Cheer Holding Announces Results of Annual General Meeting
Beijing, Cheer Holding, Inc. (NASDAQ: CHR) (“Cheer” or the “Company”), a recognized leader in advanced mobile internet infrastructure and platform services, has announced the results of its Annual General Meeting.
Key Decisions from the Annual General Meeting
During the recent Annual General Meeting, shareholders made several important decisions that will shape the company’s future:
Re-Election of Directors
Shareholders re-elected Messrs. Yong Li and Bing Zhang as Class II directors of the Company. Their terms will continue until the next Annual General Meeting, ensuring stable leadership.
Changes to Authorized Share Capital
A special resolution was approved by shareholders regarding the Company’s authorized share capital. The goal is to:
Increase the share capital from US$200,200, which is divided into 200,000,000 ordinary shares and 2,000,000 preferred shares, to US$200,700. This adjustment includes the allocation of:
- 200,000,000 Class A ordinary shares
- 500,000 Class B ordinary shares
- 2,000,000 preferred shares
This increase reflects the Company’s commitment to future growth and its efforts to attract investment.
Allocation of Class B Shares
Another ordinary resolution approved the issuance of 500,000 Class B ordinary shares to Mr. Bing Zhang, the Chairman, Director, and Chief Executive Officer, at par for a total cost of US$500. This strategic decision aligns with the Company’s growth objectives.
Approval of 2024 Equity Incentive Plan
The Cheer Holding, Inc. 2024 Equity Incentive Plan has been formally ratified. This initiative aims to attract and retain talent as the Company enhances its innovative capabilities.
Appointment of Public Accounting Firm
Shareholders ratified the appointment of Assentsure PAC as the independent registered public accounting firm for the upcoming financial year.
About Cheer Holding, Inc.
Cheer Holding is a leading provider of next-generation mobile internet infrastructure and platform services, dedicated to creating a dynamic digital ecosystem. This ecosystem integrates various elements such as platforms, applications, technology, and industry, fostering an innovative business environment suitable for web3.0, powered by AI technology.
The Company is also exploring the development of a 5G+VR+AR+AI shared universe, utilizing advanced technologies like blockchain, cloud computing, and digital twins to deliver exceptional user experiences.
Cheer Holding offers a diverse range of products, including AI-driven platforms like CHEERS Telepathy, CHEERS Lifestyle, CHEERS e-Mall, and more, which seamlessly blend online and offline functionalities to meet various market demands.
With “CHEERS+” as the cornerstone 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 led to the re-election of directors, modifications to share capital, and the approval 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 is intended to support growth and draw in additional investments for 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 during the meeting.
What organization is appointed as the public accounting firm for the next financial year?
Assentsure PAC has been ratified as the independent registered public accounting firm for the Company.
