Cheer Holding Shares Annual Meeting Results and Future Plans
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Cheer Holding Announces Results of Annual General Meeting
Beijing, Cheer Holding, Inc. (NASDAQ: CHR) (“Cheer” or the “Company”), recognized as a leading provider of advanced mobile internet infrastructure and platform services, has revealed the outcomes of its Annual General Meeting.
Key Decisions from the Annual General Meeting
During the recent Annual General Meeting, the shareholders made several significant decisions concerning the future direction of the company:
Re-Election of Directors
The shareholders re-elected Messrs. Yong Li and Bing Zhang as Class II directors of the Company. The term is set to continue until the next Annual General Meeting, ensuring continuity in leadership.
Changes to Authorized Share Capital
Shareholders approved a special resolution regarding the Company's authorized share capital. The aim is to:
Increase the share capital from US$200,200 divided into 200,000,000 ordinary shares and 2,000,000 preferred shares, to US$200,700. This change includes the allocation of:
- 200,000,000 Class A ordinary shares
- 500,000 Class B ordinary shares
- 2,000,000 preferred shares
This expansion signifies the Company’s commitment to future growth and attracting investment.
Allocation of Class B Shares
Another ordinary resolution approved the issuance of 500,000 Class B ordinary shares to the Chairman, Director, and Chief Executive Officer, Mr. Bing Zhang, at par for a total cost of US$500. This strategic move aligns with the Company's growth plans.
Approval of 2024 Equity Incentive Plan
The Cheer Holding, Inc. 2024 Equity Incentive Plan was formally ratified. This initiative is designed to attract and retain talent as the Company expands its innovative capabilities.
Appointment of Public Accounting Firm
The shareholders ratified the appointment of Assentsure PAC as the independent registered public accounting firm for the financial year.
About Cheer Holding, Inc.
As a preeminent provider of next-generation mobile internet infrastructure and platform services, Cheer Holding is committed to developing a dynamic digital ecosystem. This ecosystem integrates various components such as platforms, applications, technology, and industry, fostering an innovative business landscape suitable for web3.0, powered by AI technology.
The Company is exploring the development of a 5G+VR+AR+AI shared universe, relying on advanced technologies like blockchain, cloud computing, and digital twins to create unparalleled user experiences.
Cheer Holding’s diverse range of products includes AI-powered platforms such as CHEERS Telepathy, CHEERS Lifestyle, CHEERS e-Mall, and many others that seamlessly combine online and offline functionalities, catering to varying market needs.
With “CHEERS+” as the foundation of its digital ecosystem, the Company aims for sustainable, scalable growth through innovative product applications and technology.
Frequently Asked Questions
What were the main outcomes of the annual general meeting?
The meeting resulted in the re-election of directors, changes to share capital, and the adoption of the 2024 Equity Incentive Plan.
Who were re-elected as directors of Cheer Holding?
Messrs. Yong Li and Bing Zhang were re-elected as Class II directors.
What is the purpose of increasing the authorized share capital?
The increase in authorized share capital aims to facilitate growth and attract further investment into the company.
Who will receive the new Class B shares approved by the shareholders?
Mr. Bing Zhang, the Chairman and CEO, will receive all 500,000 Class B ordinary shares as approved in the meeting.
What organization is appointed as the public accounting firm for the next financial year?
Assentsure PAC was ratified as the independent registered public accounting firm for the Company.
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