Company: GAME
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001641172-25-016943
Chunk: 15

Company: GameSquare Holdings, Inc.
Filing Date: 2025-06-27
Form: 424B5
Chunk 15
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 expenses payable by us, our as adjusted net tangible book value as of March 31, 2025 would have been approximately $(8.3) million, or approximately $(0.16) per share of common stock. This represents an immediate increase in net tangible book value of $0.29 per share of common stock to our existing stockholders and immediate dilution in net tangible book value of $0.91 per share of common stock to investors participating in this offering at the assumed offering price.

Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the assumed public offering price per share paid by new investors. The following table illustrates this per share dilution:

| Assumed offering price per share                                                                         
 Historical net tangible book value per share as of March 31, 2025                                        |     |   | (0.45 | ) |     |   | 0.749 |   |
|:---------------------------------------------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|:------|:--|
| Increase in net tangible book value per share attributed to new investors participating in this offering |     | $ |  0.29 |   |     |   |       |   |
| As adjusted net tangible book value per share as of March 31, 2025, after giving effect to this offering |     |   |       |   |     | $ | (0.16 | ) |
| Dilution per share to new investors participating in this offering                                       |     |   |       |   |     | $ | (0.91 | ) |

The information above and in the foregoing table is based upon 38,825,619 shares of our common stock outstanding as of March 31, 2025. The information above and in the foregoing table excludes:

| ● | 87,946 shares of Common Stock issued on April 1, 2025; and |
| ● | 210,403 shares of Common Stock issued on June 6, 2025.     |

| S-11 |

<div align='center'>PLAN OF DISTRIBUTION</div>

We have entered into the Sales Agreement with the Agent under which we may offer and sell our shares of Common Stock from time to time through the Agent. Pursuant to this Prospectus Supplement, we may offer and sell up to $9,250,000 of our shares of Common Stock. Sales of our Common Stock,