GameSquare Holdings, the gaming and esports media company trading under the ticker GAME, has watched its stock lose roughly 83% of its value over the past twelve months. The shares are hovering around $0.32, which is a problem when the exchange you’re listed on requires a minimum bid price of $1.00.

NASDAQ first flagged the issue back in September 2025, notifying GameSquare that its share price had lingered below the $1 threshold for 30 consecutive business days. The company received a 180-day compliance window, then secured an extension in March 2026 that pushed the final deadline to September 7, 2026.

Revenue is up, stock is down

The company posted Q1 2026 revenue of $14.5 million, a 95% year-over-year increase. Management reaffirmed full-year revenue guidance of $85 to $90 million, with projected adjusted EBITDA north of $5 million.

In April 2026, the company repurchased nearly 2.3 million of its own shares for about $1 million, averaging roughly $0.44 per share.

The reverse split question

The most likely path back to compliance involves a reverse stock split, and GameSquare has acknowledged it’s considering exactly that. A 1-for-10 reverse split, for example, would turn ten shares worth $0.32 each into one share worth $3.20.

GameSquare made a deliberate bet on NASDAQ as its sole listing venue, completing a voluntary delisting from Canada’s TSXV exchange back in March 2024.

What this means for investors

The September 7 deadline is the date that matters. If GameSquare can get its closing bid price above $1 for at least ten consecutive trading days before then, it regains compliance and the delisting threat evaporates.

The $85 to $90 million revenue target for 2026 is the number to watch alongside the compliance deadline.