FRISCO, TX - GameSquare Holdings, Inc. (NASDAQ:GAME)(TSXV:GAME), a media and technology company focused on connecting brands with Gen Z and Millennials, has announced its decision to voluntarily delist its common shares from the TSX Venture Exchange (TSXV).
The delisting is expected to be effective at the close of trading around March 28, 2024. However, the company's shares will continue to be traded on the NASDAQ Capital Market under the same ticker symbol "GAME".
The decision to delist from the TSXV comes after GameSquare's recent acquisition of FaZe, which altered its shareholder base and prompted a review of its dual listing. The company anticipates that the move to a single exchange listing will reduce expenses and administrative burdens associated with maintaining listings on two exchanges.
GameSquare also expects that consolidating its trading on NASDAQ will improve liquidity and potentially enhance shareholder value over the long term.
Shareholders of GameSquare who have their shares in Canadian brokerage accounts are advised to consult their brokers regarding the process for trading on NASDAQ following the delisting from the TSXV.
In addition to the delisting news, GameSquare disclosed an amendment to its existing convertible debenture. The amendment, dated January 28, 2024, increased the principal amount of the debenture by US$1,000,000, resulting in an aggregate principal balance of US$2,250,000.
The terms of the debenture, including a 7% annual interest rate and a conversion price of US$4.40 per share, remain unchanged. The convertible debenture is held by a director of the company, and the amendment is considered a "related party transaction" under Multilateral Instrument 61-101.
GameSquare has obtained conditional approval from the TSX Venture Exchange for the amendment and is exempt from certain formal valuation and minority shareholder approval requirements.
This move aligns with GameSquare's mission to revolutionize brand engagement with younger audiences through its media network, which includes FaZe Clan, one of the most prominent gaming organizations. The company's significant investors include Jerry Jones, owner of the Dallas Cowboys, and the Goff family.
The information in this article is based on a press release statement from GameSquare Holdings, Inc.
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