Company: GAME
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004869
Chunk: 866

Company: GameSquare Holdings, Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 866
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 of the federal net operating
loss carryforwards will carryforward indefinitely. Some of the state net operating loss carryforwards, if not utilized, will expire beginning
in 2030.

    F-38

13.
Shareholders’ equity

(a)
Description of the Company’s securities

The
Company is authorized to issue an unlimited number of common shares, with no par value. Holders
of common shares are entitled to one vote in respect of each common share held at shareholder meetings of the Company.

(b)
Activity for the periods presented

On
March 7, 2024, 10,132,884 common shares of the Company were issued for the completion of the Merger (see Note 4).

In
conjunction with the Merger, on March 7, 2024, the Company completed a private placement in public equity financing (the “PIPE
Financing”) with certain investors in which the Company offered 7,194,244 units at a purchase price of $1.39 per unit for aggregate
gross proceeds of $10.0 million. Each unit consisted of one share of the Company’s common stock and a warrant to purchase 0.15
shares of the Company’s common stock. As a result, the Company issued an aggregate of 7,194,224 common shares of the Company and
warrants to purchase up to 1,079,136 shares of the Company pursuant to the PIPE Financing. Each warrant has an exercise price of $1.55
per share and expire on March 7, 2029 (see Note 16).

On
August 26, 2024, 103,594 common shares were issued in connection with conversion of $100 thousand in principal under the Yorkville CD
with a fair value of $108 thousand. On October 17, 2024, 812,347 common shares were issued in connection with conversion of $500 thousand
in principal under the Yorkville CD with a fair value of $538 thousand.

On
September 4, 2024, 80,000 common shares were issued in settlement of outstanding amounts payable of $0.1 million to Yorkville (first
half of the SEPA commitment fee). On October 31, 2024, 139,004 common shares were issued in settlement of outstanding amounts payable
of $0.1 million to Yorkville (second half of the SEPA commitment fee).

On
October 2, 2024, 68,