X0202 SCHEDULE 13G/A 0001288478 XXXXXXXX LIVE 2 Class A Ordinary Shares, $0.001 par value 03/31/2026 0001738758 Cheer Holding, Inc. G39973139 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING JIUXIANQIAO CHAOYANG DISTRICT BEIJING F4 100016 Rule 13d-1(c) BIGGER CAPITAL FUND L P a DE 0.00 129200.00 0.00 129200.00 129200.00 N 8.27 PN Bigger Capital Fund GP, LLC a DE 0.00 129200.00 0.00 129200.00 129200.00 N 8.27 OO District 2 Capital Fund LP a DE 0.00 26200.00 0.00 26200.00 26200.00 N 1.67 PN District 2 Capital LP a DE 0.00 26200.00 0.00 26200.00 26200.00 N 1.67 PN District 2 GP LLC a DE 0.00 26200.00 0.00 26200.00 26200.00 N 1.67 OO District 2 Holdings LLC a DE 0.00 26200.00 0.00 26200.00 26200.00 N 1.67 OO Bigger Michael a X1 0.00 155400.00 0.00 155400.00 155400.00 N 9.95 IN Cheer Holding, Inc. 19F, BLOCK B, XINHUA TECHNOLOGY BUILDING NO. 8 TUOFANGYING SOUTH RD, JIUXIANQIAO CHAOYANG DISTRICT, BEIJING, CHINA, 100016 Bigger Capital Fund, LP ("Bigger Capital") Bigger Capital Fund GP, LLC ("Bigger GP") District 2 Capital Fund LP ("District 2 CF") District 2 Capital LP ("District 2") District 2 GP LLC ("District 2 GP") District 2 Holdings LLC ("District 2 Holdings") 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 District 2 Capital Fund LP 175 W. Carver Street Huntington, NY 11743 District 2 Capital LP 175 W. Carver Street Huntington, NY 11743 District 2 GP LLC 175 W. Carver Street Huntington, NY 11743 District 2 Holdings LLC 175 W. Carver Street Huntington, NY 11743 Michael Bigger 11700 West Charleston Blvd., #170-659 Las Vegas, NV, 89135 Bigger Capital Fund, LP Delaware Bigger Capital Fund GP, LLC Delaware District 2 Capital Fund LP Delaware District 2 Capital LP Delaware District 2 GP LLC Delaware District 2 Holdings LLC Delaware Michael Bigger USA Y As of April 27, 2026, Bigger Capital beneficially owned 129,200 Class A Ordinary Shares, including 103,000 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which are subject to a 9.99% beneficial ownership limitation. Bigger GP, as the general partner of Bigger Capital, may be deemed to beneficially own the Issuer's securities described herein. As of April 27, 2026, District 2 CF beneficially owned 26,200 Class A Ordinary Shares. District 2, as the investment manager of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 GP, as the general partner of District 2 CF, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF. District 2 Holdings, as the managing member of District 2 GP, may be deemed to beneficially own the Issuer's securities described herein beneficially owned by District 2 CF Mr. Bigger, as the managing member of Bigger GP and the managing member of District 2 Holdings, may be deemed to beneficially own the: (i) 129,200 Class A Ordinary Shares, including 103,000 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which are subject to a 9.99% beneficial ownership limitation, beneficially owned by Bigger Capital, and (ii) 26,200 Class A Ordinary Shares beneficially owned by District 2 CF. The foregoing should not be construed in and of itself as an admission by any Reporting Person as to beneficial ownership of any shares of Class A Ordinary Shares owned by another Reporting Person. Each of Bigger GP and Mr. Bigger disclaims beneficial ownership of the shares of Class A Ordinary Shares beneficially owned by Bigger Capital. Each of District 2, District 2 GP, District 2 Holdings and Mr. Bigger disclaims beneficial ownership of the shares of Class A Ordinary Shares beneficially owned by District 2 CF. 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 1,562,083 Class A Ordinary Shares issued and outstanding based upon the Issuer's Form 6-K filed with the Securities and Exchange Commission on April 2, 2026. As of April 27, 2026, (i) each of Bigger Capital and Bigger GP may be deemed to beneficially own 8.27% of the outstanding Class A Ordinary Shares, including 103,000 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which are subject to a 9.99% beneficial ownership limitation, beneficially owned by Bigger Capital, (ii) each of District 2 CF, District 2, District 2 GP and District Holdings may be deemed to beneficially own 1.67% of the outstanding Class A Ordinary Shares, and (iii) Mr. Bigger may be deemed to beneficially own approximately 9.95% of the outstanding Class A Ordinary Shares, including 103,000 Class A Ordinary Shares issuable upon exercise of Pre-Funded Warrants, which are subject to a 9.99% beneficial ownership limitation, beneficially owned by Bigger Capital. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. See Cover Pages Items 5-9. Y N Bigger GP and Mr. Bigger may be deemed to share voting and dispositive power over the Class A Ordinary Shares beneficially owned by Bigger Capital and each of District 2, District 2 GP, District 2 Holdings and Mr. Bigger may be deemed to share voting and dispositive power over the Class A Ordinary Shares beneficially owned by District 2 CF. Y N See Exhibit 99.1. Previously filed. 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. BIGGER CAPITAL FUND L P /s/ Michael Bigger 04/27/2026 Bigger Capital Fund GP, LLC /s/ Michael Bigger 04/27/2026 District 2 Capital Fund LP /s/ Michael Bigger 04/27/2026 District 2 Capital LP /s/ Michael Bigger 04/27/2026 District 2 GP LLC /s/ Michael Bigger 04/27/2026 District 2 Holdings LLC /s/ Michael Bigger 04/27/2026 Bigger Michael /s/ Michael Bigger 04/27/2026