Filing Date: 2025-08-22
Form: PRER14A
Chunk 30
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If the Merger Agreement is approved by stockholders, the Restated Certificate of Incorporation, which will become the Certificate of Incorporation of the Company upon completion of the merger, will not include the supermajority vote requirements set forth in Article VII to amend the Certificate of Incorporation. Under the Restated Certificate of Incorporation, the vote requirement for stockholders to amend the Company’s Certificate of Incorporation will revert to the default standard under Delaware General Corporation Law – a majority of the shares outstanding and entitled to vote on the matter.

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Increase in Authorized Shares

The Company’s Certificate of Incorporation currently authorizes us to issue up to 100,000,000 shares of Common Stock and 50,000,000 shares of Preferred Stock, which we believe is inadequate to provide us with the flexibility necessary to respond to future needs and opportunities. As of the Record Date, we had a total of approximately 98,998,596 shares of Common Stock and 3,433 shares of Preferred Stock outstanding, and approximately 1,001,404 additional shares of Common Stock reserved for issuance.

If the Merger Agreement is approved by stockholders, the Restated Certificate of Incorporation, which will become the Certificate of Incorporation of the Company upon completion of the merger, will increase the number of authorized shares of Common Stock to 500,000,000. The authorized Preferred Stock will remain at 50,000,000.

Declassification of the Board of Directors

The Board has approved the Certificate of Incorporation of GameSquare Merger Sub 2, Inc., which will become the Certificate of Incorporation of the Company as the surviving company in the merger (the “Restated Certificate of Incorporation”). Paragraph A of ARTICLE SIXTH of the Restated Certificate of Incorporation eliminates the classified structure and provides for the annual election of all directors for one-year terms, beginning at the 2026 Annual Meeting of Stockholders.

In addition, Delaware law provides that directors serving on boards that are not classified may be removed with or without cause, whereas currently directors can be removed only for cause. Consistent with Delaware law, the Restated Certificate of Incorporation would permit stockholders to remove directors elected after the Board is declassified with or without cause. Directors elected while the Board was still classified, that is through the 2026 Annual Meeting, would continue to be removable only for cause.

If the Company’s stockholders do not approve the Merger Agreement (Proposal 4), the Board will remain classified