Blue & Silver Ventures, Ltd. filed Amendment No. 4 to its Schedule 13D with the SEC on November 4, 2026, disclosing that its beneficial ownership of GameSquare Holdings, Inc. common stock dropped to approximately 4.46% as of October 26, 2026, causing it to cease being a beneficial owner of more than 5% of the outstanding shares.

Key Highlights

  • Ownership threshold crossed: Blue & Silver Ventures, Ltd. ceased to be the beneficial owner of more than 5% of GameSquare Holdings, Inc. common stock on October 26, 2026.
  • Current beneficial ownership: Blue & Silver reported aggregate beneficial ownership of 810,322 shares, representing approximately 4.46% of the class.
  • Shares held directly: 768,452 shares of common stock are held directly by Blue & Silver, with an additional 41,870 shares issuable upon exercise of warrants.
  • Dilution trigger: GameSquare issued 5,439,416 new shares of common stock on October 26, 2026, in connection with the closing of a Contribution Agreement dated September 8, 2026.
  • Post-issuance share count: The percentage was calculated based on 18,131,385 shares outstanding immediately following the closing of the Contribution Agreement transactions, plus 41,870 warrant shares.
  • Reverse stock split: The amounts reported give effect to the issuer's 1-for-8 reverse stock split effective August 24, 2026.
  • No recent transactions: According to the filing, Blue & Silver has not effected any transactions in the common stock during the past 60 days.

Blue & Silver Ventures Drops Below 5% Threshold After GameSquare Share Issuance

According to the filing, Blue & Silver Ventures, Ltd. submitted Amendment No. 4 to its Schedule 13D to reflect a greater than 1% decrease in its percentage of beneficial ownership of GameSquare Holdings, Inc. (NASDAQ:GAME) common stock. The filing states the decrease resulted solely from an increase in the number of outstanding shares, not from any sale or disposition of shares by Blue & Silver itself.

The filing discloses that GameSquare issued 5,439,416 shares of common stock on October 26, 2026, in connection with the closing of transactions under a Contribution Agreement dated September 8, 2026. This issuance expanded the total share count to 18,131,385 shares outstanding immediately following the closing, reducing Blue & Silver's proportional stake from above 5% to approximately 4.46%. The filing notes that the share figures have been adjusted to reflect the issuer's 1-for-8 reverse stock split, which became effective August 24, 2026.

Blue & Silver's total reported beneficial ownership of 810,322 shares consists of 768,452 shares held directly and 41,870 shares issuable upon the exercise of warrants. The reporting person indicated sole voting power and sole dispositive power over all 810,322 shares, with no shared voting or dispositive power. Thomas Walker, identified as Assistant Treasurer, signed the amendment on behalf of Blue & Silver Ventures, Ltd.

What Was Disclosed

Blue & Silver Ventures, Ltd. filed an amended Schedule 13D reporting that its beneficial ownership of GameSquare Holdings common stock fell to approximately 4.46%, or 810,322 shares, as of October 26, 2026, after the issuer's new share issuance caused Blue & Silver to drop below the 5% ownership threshold.