Bigger Capital Fund's Ownership in Cheer Holding, Inc.

Bigger Capital Fund, LP, along with its general partner Bigger Capital Fund GP, LLC, and Michael Bigger, filed a Schedule 13G on October 7, 2025, disclosing their ownership in Cheer Holding, Inc. As of October 2, 2025, each entity and individual beneficially owned approximately 7.09% of the Class A Ordinary Shares. However, by October 3, 2025, they had sold all their Class A Ordinary Shares, including those issuable upon exercise of Pre-Funded Warrants, resulting in no beneficial ownership. By October 7, 2025, they sold Series B Warrants and may be deemed to beneficially own 2,537,313 Class A Ordinary Shares issuable upon the exercise of Series A Warrants, subject to a 4.99% beneficial ownership limitation. The filing indicates that the Reporting Persons are no longer beneficial owners of at least 5.00% of the Issuer's Class A Ordinary Shares.