Cheer Holding faces two takeover bids and is raising $15M via share sale as its board evaluates options.

On November 1 and 4, 2025, two separate acquisition proposals were made for Cheer Holding, Inc. (NASDAQ: CHR): Zhong Sheng Ding Xin offered $0.56 per share in cash plus equity, while Excel Ally Investments proposed $0.52 per share in cash plus equity, totaling $6.3 million. In response, Cheer Holding’s board formed a special committee of independent directors to evaluate both offers and other strategic options, with authority to hire outside advisors. Separately, the company announced a $15 million registered direct offering of up to 187.5 million Class A shares at $0.08 each, expected to close on November 6, 2025, under a previously effective SEC shelf registration. The company, based in China, provides mobile internet infrastructure and digital ecosystem services using AI, blockchain, and cloud technologies.