Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory
Star” or the “Company”), a leading provider of next-generation
mobile internet infrastructure and platform services, today
announced the results of its 2023 Annual General Meeting, which was
held on October 31, 2023, in Beijing, China.
At the Annual General Meeting, the Company’s
shareholders:
(1) re-elected Messrs. Zhihong Tan and Jia Lu as
Class I directors of the Company to serve until the 2026 annual
general meeting of the Company or until their respective successors
are duly appointed and qualified;
(2) approved a proposal, as an ordinary
resolution, subject to certain conditions being met, that every 10
ordinary shares of a par value of US$0.0001 each in the authorized
share capital of the Company (including issued and unissued share
capital) be consolidated into 1 ordinary share of a par value of
US$0.001 (the “Share Consolidation”); such that immediately
following the Share Consolidation, the authorized share capital of
the Company will be US$20,200 divided into 20,000,000 ordinary
shares of a par value of US$0.001 each and 2,000,000 preferred
shares of a par value of US$0.0001 each;
(3) approved a proposal, as an ordinary
resolution, subject to certain conditions being met, that the
authorized share capital of the Company be increased by the
creation of an additional 180,000,000 ordinary shares of a par
value of US$0.001 each (the “Share Increase”); such that
immediately following the Share Increase, the authorized share
capital of the Company will be US$200,200 divided into 200,000,000
ordinary shares of a par value of US$0.001 each and 2,000,000
preferred shares of a par value of US$0.0001 each;
(4) approved a proposal, as a special resolution,
that the name change from “Glory Star New Media Group Holdings
Limited” to “Cheer Holding, Inc.”; and
(5) ratified the appointment of Assentsure PAC as
the independent registered public accounting firm of the Company
for the financial year ending December 31, 2023.
About Glory Star
As a preeminent provider of next-generation
mobile internet infrastructure and platform services in China,
Glory Star is dedicated to building a digital ecosystem that
integrates “platforms, applications, technology, and industry” into
a cohesive system, thereby creating a new, open business
environment for web3.0 that leverages AI technology. The Company is
developing a 5G+VR+AR+AI shared universe space that builds on
cutting-edge technologies including blockchain, cloud computing,
extended reality, and digital twin.
Glory Star’s portfolio includes a wide range of
products and services, such as Polaris Intelligent Cloud, CHEERS
Telepathy, CHEERS Open Platform, CHEERS Video, CHEERS e-Mall,
CheerReal, CheerCar, CheerChat, CHEERS Fresh Group-Buying
E-commerce Platform, Digital Innovation Research Institute, CHEERS
Livestreaming, variety show series, IP short video matrix, and
more. These offerings provide diverse application scenarios that
seamlessly blend “online/offline” and “virtual/reality”
elements.
With “CHEERS+” at the core of Glory Star’s
ecosystem, the Company is committed to consolidating and
strengthening its core competitiveness, and achieving long-term
sustainable and scalable growth.
For more information, please visit
http://ir.gsmg.co/.
Safe Harbor Statement
Certain statements made in this release are
“forward looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. When used in this press release, the
words “estimates,” “projected,” “expects,” “anticipates,”
“forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,”
“will,” “should,” “future,” “propose” and variations of these words
or similar expressions (or the negative versions of such words or
expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside the Company’s control, that
could cause actual results or outcomes to differ materially from
those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting our
profitability; litigation involving patents, intellectual property,
and other matters; potential changes in the legislative and
regulatory environment; a pandemic or epidemic; the occurrence of
any event, change or other circumstances that could affect the
Company’s ability to continue successful development and launch of
its metaverse experience centers; the possibility that the Company
may not succeed in developing its new lines of businesses due to,
among other things, changes in the business environment and
technological developments, competition, changes in regulation, or
other economic and policy factors; disruptions or other business
interruptions that may affect the operations of our products and
services, the possibility that the Company’s new lines of business
may be adversely affected by other economic, business, and/or
competitive factors; other factors, risks and uncertainties set
forth in documents filed by the Company with the Securities and
Exchange Commission from time to time, including the Company’s
latest Annual Report on Form 20-F filed with the SEC on March 22,
2023, as amended. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Such information speaks only as of the date of this
release.
For investor and media inquiries, please
contact:
Wealth Financial Services LLCConnie Kang, PartnerEmail:
ckang@wealthfsllc.comTel: +86 1381 185 7742 (CN)
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