Triller, the social media platform that owns BKFC, was acquired in a merger with Hong Kong-based financial company AGBA.
The combined companies will be listed under AGBA Group Holding, with shares listed on Nasdaq. Since the merger with Triller, the stock price has risen dramatically, with shares trading at $2.35, which is more than 88% higher than its previous price.
AGBA is a “financial services company serving more than 400,000 customers” that went public in November 2022.
The boards of Triller and AGBA have agreed to value the combined company at $4 billion. Under the new deal, Triller shareholders will own 80% of the company's stock, and AGBA's existing shareholders will own the remaining 20%.
Both companies have already approved the merger, and the transaction is expected to close in late May. This new combined company could allow Triller to go public, which it has been considering for quite some time.
Securities and Exchange Commission filings date back to 2022 and show Triller was seeking to go public, but the merger would have an immediate impact because AGBA was already a Nasdaq-listed company. . Although the new company's headquarters address is listed in Delaware, Triller is still based in Los Angeles and AGBA is in Hong Kong.
“This is the most efficient route for Triller to access the public capital markets and secure the liquidity it needs to grow rapidly,” Triller CEO Bobby Sarnevesht said in a statement to the Los Angeles Times. I think so,” he said.
Mr. Triller initially launched a social media platform to rival TikTok, but only promoted several boxing events, including the card headlined by Jake Paul's KO of former UFC fighter Ben Askren. He entered the sports world.
In 2022, Triller acquired a majority stake in bare-knuckle martial arts promotion BKFC, which will host Knucklemania IV in a separate event on Saturday, with Mike Perry facing Thiago Alves in the main event. Triller also acquired FITE TV, a live streaming platform that serves as the home for numerous matches and pro wrestling promotions.
The company was eventually rebranded as Triller TV and aired a wide range of events on its platform.
