Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 27

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 27
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writer’s option
to purchase additional shares is exercised in full) after deducting underwriting discounts and commissions and estimated offering expenses
payable by us.

The net proceeds from this offering are expected to be used by the Company for general corporate purposes, which may include, without limitation, strategic investments, mergers and acquisitions of companies, businesses, or assets; acquisitions of cryptocurrencies; the development and implementation of a cryptocurrency treasury strategy; and general working capital and operational expenditures. The timing and amount of the actual expenditures will depend on a variety of factors, including market conditions and the availability of investment opportunities.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.

After giving effect to
the sale by us of 46,666,667 shares of our Common Stock in this offering at the public offering price of $1.50 per
share, and after deducting underwriting discounts and commissions and estimated offering expenses payable by us, our as adjusted net
tangible book value as of March 31, 2025 would have been $47.7 million, or $0.56 per share. This represents an
immediate increase in net tangible book value of $1.01 per share to existing stockholders and an immediate dilution of $0.94
per share to new investors purchasing shares of Common Stock in