NEW YORK, NY / LOS ANGELES, CA - AGBA Group Holding Limited, a multi-channel business platform, has announced the completion of its merger with social media company Triller Corp, now forming Triller Group Inc. The merged entity's common stock and warrants are set to start trading on the Nasdaq Capital Market under the new ticker symbols "ILLR" and "ILLRW" respectively, starting from October 16, 2024.
The merger signifies a strategic consolidation within the tech and entertainment sectors, combining AGBA's financial services and healthcare products with Triller's AI-powered social media and live-streaming platform. As a result of the merger, former shareholders of AGBA and Triller now hold 30% and 70% of the outstanding common stock in the combined company, respectively.
In line with the merger, AGBA has also relocated its jurisdiction of incorporation from the British Virgin Islands to the State of Delaware, a move that aligns with common practices for U.S.-based corporations.
Bob Diamond, Chairman of Triller Group Inc. and Founder and CEO of Atlas (NYSE:ATCO) Merchant Capital LLC, expressed enthusiasm for the merger, highlighting the benefits for users and content creators associated with Triller's diverse offerings, which include Triller Sports and TrillerTV.
The company is expected to release a statement on October 22, 2024, detailing the future leadership, strategy, and objectives of the newly formed entity.
AGBA Group, established in 1993, has been recognized for integrating machine learning into its service offerings, serving over 400,000 clients through its tech-led ecosystem. Triller Corp, on the other hand, has positioned itself as a next-generation platform at the intersection of music, sports, fashion, and entertainment, leveraging proprietary AI technology to enhance content distribution.
This merger is part of a broader trend of consolidation within the technology and entertainment industries, as companies seek to integrate platforms and services to provide more comprehensive offerings to their user bases.
The information provided in this article is based on a press release statement from AGBA Group Holding Limited and Triller Corp.
In other recent news, AGBA Group Holding Limited and Triller Corp. are set to finalize their merger on October 14, 2024, subject to the last approval from Nasdaq. This strategic move is anticipated to accelerate innovation and growth within the digital economy, merging AGBA's financial services and machine-learning technologies with Triller's AI-powered social media and live-streaming event platform. In relation to this merger, AGBA will execute a reverse stock split at a 4 to 1 ratio after the close of business on the expected completion date, with shares trading under the new ticker symbol ILLR.
In other developments, the merger will result in the issuance of approximately 299.9 million shares of common stock and 37.7 million shares of preferred stock to Triller's current stockholders. Also, AGBA Group has recently adopted a new equity incentive plan and elected its board of directors. The 2024 Equity Incentive Plan allows for the issuance of up to 16 million ordinary shares, aligning the interests of AGBA's officers, directors, employees, and consultants with those of the shareholders. The board of directors, elected by a significant majority, includes Robert E. Diamond Jr., Ng Wing Fai, Brian Chan, Felix Yun Pun Wong, and Thomas Ng.
Lastly, shareholders ratified the appointment of WWC, P.C. as the independent auditors for the fiscal year ended December 31, 2024. These recent developments reflect AGBA Group's commitment to corporate governance and its strategy to incentivize performance.
InvestingPro Insights
As AGBA Group Holding Limited merges with Triller Corp to form Triller Group Inc., investors should be aware of some key financial metrics and trends. According to InvestingPro data, AGBA's market capitalization stands at $228.13 million, reflecting its current valuation as it enters this significant merger.
The company's revenue for the last twelve months as of Q2 2024 was $38.32 million, with a gross profit of $14.55 million. However, it's worth noting that AGBA has been experiencing a revenue decline, with a -28.18% growth rate over the same period. This context is crucial as the newly formed Triller Group Inc. aims to leverage the combined strengths of both companies.
InvestingPro Tips highlight that AGBA has been "quickly burning through cash" and that "short-term obligations exceed liquid assets." These factors may have contributed to the strategic decision to merge with Triller Corp, potentially seeking to improve financial stability and growth prospects.
Despite these challenges, an InvestingPro Tip indicates that AGBA has seen a "large price uptick over the last six months," with data showing an impressive 466.42% price total return over this period. This significant increase in stock value could reflect market optimism about the company's future prospects, including the potential benefits of the Triller merger.
For investors interested in a more comprehensive analysis, InvestingPro offers additional tips and insights that could be valuable in assessing the newly formed Triller Group Inc.'s potential. There are 7 more InvestingPro Tips available for AGBA, providing a deeper understanding of the company's financial health and market position as it embarks on this new chapter.
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