Company: GAME
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023589
Chunk: 38

Company: GameSquare Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 Secretary of State of the State of Delaware on July 24, 2025, and became effective upon filing.

The
Series A-1 preferred stock ranks senior to all junior securities, including common stock, and carries a $1.50 per share liquidation preference
on an as-converted basis. After satisfying this preference, each share of Series A-1 preferred stock will automatically convert into
1,000 shares of the common stock. The Series A-1 preferred stock has no voting rights and is equity classified.

On
August 1, 2025, the Board of Directors of the Company authorized a share repurchase program pursuant to which the Company may purchase
shares of common stock, par value $0.0001 per share up to $5,000,000 worth of Common Stock. Under the repurchase program, GameSquare
may purchase shares of its Common Stock on a discretionary basis from time to time through open market repurchases, in privately negotiated
transactions, or other means, including through Rule 10b5-1 trading plans. The timing and actual number of shares repurchased will be
determined by management depending on a variety of factors, including, among other factors, stock price, trading volume, market conditions
and other general business considerations. The repurchase program has no expiration date and may be modified, suspended, or terminated
at any time. Repurchases under this program will be funded from the Company’s surplus cash and cash equivalents or future cash
flow generated by its Ethereum yield strategy. As of September 30, 2025, the Company had not repurchased any common shares under this
program.

(b)
Activity for the periods presented – common shares

On
January 22, 2025, Yorkville converted $3.7 million of its then outstanding $4.1 million convertible debt balance (see Note 10). Yorkville
was issued 5,032,233 common shares for conversion of $3.7 million principal ($4.0 million fair value), with the remaining $411 thousand
refinanced into the promissory note with Yorkville.

On
March 10, 2025, the Company issued 1,094,891 common shares to pay an outstanding settlement due to the former CEO of Faze Clan for $1.5
million.

On
April 1, 2025, the Company issued 87,946 common shares to Gigamoon as payment of accrued interest on the Gigamoon CD through the conversion