Cheer Holding receives two preliminary non-binding acquisition proposals

Cheer Holding (CHR) announced that its Board of Directors has received the following non-binding proposals: a preliminary non-binding proposal letter, dated November 1, 2025, from Zhongsheng Dingxin Investment Fund Management, an existing shareholder of the Company, proposing to acquire all of the outstanding Class A ordinary shares of the Company, par value $0.001 per share for $0.56 in cash per Class A Share, and a preliminary non-binding proposal letter, dated November 4, 2025, from Excel Ally Ventures Limited proposing to acquire all of the outstanding Class A Shares for $0.52 in cash per Class A Share. The Board will form a special committee consisting of independent directors to evaluate and consider the Proposed Transactions as well as other potential strategic alternatives that the Company may pursue. The Special Committee will have the right to retain advisors, including an independent financial advisor and independent legal counsel, to assist it in its evaluation. The Board cautions the Company’s shareholders and others considering trading the Company’s securities that the Board has just received the Proposals and has not made any decisions with respect to the Proposals. There can be no assurance that any definitive offer will be made, that any agreement will be executed or that the Proposed Transactions or any other transaction will be approved or consummated.