Business
GameSquare Extinguishes Convertible Note and Standby Equity Purchase Agreement with Yorkville Advisors Global LP
FRISCO, TX / ACCESS Newswire / January 22, 2025 / GameSquare Holdings, Inc. (NASDAQ:GAME), ("GameSquare", or the "Company"), a next generation media company
About this update from Gamesquare Holdings, Inc.
[{"type":"text","content":"FRISCO, TX / ACCESS Newswire / January 22, 2025 / GameSquare Holdings, Inc. (NASDAQ:GAME), (\"GameSquare\", or the \"Company\"), a next generation media company with roots in gaming and creator entertainment, today announced that it has extinguished its outstanding convertible note and standby equity purchase agreement with Yorkville Advisors Global L.P. (\"Yorkville\"). Under the strategic transaction, GameSquare has issued a zero-coupon, 60-day promissory note to Yorkville associated with a prepayment penalty of $780,000. GameSquare intends to pay off this balance using existing cash on its balance sheet. Additionally, all shares previously owned by Yorkville, were purchased by outside investors in block transactions that occurred on January 21, 2025.Justin Kenna, CEO of GameSquare, stated, \"Today's announcement marks an important milestone for GameSquare. Extinguishing Yorkville's convertible note and proactively ending the standby equity purchase agreement significantly improves our capital structure and removes a potential overhang in our stock. The outstanding shares owned by Yorkville were purchased by supportive, outside investors, which underscores GameSquare's attractive valuation and the long-term growth opportunities we are pursuing.\"About GameSquare Holdings, Inc.GameSquare's (NASDAQ:GAME) mission is to revolutionize the way brands and game publishers connect with hard-to-reach Gen Z, Gen Alpha, and Millennial audiences. Our next generation media, entertainment, and technology capabilities drive compelling outcomes for creators and maximize our brand partners' return on investment. Through our purpose-built platform, we provide award winning marketing and creative services, offer leading data and analytics solutions, and amplify awareness through FaZe Clan, one of the most prominent and influential gaming organizations in the world. With one of the largest gaming media networks in North America, as verified by Comscore, we are reshaping the landscape of digital media and immersive entertainment. GameSquare's largest investors are Dallas Cowboys owner Jerry Jones and the Goff family.To learn more, visit www.gamesquare.com.Forward-Looking InformationThis news release contains \"forward-looking information\" and \"forward-looking statements\" (collectively, \"forward-looking statements\") within the meaning of the ap...