Company: GAME
Filing Date: 2025-07-18
Form Type: 424B5
Source: 0001641172-25-020129
Chunk: 15

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-18
Form: 424B5
Chunk 15
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7% of the price to the public, but before deducting expenses
payable by the Company in connection with the Offering. Of the approximate $8.56 million, approximately $5 million of the proceeds went
towards the Company’s investment in digital assets, specifically Ethereum. Pursuant to the Underwriting Agreement we have also agreed
to issue the Underwriter’s common stock purchase warrants (the “Representative’s Warrant”) to purchase up to 10%
of the securities sold in the Offering at an exercise price of $1.14.

Exercise of Underwriter Option

On July 9, 2025, the Underwriter
fully exercised its Option pursuant to the Underwriting Agreement and purchased and exercised 1,263,157 Pre-Funded Warrants at a price
of $0.9499 per Pre-Funded Warrant and at an exercise price of $0.0001 per Pre-Funded Warrant. The Underwriter’s exercise of its
Option resulted in additional gross proceeds to the Company of $1,199,872.83 after deducing the underwriting discount of 7% of the price
to the public.

Termination of At-The-Market Sales Agreement Prospectus Supplement

On July 7, 2025, we terminated the prospectus supplement related to the At-The-Market Sales Agreement, dated June 27, 2025 with ThinkEquity LLC (the “ Sales Agreement”), under which we could, from time to time, offer and sell shares of our Common Stock having an aggregate offering value of up to $9.25 million. No shares of Common Stock were sold pursuant to the Sales Agreement.

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<div align='center'>RISK FACTORS</div>

Investing in our securities is speculative and involves a high degree of risk due to the nature of our business and the present stage of our development. Before deciding to invest in our securities, you should carefully consider all of the information contained in, and incorporated or deemed to be incorporated by reference in, this Prospectus Supplement and the accompanying Prospectus. An investment in the Common Stock is subject to certain risks, including risks related to the business of the Company and risks related to the Company’s securities described in this Prospectus Supplement, the accompanying Prospectus, and the documents incorporated or deemed to be incorporated by reference in the prospectus and herein by reference. SEE THE RISK FACTORS BELOW AND THE “RISK FACTORS” SECTION OF THE ACCOMPANYING PROSPECTUS AND THE