[Form 4] GameSquare Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Ciena Corporation (CIEN) has filed a Form 144 indicating that an insider plans to sell 734 common shares through Morgan Stanley Smith Barney LLC on or about 15 July 2025 via the NYSE. The proposed transaction is valued at $60,606.38 and represents less than 0.001 % of CIEN’s 141,367,218 shares outstanding. The shares were acquired as restricted stock on 20 June 2025. No other insider sales were reported in the last three months, and the filing contains no additional financial or operational disclosures.

Insights

Corporate Governance Analyst

TL;DR: Very small insider sale; governance disclosure routine and immaterial to valuation.

The Form 144 reflects a proposed sale of only 734 shares, worth roughly $60 k, vs. a share count exceeding 141 million. Such a fraction (<0.001 %) is statistically insignificant and does not alter ownership structure or signal strategic intent. Because the shares were recently granted as restricted stock, the filing appears to be a standard liquidity move rather than a directional view on CIEN’s prospects. No red-flags such as clustered selling, accelerated timing, or non-public information concerns are evident. I view the impact on investors as neutral.

Portfolio Manager

TL;DR: Transaction is de minimis; should not influence portfolio positioning.

From a portfolio perspective, the dollar value and share count are trivial. Liquidity of CIEN averages well above 1 million shares daily, so the market can easily absorb 734 shares without price disruption. There are no accompanying operational metrics or guidance changes. Consequently, I classify this event as non-impactful and keep my investment thesis unchanged.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Munoz Michael Patrick

(Last) (First) (Middle)

C/O GAMESQUARE HOLDINGS, INC.

6775 COWBOYS WAY, STE. 1335

(Street)

FRISCO TX 75034

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GameSquare Holdings, Inc. [ GAME ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
07/11/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Options to Purchase Common Stock(1)	$1.8	07/11/2025		A		301,249		(3)	07/11/2030	Common Stock	301,249	$0(1)	301,260	D
Restricted Stock Units(1)	(2)	07/11/2025		A		129,128		(3)	(3)	Common Stock	129,128	$0(1)	129,128	D

Explanation of Responses:

1. The grant was made pursuant to the Issuer's Amended and Restated Omnibus Equity Incentive Plan ("Omnibus Plan").

2. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock.

3. On July 11, 2025 (the "Grant Date"), the Reporting Person was granted (i) options to purchase an aggregate of 1,045,712 shares of the Issuer's common stock and (ii) 464,863 restricted stock units ("RSUs"), each representing a contingent right to receive one share of the Issuer's common stock. The grants were made as part of the Issuer's long-term incentive program and vest as follows: 25% on the Grant Date, 37.5% on the first anniversary of the Grant Date, and 37.5% on the second anniversary of the Grant Date.

	/s/ Michael Munoz	07/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

How many CIEN shares are being registered for sale under this Form 144?

The filing covers 734 common shares of Ciena Corporation.

What is the estimated value of the planned CIEN share sale?

The aggregate market value is $60,606.38 based on the figures disclosed.

When is the approximate sale date for the CIEN shares?

The insider intends to sell on or about 15 July 2025.

What percentage of CIEN’s outstanding shares does this sale represent?

It represents less than 0.001 % of the 141,367,218 shares outstanding.

Where will the CIEN shares be sold and through which broker?

Sales are planned on the NYSE via Morgan Stanley Smith Barney LLC.