# EDGAR Filing Document

**Accession Number:** 0001738758
**File Stem:** 0001213900-25-091135
**Filing Date:** 2025-9
**Character Count:** 59253
**Document Hash:** 9c030433e08b9c8549032d6686d7f980
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-091135.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0001213900-25-091135

**CONFORMED SUBMISSION TYPE**: F-1/A

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cheer Holding, Inc.
- **CENTRAL INDEX KEY:** 0001738758
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289372
- **FILM NUMBER:** 251338842

**BUSINESS ADDRESS:**
- **STREET 1:** 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING
- **STREET 2:** NO. 8 TUOFANGYING SOUTH RD, JIUXIANQIAO
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 100016
- **BUSINESS PHONE:** 86-13810355988

**MAIL ADDRESS:**
- **STREET 1:** 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING
- **STREET 2:** NO. 8 TUOFANGYING SOUTH RD, JIUXIANQIAO
- **CITY:** CHAOYANG DISTRICT, BEIJING
- **STATE:** F4
- **ZIP:** 100016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLORY STAR NEW MEDIA GROUP HOLDINGS Ltd
- **DATE OF NAME CHANGE:** 20200219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TKK SYMPHONY ACQUISITION Corp
- **DATE OF NAME CHANGE:** 20180426

**As filed with the Securities and Exchange Commission on September 24, 2025**

**Registration No. 333-289372**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 2 to**

**FORM F-1**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Cheer Holding, Inc.**

(Exact name of registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English)

---

| | | |
|:---|:---|:---|
| **Cayman Islands** | **7374** | **Not Applicable** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (Primary Standard Industrial<br> Classification Code Number) | (I.R.S. Employer<br> Identification Number) |

---

**19F, Block B, Xinhua Technology Building**

**No. 8 Tuofangying South Road**

**Jiuxianqiao, Chaoyang District, Beijing China 100016**

**+86 -10-87700500**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Cogency Global, Inc.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**(212) 947-7200**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

*Copies to:*

---

| | | |
|:---|:---|:---|
| **John P. Yung Esq.**<br> **Dale Bergman Esq.**<br> **Lewis Brisbois Bisgaard & Smith LLP**<br> **45 Fremont Street, Suite 3000**<br> **San Francisco, CA 94105**<br> **Tel: (415) 362-2580** | **Henry Yin, Esq.**<br> **Loeb & Loeb LLP**<br> **2206-19 Jardine House**<br> **1 Connaught Place**<br> **Central, Hong Kong SAR**<br> **(852) 3923-1111** | **Hermione M. Krumm, Esq.**<br> **Loeb & Loeb LLP**<br> **345 Park Ave**<br> **New York, NY 10154**<br> **Tel: (212) 407-4000** |

---

**Approximate date of commencement of proposed sale to the public:** As soon as practicable after the effective date of this registration statement

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earliest effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.

Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

**The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may determine.**

**EXPLANATORY NOTE**

This Pre-Effective Amendment No. 2 (this "Pre-effective Amendment No.2") to the Registration Statement on Form F-1 (File No. 333-289372) filed with the Securities and Exchange Commission (the "SEC") by the Registrant on August 7, 2025, as amended on September 3, 2025, (the "Registration Statement") is being filed solely for the purpose of filing Exhibits 4.5, 5.1, 5.2, 23.1 (included in Exhibit 5.1) and 23.5 (included in Exhibit 5.2) as indicated in Part II of this Pre-Effective Amendment No.2. Accordingly, this Pre-Effective Amendment No. 2 consists only of the facing page, this explanatory note, Part II of the Registration Statement, and Exhibits 5.1, 5.2, 23.1 (included in Exhibit 5.1) and 23.5 (included in Exhibit 5.2). The preliminary prospectus is unchanged and has been omitted.

**PART II**

**INFORMATION NOT REQUIRED IN PROSPECTUS**

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect, civil fraud or the consequences of committing a crime. Our Memorandum and Articles of Association provide for indemnification of our officers and directors to the maximum extent permitted by law, including for any liability incurred in their capacities as such, except through their own actual fraud, willful default or willful neglect. We will enter into agreements with our directors and officers to provide contractual indemnification in addition to the indemnification provided for in our Memorandum and Articles of Association. We expect to purchase a policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Our officers and directors have agreed to waive any right, title, interest or claim of any kind in or to any monies in the trust account, and have agreed to waive any right, title, interest or claim of any kind they may have in the future as a result of, or arising out of, any services provided to us and will not seek recourse against the trust account for any reason whatsoever (except to the extent they are entitled to funds from the trust account due to their ownership of public shares). Accordingly, any indemnification provided will only be able to be satisfied by us if (i) we have sufficient funds outside of the trust account or (ii) we consummate an initial business combination.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Recent Sales of Unregistered Securities.**

In the three years preceding the filing of this registration statement, we issued the securities described below without registration under the Securities Act. Unless otherwise indicated below, the securities were issued pursuant to the private placement exemption provided by Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder.

On April 18, 2023, the Company entered into a share subscription agreement with two (2) accredited investors, pursuant to which the Company agreed to issue and sell to the investors and the investors agreed to purchase from the Company, an aggregate of 2,419,355 ordinary shares, par value $0.001, at a price per share of $24.80 for an aggregate gross proceeds of $60,000,000. The purchase price was determined based off of the privatization price of $15.50 per share approved by the Company's shareholders on November 11, 2022, with a 60% premium as agreed to by the Company and the investors. The private placement was made in reliance on an exemption pursuant to Regulation S under the Securities Act. The private placement closed on May 9, 2023.

On August 16, 2023, the Company entered into a share subscription agreement with two (2) accredited investors, each of whom represented that it was a "non-U.S. Persons" as defined in Regulation S of the Securities Act. Pursuant to the share subscription agreement, the Company agreed to issue and sell to the investors an aggregate of 806,452 ordinary shares, par value $0.001, at a price per share of $24.80. The gross proceeds from the private placement was $20,000,000. The private placement closed on September 5, 2023.

On September 9, 2024, the Company entered into a subscription agreement with Mr. Bing Zhang, the Company's Chairman, Director, Chief Executive Officer and Chief Financial Officer. Pursuant to the subscription agreement, the Company agreed to issue and sell to Mr. Zhang an aggregate of 500,000 Class B Shares of the Company, at par, for an aggregate purchase price of $500, or $0.001 per share. The closing of the share purchase occurred on September 9, 2024. The share purchase was approved by the Company's shareholders on August 28, 2024, and authorized and approved by the board on September 4, 2024. The Class B Shares have not been registered under the Securities Act. The Class B Shares issued in connection with the subscription agreement are exempt from the registration requirements of the Securities Act pursuant to Regulation S of the Securities Act.

**Item 8. Exhibits and Financial Statement Schedules.**

a) Exhibits

See Exhibit Index beginning on page II-4 of this registration statement.

b) Financial Statement Schedules

Schedules have been omitted because the information required to be set forth therein is not applicable or is shown in our combined and consolidated financial statements or the notes thereto.

**Item 9. Undertakings.**

The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of 1933, as amended (the "Securities Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

Provided, however, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Paragraphs (a)(1)(i) and (a)(1)(ii) of this section do not apply if the registration statement is on Form S-8, and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Paragraphs (a)(1)(i), (ii), and (iii) of this section do not apply if the registration statement is on Form S-1, Form S-3, Form SF-3 or Form F-3 and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the registration statement, or, as to a registration statement on Form S-3, Form SF-3 or Form F-3, is contained in a form of prospectus filed pursuant to § 230.424(b) of this chapter that is part of the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Provided further, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the registration statement is for an offering of asset-backed securities on Form SF-1 or Form SF-3, and the information required to be included in a post-effective amendment is provided pursuant to Item 1100(c) of Regulation AB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the Offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Item 8.A of Form 20-F if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant under the provisions described in Item 6, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant under Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the Offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

**EXHIBIT INDEX** 

(a) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1\*\* | [Form of Placement Agency Agreement](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex1-1_cheer.htm) |
| 3.1 | [Notice and Third Amended and Restated Memorandum and Articles of Association (incorporated by reference to Exhibit 3.1 to the Form 6-K filed with the Commission on September 10, 2024).](http://www.sec.gov/Archives/edgar/data/1738758/000121390024077410/ea021389501ex3-1_cheer.htm) |
| 3.2 | [Certificate of Incorporation on Change of Name (incorporated by reference to Exhibit 3.2 to the Form 8-K filed with the Commission on February 21, 2020).](http://www.sec.gov/Archives/edgar/data/1738758/000121390020004520/f8k0220bex3-2_glorystar.htm) |
| 3.3 | [Certificate of Incorporation on Change of Name (incorporated by reference to Exhibit 3.1 to the Form 6-K filed with the Commission on November 8, 2023).](http://www.sec.gov/Archives/edgar/data/1738758/000121390023084517/ea187814ex3-1_cheerhold.htm) |
| 3.4 | [Amendment Resolution to the Third Amended and Restated Memorandum and Articles of Association(incorporated by reference to Exhibit 3.1 to the Company's Form 6-K filed with the Commission on May 15, 2025)](https://www.sec.gov/Archives/edgar/data/1738758/000121390025044352/ea024226101ex3-1_cheer.htm) |
| 4.1 | [Specimen Ordinary Share Certificate (incorporated by reference to Exhibit 4.1 to the Company's Form 10-K filed with the Commission on March 31, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020008220/f10k2019ex4-1_glorystar.htm) |
| 4.2\*\* | [Form of Pre-Funded Warrant](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex4-2_cheer.htm) |
| 4.3\*\* | [Form of Series A Warrant](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex4-3_cheer.htm) |
| 4.4\*\* | [Form of Series B Warrant](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex4-4_cheer.htm) |
| 4.5\* | [Form of Unit Certificate](ea025779401ex4-5_cheer.htm) |
| 5.1\* | [Opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel to the Company](ea025779401ex5-1_cheer.htm) |
| 5.2\* | [Opinion of Lewis Brisbois Bisgaard & Smith LLP, United States counsel to the Company](ea025779401ex5-2_cheer.htm) |
| 10.1 | [Share Exchange Agreement, dated as of September 6, 2019 (incorporated by reference to Exhibit 10.1 to Form 8-K filed with Commission on September 12, 2019)](http://www.sec.gov/Archives/edgar/data/1738758/000121390019017856/f8k0919ex10-1_tkksymphony.htm) |
| 10.2 | [Offer To Purchase for Cash by TKK Symphony Acquisition Corporation (incorporation by reference to Exhibit 99.1.(a)(1)(D) to Schedule TO, as amended, filed with the Commission on February 19, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020000160/sctoi121619a7ex99a1d_tkk.htm) |
| 10.3 | [Amendment to the Share Exchange Agreement, dated December 29, 2020 (incorporated by reference to Exhibit 99.1 to Form 6-K, filed with the Commission on December 30, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020045398/ea132433ex99-1_glorystar.htm) |
| 10.4 | [Technical Service Contract, dated January 2019, by and between Leshare Star (Beijing) Technology Co., Ltd. and Beijing Xiaomi \[Little Bee\] Technology Co., Ltd. (incorporated by reference to Exhibit 10.9 to Form 8-K, filed with the Commission on February 21, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020004520/f8k0220bex10-9_glorystar.htm) |
| 10.5 | [Annual Framework Contract for Video Production, dated October 31, 2019, by and between Guangxi JD Xinjie E-commerce Co., Ltd. and Leshare Star (Beijing) Technology Co., Ltd. (incorporated by reference to Exhibit 10.10 to Form 8-K, filed with the Commission on February 21, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020004520/f8k0220bex10-10_glorystar.htm) |
| 10.6 | [Form of Indemnity Agreement (incorporated by reference to Exhibit 10.9 to Form S-1/A, filed with the Commission on August 6, 2018)](http://www.sec.gov/Archives/edgar/data/1738758/000121390018010263/fs12018a1ex10-9_tkksymphony.htm) |
| 10.7+ | [2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.20 to Form 10-K, filed with the Commission on March 31, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020008220/f10k2019ex10-20_glorystar.htm) |
| 10.8+ | [Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 to Form 8-K, filed with the Commission on March 17, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020006680/ea119704ex10-2_glory.htm) |
| 10.9+ | [Form of Independent Director Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K, filed with the Commission on March 17, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020006680/ea119704ex10-1_glory.htm) |
| 10.10+ | [Form of Employment Agreement (incorporated by reference to Exhibit 10.22 to Form 10-K, filed with the Commission on March 31, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020008220/f10k2019ex10-22_glorystar.htm) |
| 10.11 | [Form of Indemnity Agreement (incorporated by reference to Exhibit 10.1 to Form 8-K, filed with the Commission on April 23, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020009881/ea120975ex10-1_glorystarnew.htm) |
| 10.12+ | [Form of Restricted Stock Bonus Grant Notice and Agreement under the 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to Form 8-K, filed with the Commission on June 1, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020013810/ea122510ex10-1_glory.htm) |
| 10.13 | [Amendment No. 1 to the Cheer Holding, Inc. 2019 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to Form 8-K, filed with the Commission on June 1, 2020)](http://www.sec.gov/Archives/edgar/data/1738758/000121390020013810/ea122510ex10-2_glory.htm) |
| 10.14 | [Form of Warrant (incorporated by reference to Exhibit 4.1 to Form 6-K filed with the Commission on February 23, 2021)](http://www.sec.gov/Archives/edgar/data/1738758/000121390021010991/ea136221ex4-1_glorystar.htm) |

---

---

| | |
|:---|:---|
| 10.15 | [Form of Underwriter Warrant (incorporated by reference to Exhibit 4.2 to Form 6-K filed with the Commission on February 23, 2021)](http://www.sec.gov/Archives/edgar/data/1738758/000121390021010991/ea136221ex4-2_glorystar.htm) |
| 10.16 | [Form of Warrant (incorporated by reference to Exhibit 4.1 to Form 6-K filed with the Commission on August 26, 2021)](http://www.sec.gov/Archives/edgar/data/1738758/000121390021044888/ea146013ex4-1_glorystar.htm) |
| 10.17 | [Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 to Form 6-K filed with the Commission on August 26, 2021)](http://www.sec.gov/Archives/edgar/data/1738758/000121390021044888/ea146013ex10-1_glorystar.htm) |
| 10.18 | [Form of Share Subscription Agreement dated April 18, 2023 (incorporated by reference to Exhibit 4.1 to Form 6-K filed with the Commission on April 18, 2023)](http://www.sec.gov/Archives/edgar/data/1738758/000121390023030410/ea177056ex4-1_glorystar.htm) |
| 10.19 | [Form of Share Subscription Agreement dated August 16, 2023 (incorporated by reference to Exhibit 4.1 to Form 6-K filed with the Commission on August 16, 2023)](http://www.sec.gov/Archives/edgar/data/1738758/000121390023067987/ea183685ex4-1_glorystar.htm) |
| 10.20+ | [2024 Equity Incentive Plan (incorporated by reference to Exhibit 4.20 to Form 20-F filed with the Commission on March 10, 2025)](https://www.sec.gov/Archives/edgar/data/0001738758/000121390025021907/ea023323301ex4-20_cheerhold.htm) |
| 10.21 | [Form of Subscription Agreement (incorporated by reference to Exhibit 4.1 to Form 6-K filed with the Commission on September 10, 2024)](http://www.sec.gov/Archives/edgar/data/1738758/000121390024077410/ea021389501ex4-1_cheer.htm) |
| 10.22\*\* | [Form of Securities Purchase Agreement](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex10-22_cheer.htm) |
| 10.23\*\* | [Form of Lock-Up Agreement (included as Exhibit A to Exhibit 1.1)](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex1-1_cheer.htm) |
| 21.1 | [Subsidiaries (incorporated by reference to Exhibit 8.1 to Form 20-F filed with the Commission on March 10, 2025)](https://www.sec.gov/Archives/edgar/data/0001738758/000121390025021907/ea023323301ex8-1_cheerhold.htm) |
| 23.1\* | [Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1)](ea025779401ex5-1_cheer.htm) |
| 23.2\*\* | [Consent of Jingtian & Gongcheng, People's Republic of China counsel to the Registrant](http://www.sec.gov/Archives/edgar/data/1738758/000121390025084109/ea025546501ex23-2_cheer.htm) |
| 23.3\*\* | [Consent of Assentsure PAC, Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/1738758/000121390025084109/ea025546501ex23-3_cheer.htm) |
| 23.4\*\* | [Consent of Enrome LLP, Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/1738758/000121390025084109/ea025546501ex23-4_cheer.htm) |
| 23.5\* | [Consent of Lewis Brisbois Bisgaard & Smith LLP (included in Exhibit 5.2)](ea025779401ex5-2_cheer.htm) |
| 24.1\*\* | [Power of Attorney](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea0250732-f1_cheer.htm#A_029) |
| 107\*\* | [Filing Fee Table](https://www.sec.gov/Archives/edgar/data/1738758/000121390025073105/ea025073201ex-fee_cheer.htm) |

---

\* Filed herewith <br> \*\* Previously filed. <br> + Indicates a management contract or any compensatory plan, contract or arrangement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-1 and has duly caused this amendment to registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in China, on September 24, 2025.

---

| | |
|:---|:---|
| **Cheer Holding, Inc.** | **Cheer Holding, Inc.** |
| By: | /s/ Bing Zhang |
| Name: | Bing Zhang |
| Title: | Chairman, Chief Executive Officer and <br> Chief Financial Officer |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities indicated on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bing Zhang | Chairman, Chief Executive Officer and Chief Financial Officer | September 24, 2025 |
| Bing Zhang | *(Principal Executive Officer, Principal Financial Officer and<br> Principal Accounting Officer)* |  |
| /s/ Jia Lu | Director | September 24, 2025 |
| Jia Lu |  |  |
| /s/ Ke Chen | Director | September 24, 2025 |
| Ke Chen |  |  |
| /s/ Zhihong Tan | Director | September 24, 2025 |
| Zhihong Tan |  |  |
| /s/ Yong Li | Director | September 24, 2025 |
| Yong Li |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the requirements of Section 6(a) of the Securities Act of 1933, as amended, the undersigned has signed this Amendment No. 2 to Registration Statement on Form F-1 solely in the capacity of the duly authorized representative of Cheer Holding, Inc. in the United States, on September 24, 2025.

---

| | |
|:---|:---|
| **By:** | /s/ Colleen A. De Vries |
| **Name:** | Colleen A. De Vries |
| **Title:** | Senior Vice-President on behalf of <br> Cogency Global Inc. |

---

## Exhibit 4.5

**Exhibit 4.5**

FORM OF UNIT CERTIFICATE

Number of UNITS _________

Cheer Holding, Inc.

a Cayman Islands exempted company

EACH UNIT CONSISTING:

ONE CLASS A ORDINARY SHARE (OR ONE PRE-FUNDED WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE IN LIEU THEREOF)

ONE SERIES A WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

ONE SERIES B WARRANT TO PURCHASE ONE CLASS A ORDINARY SHARE

THIS CERTIFIES THAT ________ is the owner of ___ Units

Each Unit ("Unit") consists of one Class A ordinary share, par value $0.001 per share ("Class A Share"), or, in lieu thereof, a pre-funded warrant to purchase one Class A Share ("Pre-Funded Warrant"); one series A warrant to purchase one Class A Share ("Series A Warrant"); and one series B warrant to purchase one Class A Share ("Series B Warrant") of Cheer Holding, Inc., a Cayman Islands exempted company (the "Company"). Each Unit will automatically separate into one Class A Share (or one Pre-Funded Warrant to purchase one Class A Share in lieu thereof); one Series A Warrant; and one Series B Warrant immediately following the Closing Date as defined in the Securities Purchase Agreement entered into by the Company and the purchaser of the Units.

A description of the Class A Share, Pre-Funded Warrant, Series A Warrant and Series B Warrant is set forth in a Registration Statement on Form F-1, as amended, of the Company ("Registration Statment") filed with and declared effective by the Securities and Exchange Commission ("SEC") on September __, 2025, and the Pre-Funded Warrant, Series A Warrant and Series B Warrant are subject to the terms and conditions contained in each respective agreement which were filed with the SEC as an exhibit to the Registration Statement.

This certificate shall be governed by and construed in accordance with the internal laws of the State of New York.

IN WITNESS WHEREOF, the Company has caused this Unit Certificate to be executed by its officer thereunto duly authorized.

CHEER HOLDING, INC.

By: <br> Name: Bing Zhang <br> Title: Chief Executive Officer

Dated: September __, 2025

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

Our ref OTS/739304-000001/84525854v3

Cheer Holding, Inc.

PO Box 309, Ugland House

Grand Cayman

KY1-1104

Cayman Islands

24 September 2025

**Cheer Holding, Inc.** 

We have acted as counsel as to Cayman Islands law to Cheer Holding, Inc. (the "**Company**") in connection with the Company's registration statement on Form F-1, including all amendments or supplements thereto, filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") (including its exhibits, the "**Registration Statement**") for the purposes of, registering with the Commission under the Act, the offering and sale to the public of:

(a) up to 8,000,000 units ()"**Units**") at an assumed offering price of US$1.50 per Unit, with
each Unit consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) one Class A ordinary share of a par value of US$0.001 of the Company (each, a "**Class A Ordinary Share**" and collectively, "**Class A Ordinary Shares** "), or in lieu thereof (sales of which would reduce the number
of Class A Ordinary Shares that the Company is offering on a one-for-one bases), a pre-funded warrant to purchase one Class A Ordinary
Share (each, a "**Pre-Funded Warrant**" and collectively, the "**Pre-Funded Warrants** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one series A warrant, each whole warrant exercisable to purchase one Class A Ordinary Share at an assumed
initial exercise price of US$1.58 per Class A Ordinary Share (each, a "**Series A Warrant**" and collectively, "**Series A Warrants** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) one series B warrant, each whole warrant exercisable to purchase one Class A Ordinary Share at an assumed
initial exercise price of US$1.58 per Class A Ordinary Share (each, a "**Series B Warrant**" and collectively, "**Series B Warrants** ", and together with the Pre-Funded Warrants and Series A Warrants, the "**Warrants** ");

(b) all Class A Ordinary Shares and Warrants issued as part of the Units; and

(c) all Class A Ordinary Shares that may be issued upon exercise of the Warrants included in the Units.

This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.

![](ex5-1_002.jpg)

1 Documents Reviewed

We have reviewed originals, copies, drafts or conformed copies of the following documents:

1.1 The certificate of incorporation dated 5 February 2018, the certificate of incorporation on the change
of name dated 17 February 2020 and the certificate of incorporation on the change of name dated 1 November 2023 and the memorandum and
articles of association of the Company as registered or adopted on 28 August 2024 (the "**Memorandum and Articles** ").

1.2 The written resolutions of the board of directors of the Company dated 3 September 2025 and 24 September
2025 (together, the "**Resolutions**") and the written resolutions of the pricing committee of the board of directors of
the Company (the "**Committee**") dated 24 September 2025 (the "**Committee Resolutions** ").

1.3 A certificate of good standing with respect to the Company issued by the Registrar of Companies (the "**Certificate of Good Standing** ").

1.4 A certificate from a director of the Company, a copy of which is attached to this opinion letter (the
" **Director's Certificate** ").

1.5 The Registration Statement.

1.6 A draft of the form of unit certificate representing the Unit (the "**Unit Certificate** ").

1.7 A draft of the form of the securities purchase agreement in respect of the Units (the "**Securities Purchase Agreement** ").

1.8 A draft of the form of the pre-funded ordinary share purchase warrant constituting the Pre-Funded Warrants
(the "**Pre-Funded Warrant Document** ").

1.9 A draft of the form of the Series A ordinary share purchase warrant constituting the Series A Warrants
(the "**Series A Warrant Document** ").

1.10 A draft of the form of the Series B ordinary share purchase warrant constituting the Series B Warrants
(the "**Series B Warrant Document** ", and together with the Pre-Funded Warrant Document and the Series A Warrant Document,
the "**Warrant Documents** ").

1.11 A draft of the placement agency agreement between the Company and Univest Securities, LLC (as the placement
agent).

The documents listed in paragraphs 1.6 to 1.11 inclusive above shall be referred to collectively herein as the "**Documents**".

2 Assumptions

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 The Documents have been or will be authorised and duly executed and unconditionally delivered by or on
behalf of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).

2.2 The Documents are, or will be, legal, valid, binding and enforceable against all relevant parties in accordance
with their terms under the laws of the State of New York (the "**Relevant Law**") and all other relevant laws (other than,
with respect to the Company, the laws of the Cayman Islands).

2.3 The choice of the Relevant Law as the governing law of the Documents has been made in good faith and would
be regarded as a valid and binding selection which will be upheld by the courts of the State of New York and any other relevant jurisdiction
(other than the Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than the laws of the Cayman Islands).

2.4 Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals.

2.5 All signatures, initials and seals are genuine.

2.6 The capacity, power, authority and legal right of all parties under all relevant laws and regulations
(other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver
and perform their respective obligations under the Documents.

2.7 No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any of the Units, the Warrants or the Class A Ordinary Shares.

2.8 There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands
law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents.

2.9 No monies paid to or for the account of any party under the Documents or any property received or disposed
of by any party to the Documents in each case in connection with the Documents or the consummation of the transactions contemplated thereby
represent or will represent proceeds of criminal conduct or criminal property or terrorist property (as defined in the Proceeds of Crime
Act (As Revised) and the Terrorism Act (As Revised), respectively).

2.10 There is nothing contained in the minute book or corporate records of the Company (which we have not inspected)
which would or might affect the opinions set out below.

2.11 There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect
the opinions set out below. Specifically, we have made no independent investigation of the Relevant Law.

2.12 The Company will receive money or money's worth in consideration for the issue of the Class A Ordinary
Shares and none of the Class A Ordinary Shares were or will be issued for less than par value.

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.

---

| | |
|:---|:---|
| 3 | Opinions |

---

Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

3.2 The Class A Ordinary Shares to be offered and issued by the Company as contemplated by the Registration
Statement (including the issuance of Class A Ordinary Shares upon the exercise of the Warrants in accordance with the Warrant Documents)
have been duly authorised for issue, and when issued by the Company against payment in full of the consideration as set out in the Registration
Statement and in accordance with the terms set out in the Registration Statement (including the issuance of Class A Ordinary Shares upon
the exercise of the Warrants in accordance with the Warrant Documents), such Class A Ordinary Shares will be validly issued, fully paid
and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has been entered in the register of members (shareholders).

3.3 The execution, delivery and performance of the Securities Purchase Agreement, the Unit Certificate and
the Warrant Documents, including the issuance, offer and sale of the Units pursuant to the Securities Purchase Agreement, have been authorised
by and on behalf of the Company and, once the Unit Certificate and Warrant Document have been executed and delivered by any director or
officer of the Company, the Securities Purchase Agreement, Unit Certificate and Warrant Document will be duly executed and delivered on
behalf of the Company.

4 Qualifications

The opinions expressed above are subject to the following qualifications:

4.1 The obligations assumed by the Company under the Documents will not necessarily be enforceable in all
circumstances in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement may be limited by general principles of equity. For example, equitable remedies such as specific
performance may not be available, *inter alia*, where damages are considered to be an adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) some claims may become barred under relevant statutes of limitation or may be or become subject to defences
of set off, counterclaim, estoppel and similar defences.

4.2 To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman
Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.

4.3 Under Cayman Islands law, the register of members (shareholders) is *prima facie* evidence of title
to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where
an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications
are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 3.2, there are no circumstances or matters
of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification
of the register of members of the Company, but if such an application were made in respect of the Class A Ordinary Shares, then the validity
of such shares may be subject to re-examination by a Cayman Islands court.

4.4 In this opinion letter the phrase "non-assessable" means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the references to our firm under the headings "Legal Matters", "Risk Factors", and "Enforcement of Civil Liabilities" in the prospectus included in the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under section 7 of the Act or the Rules and Regulations of the Commission thereunder.

We express no view as to the commercial terms of the Documents or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Documents and express no opinion or observation upon the terms of any such document.

This opinion letter is addressed to you and may be relied upon by you, your counsel and purchasers of Units pursuant to the Registration Statement. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Maples and Calder (Cayman) LLP

Maples and Calder (Cayman) LLP

## Exhibit 5.2

**Exhibit 5.2**

---

| | |
|:---|:---|
| ![](ex5-2_001.jpg) | 45 Fremont Street, Suite 3000<br> San Francisco, California 94105 |

---

![](ex5-2_002.jpg)

September 24, 2025

Board of Directors

Cheer Holding, Inc.

19F, Block B, Xinhua Technology Building

No. 8 Tuofangying South Road

Jiuxianqiao, Chaoyang District

Beijing China 100016

Ladies and Gentlemen:

We act as United States counsel to Cheer Holding, Inc., an exempted company with limited liability incorporated and registered under the laws of Cayman Islands (the "Company"), in connection with the preparation and filing with the Securities and Exchange Commission, pursuant to the Securities Act of 1933, as amended (the "Securities Act"), of the Company's Registration Statement on Form F-1, as amended, File No. 333-289372 (the "Registration Statement"). The Company has retained Univest Securities, LLC to act as exclusive placement agent (the "Placement Agent") to use its best efforts to arrange for the sale of the following securities covered by the Registration Statement (the "Securities"), which are to be offered and sold directly by the Company pursuant to that certain securities purchase agreement between the Company and each purchaser party thereto, substantially in the form attached as Exhibit 10.22 to the Registration Statement (the "Securities Purchase Agreement"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. up to 8,000,000 units (the "Units"), each consisting of one class A ordinary share, par value $0.001 per share (each a "Class A Ordinary Share"), or at the option of such purchaser, one pre-funded warrant to purchase one Class A Ordinary Share (each, a "Pre-Funded Warrant") in lieu thereof, one Series A warrant to purchase one Class A Ordinary Share (each a "Series A Warrant") and one Series B warrant to purchase one Class A Ordinary Share (each a "Series B Warrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. up to 8,000,000 Class A Ordinary Shares underlying the Pre-Funded Warrants (the "Pre-Funded Warrant Shares"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. up to 73,000,000 Class A Ordinary Shares underlying the Series A Warrants and the Series B Warrants (the "Warrant Shares").

We have assumed that the Securities will be issued to purchasers participating in the offering pursuant to the Securities Purchase Agreement and in the manner described in the Registration Statement.

ARIZONA • CALIFORNIA • COLORADO • CONNECTICUT • DELAWARE • FLORIDA • GEORGIA • ILLINOIS • INDIANA • KANSAS • KENTUCKY • LOUISIANA MARYLAND • MASSACHUSETTS • MINNESOTA • MISSISSIPPI • MISSOURI • NEVADA • NEW JERSEY • NEW MEXICO • NEW YORK • NORTH CAROLINA OHIO • OREGON • PENNSYLVANIA • RHODE ISLAND • TENNESSEE • TEXAS • UTAH • VIRGINIA • WASHINGTON • WASHINGTON D.C. • WEST VIRGINIA<br>

September 24, 2025

In connection with the foregoing, we have examined originals or copies of such corporate records of the Company, certificates and other communications of public officials, certificates of officers of the Company and such other documents as we have deemed relevant or necessary for the purpose of rendering the opinions expressed herein. As to questions of fact material to those opinions, we have, to the extent we deemed appropriate, relied on certificates of officers of the Company and on certificates and other communications of public officials. We have assumed the genuineness of all signatures on, and the authenticity of, all documents submitted to us as originals, the conformity to authentic original documents of all documents submitted to us as copies thereof, the due authorization, execution and delivery by the parties thereto other than the Company of all documents examined by us, and the legal capacity of each individual who signed any of those documents.

In addition, we have assumed that (a) each of the Securities Purchase Agreement, the Unit certificate, the Pre-Funded Warrants, the Series A Warrants, the Series B Warrants and the Placement Agency Agreement (the "Transaction Documents") will be duly executed and delivered by all parties thereto, other than the Company, (b) the Placement Agent has the power, corporate or otherwise, to enter into and perform its obligations under the Placement Agency Agreement and that the Placement Agency Agreement will be a valid and binding obligation of the Placement Agent, (c) there will not have occurred, prior to the date of the issuance of the Warrant Shares or Pre-Funded Warrant Shares: (i) any change in law affecting the validity or enforceability of the Pre-Funded Warrants, the Series A Warrants, or the Series B Warrants or (ii) any amendments to the Transaction Documents, (d) at the time of the issuance and sale of the Securities: (i) the Company is validly existing and in good standing under the law of the Cayman Islands, (ii) the Company has not amended its memorandum and articles of association, (iii) the board of directors of the Company and any committee thereof has not taken any action to amend, rescind or otherwise reduce its prior authorization of the issuance of the Securities and (iv) the Company will receive consideration in excess of par value for the issuance of the Class A Ordinary Shares, Warrant Shares and Pre-Funded Warrant Shares, (e) the Registration Statement becomes and remains effective, and the prospectus which is a part of the Registration Statement, and the prospectus delivery requirements with respect thereto, fulfill all of the requirements of the Securities Act, throughout all periods relevant to the opinion, (f) the Securities will be offered in the manner and on the terms identified or referred to in the Registration Statement, including all amendments thereto, and in the prospectus forming a part thereof; and(g) all offers and sales of the Securities will be made in compliance with the securities laws of the states having jurisdiction thereof.

With the permission of Maples and Calder (Cayman) LLP, Cayman Islands counsel to the Company, we have relied solely on their opinion of counsel dated September 24, 2025, with respect to the due authorization of the Units, the Pre-Funded Warrants, the Series A and the Series B Warrants under Cayman Islands law.

Based upon the foregoing, and subject to the additional qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the Units have been duly authorized and, when executed and delivered by the Company in accordance with and in the manner described in the Registration Statement and the Securities Purchase Agreement, will constitute a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Pre-Funded Warrants have been duly authorized and, when executed and delivered by the Company in accordance with and in the manner described in the Registration Statement and the Securities Purchase Agreement, will constitute a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms; and

LEWIS BRISBOIS BISGAARD & SMITH LLP

www.lewisbrisbois.com

September 24, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the Series A Warrants and the Series B Warrants have been duly authorized and, when executed and delivered by the Company in accordance with and in the manner described in the Registration Statement and the Securities Purchase Agreement, will constitute a legal valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

The opinions above are subject to the effects of (i) bankruptcy, insolvency, fraudulent conveyance, fraudulent transfer, reorganization, receivership, moratorium and other similar laws relating to or affecting enforcement of creditors' rights or remedies generally, (ii) general principles of equity, whether such principles are considered in a proceeding of law or at equity, and (iii) an implied covenant of good faith, reasonableness and fair dealing and standards of materiality. In addition, we express no opinion as to: the right to collect any payment to the extent that such payment constitutes a penalty, premium, forfeiture or late payment charge; the enforceability of the governing law, consent to jurisdiction and forum selection provisions contained in any of the Transaction Documents; waivers of right to trial by jury or defense; or any purported right of indemnification or exculpation with respect to illegal acts, intentional torts, violation of securities laws, negligence or willful misconduct. No opinion is expressed herein as to compliance with or the effect of federal or state securities or blue-sky laws.

The opinions expressed herein are limited exclusively to (i) the federal laws of the United States of America, and (ii) the laws of the State of New York as currently in effect, and we are expressing no opinion as to the effect of the laws of any other jurisdiction.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference made to us under the caption "Legal Matters" in the prospectus constituting part of the Registration Statement. In giving this consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Act.

---

| |
|:---|
| Very truly yours,<br>|
| */s/ Lewis Brisbois Bisgaard & Smith LLP* |
| LEWIS BRISBOIS BISGAARD & SMITH llp |

---

LEWIS BRISBOIS BISGAARD & SMITH LLP

www.lewisbrisbois.com