Company: GAME
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001641172-25-016943
Chunk: 11

Company: GameSquare Holdings, Inc.
Filing Date: 2025-06-27
Form: 424B5
Chunk 11
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 of the net proceeds from this offering and might not apply the proceeds in ways that enhance our operating results or increase the value of your investment.

The Company currently intends to allocate the net proceeds received from the Offering as described under “ Use of Proceeds”; however, the Company will have discretion in the actual application of such net proceeds, and may elect to allocate net proceeds differently from that described under “ Use of Proceeds” if determined by the Board to be in the Company’s best interests to do so. Shareholders may not agree with the manner in which the Board and management choose to allocate and spend the net proceeds. The failure by the Company to apply these funds effectively could have a material adverse effect on the Company’s business, financial condition, results of operations and prospects.

Loss of Entire Investment

An investment in the Offered Shares is speculative and may result in the loss of an investor’s entire investment. Only potential investors who are experienced in high risk investments and who can afford to lose their entire investment should consider an investment in the Company.

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If you purchase our Common Stock in the Offering, you may incur immediate and substantial dilution in the book value of your shares.

The offering price per share of Common Stock in this offering may exceed the net tangible book value per share of our Common Stock outstanding prior to this offering. Therefore, if you purchase Common Stock in this offering, you may pay a price per share that exceeds our pro forma as adjusted net tangible book value per share of common stock. Assuming that an aggregate of 12,349,799 shares of Common Stock, after giving effect to the assumed sale of $9,250,000 shares of our Common Stock at a price of $0.749 per share, which was the closing price of our Common Stock on NASDAQ on June 25, 2025, and after deducting commissions and estimated offering expenses payable by us, you would experience immediate anti-dilution of $0.29 per share, representing the difference between our pro forma as adjusted net tangible book value per share as of March 31, 2025, after giving effect to the Offering, and the assumed offering price. To the extent outstanding options or warrants are exercised, you will experience further dilution. See the section titled “Dilution” below for a more detailed illustration of the dilution you would incur if you participate in the Offering. Because the sales of the Offered Shares will be made directly into the market, the prices at which we sell these shares will vary and