Glory Star New Media Group Holdings Limited, (“Glory Star” or the “Company”) (NASDAQ:GSMG), a leading digital media platform and content-driven e-commerce company in China, today announced that at the general meeting of shareholders held today, the Company’s shareholders voted in favor of the proposals to authorize and approve the previously announced agreement and plan of merger (the “Merger Agreement”) dated as of July 11, 2022, among the Company, Cheers Inc. (“Parent”) and GSMG Ltd. (“Merger Sub”), the plan of merger required to be filed with the Registrar of Companies of the Cayman Islands, substantially in the form attached as Annex A to the Merger Agreement (the “Plan of Merger”), and the transactions contemplated thereby, including the merger contemplated by the Plan of Merger (the “Merger”).
Approximately 75.225% of the Company’s total outstanding ordinary shares voted in person or by proxy at today’s general meeting. Of these ordinary shares voted in person or by proxy at the general meeting, approximately 99.882% were voted in favor of the proposal to authorize and approve the Merger Agreement, the Plan of Merger, and the transactions contemplated thereby.
The parties to the Merger Agreement currently expect to complete the Merger as soon as practicable, subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement. Upon completion of the Merger, Glory Star will become a privately held company and its ordinary shares will no longer be listed on the Nasdaq Capital Market (“NASDAQ”). In addition, ninety days after the filing of Form 15 or such longer period as may be determined by the SEC, the Company’s ordinary shares and warrants currently listed on the NASDAQ under the symbols “GSMG” and “GSMGW” will be deregistered under the Securities Exchange Act of 1934 and the Securities Act of 1933.
