Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 31

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 31
---
 dilution in as adjusted net tangible
book value of $______ per share to investors purchasing shares of common stock in this offering.

| S-17 |

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

Lucid Capital Markets, LLC (“ Lucid”) is acting as the representative for the underwriters for this offering. Under the terms of an underwriting agreement, which will be filed as an exhibit to a Current Report on Form 8-K to be incorporated into the registration statement to which this Prospectus Supplement and the accompanying Prospectus constitute a part, with respect to the shares being offered, each of the underwriters named below has severally agreed to purchase from us the respective number of shares of Common Stock and pre-funded warrants shown opposite its name below:

| Underwriters               |     | Number of Shares |     | Number of Pre-Funded Warrants |
| Lucid Capital Markets, LLC |     |                  |     |                               |
| Total                      |     |                  |     |                               |

Delivery of the Shares and/or
Pre-Funded Warrants (other than any Option Shares) is expected on or about ______, 2025, against payment in immediately available funds
and subject to customary closing conditions.

We have agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities.

Option to Purchase Additional Shares.

We have granted to the underwriters
an option to purchase up to ______ additional shares of Common Stock or Pre-Funded Warrants at the public offering price, less the underwriting
discounts and commissions. This option is exercisable for a period of 45 days. The underwriters may exercise this option solely for the
purpose of covering overallotments, if any, made in connection with the sale of Common Stock offered hereby.

Discounts and Commissions

The following table shows the initial public offering price, underwriting discounts and commissions and proceeds, before expenses, to us. These amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase additional shares.

|                                           |     | Per Share |     | Per Pre-Funded Warrant |     | Total                         
 Without Over-Allotment Option |     | With Over Allotment Option |
|:------------------------------------------|:----|:----------|:----|:-----------------------|:----|:------------------------------|:----|:---------------------------|
| Public offering price                     |     | $