Cheer Holding Announces Results of 2024 Annual General Meeting

BEIJING, Aug. 29, 2024 (GLOBE NEWSWIRE) — Cheer Holding, Inc. (NASDAQ: CHR) (“Cheer” or the “Company”), a leading provider of advanced mobile Internet infrastructure and platform services, today announced the results of its 2024 Annual General Meeting, held on August 28, 2024 in Beijing, China.

During the 2024 Annual General Meeting of Shareholders:

(1) re-elected Messrs. Yong Li and Bing Zhang as Class II directors of the Company to serve until the Company’s Annual General Meeting in 2027 and until his successor is appointed and duly qualified, or until he retires or is removed earlier.

(2) has approved a proposal, as a special resolution, subject to the determination, confirmation and approval of the Board of Directors of the Company that such resolution should be implemented, that:

(a) The authorised share capital of the Company is increased as follows:

FROM: US$200,200 divided into 200,000,000 ordinary shares with a par value of US$0.001 each and 2,000,000 preferred shares with a par value of US$0.0001 each;

TO: US$200,700 divided into 200,000,000 ordinary shares class A with a par value of US$0.001 each, 500,000 ordinary shares class B with a par value of US$0.001 each and 2,000,000 preferred shares with a par value of US$0.0001 each;

BY: the creation of 500,000 ordinary shares of Class B with a nominal value of US$0.001 each with the rights attaching to such shares as set out in the Third Amended and Restated Memorandum and Articles of Association in the form set out in Appendix A to the Notice of the 2024 Annual General Meeting of the Company; and

(b) the Second Amended and Restated Memorandum and Articles of Association of the Company for the time being in force are amended and restated by deleting the Third Amended and Restated Memorandum and Articles of Association in their entirety and replacing them with the Third Amended and Restated Memorandum and Articles of Association in the form set out in Appendix A to the Notice of the 2024 Annual General Meeting of the Company.

(3) a proposal approved, as an ordinary resolution, subject to the approval and implementation of Proposal No. 2, Mr. Bing Zhang, the Chairman, Director, Chief Executive Officer and Chief Financial Officer of the Company, shall be allotted and issued all 500,000 Class B ordinary shares at par for an aggregate purchase price of US$500, or US$0.001 per share. Such payment may be made in Renminbi.

(4) approved a motion, as an ordinary resolution, that the Cheer Holding, Inc. 2024 Equity Incentive Plan be approved and adopted in all respects.

(5) has confirmed the appointment of Assentsure PAC as the Company’s independent registered public accounting firm for the financial year ending December 31, 2024.

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About Cheer Holding, Inc.

As a leading provider of next-generation mobile Internet infrastructure and platform services in China, Cheer Holding is committed to building a digital ecosystem that integrates “platforms, applications, technology and industry” into a cohesive digital ecosystem, creating a new open business environment for Web3.0 that leverages AI technology. The company is developing a 5G+VR+AR+AI shared universe space that builds on advanced technologies including blockchain, cloud computing, augmented reality and digital twin.

Cheer Holding’s portfolio includes a wide range of products and services, such as AI-powered content creation platform CHEERS Telepathy, CHEERS Lifestyle, CHEERS e-Mall, Yaoshi TTX, CheerReal, CHEERS Open Data Platform, CheerCar, CheerChat, CHEERS Fresh Group-Buying E-commerce Platform, Polaris Intelligent Cloud, Digital Innovation Research Institute, AI-animated short drama series, CHEERS video matrix, IP short video matrix, variety show series, CHEERS Livestreaming and more. These offerings cover diverse application scenarios that seamlessly combine “online/offline” and “virtual/reality” elements.

With “CHEERS+” as the core of Cheer Holding’s digital ecosystem, the company aims to leverage innovative product applications and technologies to drive its sustainable and scalable long-term growth.

For more information, visit http://ir.gsmg.co/.

Safe Harbor Statement

Certain statements in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “predicts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “proposes” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors include, among others: the ability to manage growth; the ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors that adversely affect our profitability; litigation relating to patents, intellectual property and other matters; potential changes in laws and regulations; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company’s ability to continue the successful development and launch of its metaverse experience centers; the possibility that the Company may be unable to develop its new business lines due to, among other things, changes in the business environment and technological developments, competition, regulatory changes or other economic and policy factors; disruptions or other business interruptions that could affect the performance of our products and services; the possibility that the Company’s new business lines may be adversely affected by other economic, business and/or competitive factors; other factors, risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission from time to time, including the Company’s latest Annual Report on Form 20-F filed with the SEC on March 22, 2023, as amended. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this press release.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, partner
Email address: [email protected]
Phone: +86 1381 185 7742 (CN)