SCHEDULE 13G 0001288478 XXXXXXXX LIVE Class A Ordinary Shares, par value $0.001 per share 10/02/2025 0001738758 Cheer Holding, Inc. G39973204 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING NO. 8 TUOFANGYING SOUTH RD, JIUXIANQIAO, CHAOYANG DISTRICT, BEIJING F4 100016 Rule 13d-1(c) BIGGER CAPITAL FUND L P a DE 0.00 1278516.00 0.00 1278516.00 1278516.00 N 7.09 PN Bigger Capital Fund GP, LLC a DE 0.00 1278516.00 0.00 1278516.00 1278516.00 N 7.09 OO Bigger Michael a X1 0.00 1278516.00 0.00 1278516.00 1278516.00 N 7.09 IN Cheer Holding, Inc. 19F, Block B, Xinhua Technology Building, No. 8 Tuofangying South Road, Jiuxianqiao, Chaoyang District, Beijing, China 100016 Bigger Capital Fund, LP ("Bigger Capital") Bigger Capital Fund GP, LLC ("Bigger GP") Michael Bigger Each of the foregoing is referred to as a "Reporting Person" and collectively as the "Reporting Persons." Bigger Capital Fund, LP 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Bigger Capital Fund GP, LLC 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Michael Bigger 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Bigger Capital Fund, LP Delaware Bigger Capital Fund GP, LLC Delaware Michael Bigger USA Y As of October 2, 2025, Bigger Capital beneficially owned 1,278,516 Class A Ordinary Shares. In addition, Bigger Capital beneficially owned 1,258,797 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation, which are not included in the amount deemed to be beneficially owned by the Reporting Persons. The amount does not include: (i) 2,537,313 Class A Ordinary Shares issuable upon the exercise of Series A Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation, and (ii) 2,537,313 Class A Ordinary Shares issuable upon the exercise of Series B Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation. Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the Issuer's securities described herein. Mr. Bigger, as the managing member of Bigger GP may be deemed to beneficially own the Issuer's securities described herein. Mr. Bigger, as the managing member of Bigger GP, may be deemed to beneficially own the 1,278,516 Class A Ordinary Shares beneficially owned by Bigger Capital. Does not include: (i) 1,258,797 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation owned by Bigger Capital, (ii) 2,537,313 Class A Ordinary Shares issuable upon the exercise of Series A Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation, owned by Bigger Capital, and (iii) 2,537,313 Class A Ordinary Shares issuable upon the exercise of Series B Warrants, the exercise of which are subject to a 4.99% beneficial ownership limitation, owned by Bigger Capital. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any Class A Ordinary Shares owned by another Reporting Person. Each of Bigger GP and Mr. Bigger disclaims beneficial ownership of the Class A Ordinary Shares beneficially owned by Bigger Capital. The filing of this statement shall not be construed as an admission that any such person or entity is the beneficial owner of any such securities. The following percentages are based on the aggregate of: (i) 11,635,568 Class A Ordinary Shares outstanding immediately prior to the offering and (ii) 6,392,580 Class A Ordinary Shares being offered (excluding the Class A Ordinary Shares issuable upon exercise of the Pre-Funded Warrants) based upon the Issuer's Prospectus filed under Rule 424(b)(4) with the Securities and Exchange Commission on October 2, 2025. As of October 2, 2025, each of Bigger Capital and Bigger GP may be deemed to beneficially own approximately 7.09% of the outstanding Class A Ordinary Shares. As of October 3, 2025, each of Bigger Capital and Bigger GP had no beneficial ownership due to: (i) the sale of 1,278,516 Class A Ordinary Shares, and (ii) the sale of 1,258,797 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation. As of October 2, 2025, Mr. Bigger may be deemed to beneficially own approximately 7.09% of the outstanding Class A Ordinary Shares. As of October 3, 2025, Mr. Bigger had no beneficial ownership due to: (i) the sale of 1,278,516 Class A Ordinary Shares, and (ii) the sale of 1,258,797 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which were subject to a 9.99% beneficial ownership limitation. Regarding Item 5 below, as of October 3, 2025, the Reporting Persons sold all the Class A Ordinary Shares, including the Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants and accordingly, the Reporting Persons as of October 3, 2025, are not the beneficial owners of at least 5.00% of the Issuer's Class A Ordinary Shares. As of October 7, 2025, the Reporting Persons sold the 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, the exercise of which are subject to a 4.99% beneficial ownership limitation. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. N Y Y Y N See Exhibit 99.1. Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. 99.1 - Joint Filing Agreement BIGGER CAPITAL FUND L P /s/ Michael Bigger 10/07/2025 Bigger Capital Fund GP, LLC /s/ Michael Bigger 10/07/2025 Bigger Michael /s/ Michael Bigger 10/07/2025