GameSquare CEO buys 405,000 of the company’s own shares

Justin Kenna, CEO of esports holding company GameSquare Esports, acquired 405,000 of the company’s own shares in the open market between June 1st and June 29th.

Kenna acquired each GameSquare share at an average price of $0.10 (~£0.08), leading to an estimated cost of $40,500 (~£33,720).

Headquartered in Toronto, Canada, GameSquare is an esports holding conglomerate that owns assets including esports organisation Complexity Gaming, talent agency Code Red Esports, gaming and esports media company GCN, and U.S-based marketing agency Swingman LLC.

Among its reported financial results, the company highlighted a new contract closed through GCN which boosted its 2022 revenue guidance from $21.5m (~£18m) to somewhere between $23.5m-$25.0m (~£19.65m-£20.90m). It also brought attention to a $5m (~£4.2m) credit facility funded by Goff Capital and the Jones Family, the owners of the Dallas Cowboys and GameSquare’s largest shareholders.

“We are seeing tremendous opportunities within esports, gaming, sports and entertainment as brands seek to reach gaming and esports fans resulting in increased sales activity across GameSquare’s media and esports companies,” said the GameSquare CEO in the company’s press release. “We are making great progress as we execute on our growth strategy with a view to achieving profitability.”

In May, the conglomerate announced revenue of $5.04m (~£4.2m) for the first quarter of 2022, which, despite losses of $3.89m (~£3.25m) after discounting investments, was a significant increase from the $820,129 (~£686,820) achieved over the same period in 2021. Other esports organisations in GameSquare’s portfolio include LGD Gaming and R7 Gaming.

Moreover, the update also details that shareholders approved a 4-to-1 share consolidation for the company. The decision is under GameSquare’s discretion and further details will be provided if the conglomerate decides to proceed with it.

In the meanwhile, the company’s board of directors, which includes the CEO Justin Kenna, Travis Goff, Tom Walker, Paul LeBreux, Craig Armitage, and Kevin Wright, were re-elected.

GameSquare’s apparent harmony with its management contrast with the company’s fellow Canadian conglomerate Enthusiast Gaming. Recent public statements both from Enthusiast’s largest shareholders and its own staff asked for the resignation of the CEO Adrian Montgomery.