Company: GAME
Filing Date: 2025-07-09
Form Type: 424B5
Source: 0001641172-25-018315
Chunk: 21

Company: GameSquare Holdings, Inc.
Filing Date: 2025-07-09
Form: 424B5
Chunk 21
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 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 4,692,866 shares of our Common Stock in this offering at the public offering price of $0.95 per share, and pre-funded warrants to purchase 3,728,188 shares of Common Stock at the public offering price of $0.9499 per pre-funded warrant (which equals the public offering price of the Common Stock at which shares of our Common Stock are being sold to the public in this offering less the $0.0001 per share exercise price of each such pre-funded warrant) (excluding shares of Common Stock issuable upon exercise of the pre-funded warrants, any proceeds which may be received upon exercise of the pre-funded warrants or any resulting accounting associated with the exercise of the pre-funded warrants), 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 $(10.1) million, or $(0.23) per share. This represents an immediate increase in net tangible book value of $0.22 per share to existing stockholders and an immediate dilution of $1.18 per share to new investors purchasing shares of Common Stock in this offering. Dilution per share to investors purchasing shares of our Common Stock or pre-funded warrants in this offering is determined by subtracting as adjusted net tangible book value per share after this offering from the public offering price per share paid by investors purchasing shares of our Common Stock or pre-funded warrants in this offering.

Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the assumed public offering price per share paid by new investors. The following table illustrates this per share dilution:

| Assumed offering price per share                                                
 Historical                                                                      
 net tangible book value per share as of March 31, 2025                          |     |   | (0.45 | ) |     |   | 0.95  |   |
|:--------------------------------------------------------------------------------|:----|:--|------:|:--|:----|:--|:------|:--|
| Increase in net tangible                                                        
 book value per share attributed to new investors participating in this offering |     | $ |  0.22 |   |     |   |       |   |
| As adjusted net tangible                                                        
 book