BEIJING, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Cheer Holding, Inc. (NASDAQ: CHR) (“Cheer Holding,” or the “Company”), a leading provider of advanced mobile internet infrastructure and platform services, today announced that its Board of Directors (the “Board”) has formed a special committee (the “Special Committee”) to, among other things, evaluate (i) the preliminary non-binding proposal letter, dated November 1, 2025, that it received from Zhongsheng Dingxin Investment Fund Management (Beijing) Co., Ltd., 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 (“Class A Shares”) that it does not hold for US$0.56 in cash per Class A Share, and (ii) the 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 US$0.52 in cash per Class A Share (collectively, the “Proposed Transactions”). The Special Committee is comprised of Chairman Bing Zhang, and independent directors, Messrs. Zhihong Tan and Yong Li, all of whom are disinterested directors with respect to the Proposed Transactions, with Chairman Zhang serving as the chairman. 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 not made any decisions with respect to the Proposed Transactions. 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.

The Company does not undertake any obligation to provide any updates with respect to the Proposal Transactions or any other transaction, except as required under applicable law.

A copy of the proposal letters for the Proposed Transactions are available as exhibits to the Company’s Current Report on Form 6-K furnished with the Securities and Exchange Commission on November 5, 2025.