Company: GAME
Filing Date: 2025-07-16
Form Type: 424B5
Source: 0001641172-25-019931
Chunk: 18

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-16
Form: 424B5
Chunk 18
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 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.

Investors participating in this offering may incur immediate and substantial dilution in the book value of their shares.

Since the offering price for our shares of Common Stock in this offering
is substantially higher than the net tangible book value per share of Common Stock outstanding prior to this offering, you will suffer
immediate and substantial dilution in the net tangible book value of the shares of Common Stock you purchase in this offering. After giving
effect to the sale of ______ shares of our Common Stock in this offering at the public offering price of $______ per share and based on
our net tangible book value (deficit) as of March 31, 2025 of $______ per share, if you purchase shares of Common Stock in this offering
you will suffer substantial and immediate dilution of $______ per share in the net tangible book value of the Common Stock. If the underwriters
exercise their option to purchase additional shares of Common Stock, you will experience additional dilution. See the section entitled
“Dilution” below for a more detailed discussion of the dilution you will incur if you purchase shares in this offering.

| S-12 |

Dilution from Further Financings

The Company may need to raise additional financing in the future, including through the issuance of additional equity securities or convertible debt securities. If the Company raises additional funding by issuing additional equity securities or convertible debt securities, such financings may substantially dilute the interests of shareholders of the Company and reduce the value of their investment and the value of the Company’s securities.

There is no public market for the pre-funded warrants being offered in this offering.

There is no public trading market for the pre-funded warrants being offered in this offering, and we do not expect a market to develop. In addition, we do not intend to apply to list the pre-funded warrants on any securities exchange or nationally recognized trading system, including the Nasdaq Capital Market. Without an active market, the liquidity of the pre-funded warrants will be limited.

We will not receive any meaningful amount of additional funds upon the exercise of the Pre-Funded Warrants.

Each pre-funded warrant may be exercised by way of a cashless exercise, meaning that the holder may not pay a cash purchase price upon exercise, but instead would receive upon such exercise the net number of shares of our Common Stock determined according to the formula set forth in the pre