Cheer Holding Receives Nasdaq Delisting Notice, Plans to Request Hearing

Cheer Holding, a leading provider of mobile internet infrastructure and platform services in China, received a notice from Nasdaq stating that its Class A ordinary shares are not in compliance with Nasdaq Listing Rule 5810(c)(3)(A)(iii), as the shares have a closing bid price of $0.10 or less for the last ten consecutive trading days. The company has been notified that its securities will be delisted from The Nasdaq Capital Market unless it requests an appeal to the Hearings Panel. Cheer Holding intends to request a hearing and is considering options to regain compliance, including implementing a share consolidation previously approved by its shareholders.