Company: GAME
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001641172-25-016943
Chunk: 14

Company: GameSquare Holdings, Inc.
Filing Date: 2025-06-27
Form: 424B5
Chunk 14
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 any, are not determinable in light of the nature of the distribution. The net proceeds of any given distribution of Offered Shares through the Agent in an “at-the-market distribution” or “at-the-market” offering will represent the gross proceeds after deducting the applicable compensation payable to the Agent under the Sales Agreement and the expenses of the distribution. The proceeds actually received by the Company will depend on the number of Common Stock actually sold and the offering price of such Common Stock. See “ Plan of Distribution”.

The net proceeds from the Offering, to the extent raised, are expected to be used by the Company for general corporate purposes and for working capital. The Company may, from time to time, issue securities (including equity and debt securities) other than pursuant to this Prospectus Supplement.

Although the Company intends to expend the net proceeds from the Offering as set forth above, there may be circumstances where, for sound business reasons, a reallocation of funds may be prudent or necessary, and may vary materially from that set forth above. In addition, management of the Company will have broad discretion with respect to the actual use of the net proceeds from the Offering. See “ Risk Factors.”

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

If you invest in our common stock in this offering, your ownership interest will be diluted to the extent of the difference between the public offering price per share of our common stock in this offering and the as adjusted net tangible book value per share of our common stock immediately after this offering. Our net tangible book value as of March 31, 2025 was $(17.29) million, or $(0.45) per share of common stock. Net tangible book value per share represents the amount of total tangible assets (total assets less intangible assets) less total liabilities, divided by the number of shares of our common stock outstanding as of March 31, 2025.

Dilution in net tangible book value per share to new investors participating in this offering represents the difference between the amount per share paid by purchasers in this offering and the as adjusted net tangible book value per share of our common stock immediately after giving effect to this offering. After giving effect to the assumed sale of 12,349,799 shares of our common stock in the aggregate amount of approximately $9,250,000 at an assumed offering price of $0.749 per share, the last reported sale price of our common stock on June 25, 2025, and after deducting commissions and estimated offering