Social media platform Triller, which owns BKFC, has merged with Hong Kong-based finance company AGBA, with the combined company valued at $4 billion and set to trade publicly under AGBA Group Holding on the NASDAQ.
So, here’s the scoop. Triller, the social media giant that owns BKFC, is now part of AGBA, a finance company based in Hong Kong. Yeah, you heard it right.
They’ve merged. And now, they’ll be trading publicly under AGBA Group Holding. The stock? It’s listed on the NASDAQ.
And here’s the kicker. The stock prices? They’ve skyrocketed since the merger with Triller. Shares are now trading at $2.35, a whopping 88 percent increase from previous pricing.
AGBA isn’t just any company. It’s a financial service behemoth serving over 400,000 customers. They first went public in November 2022.
The bigwigs at Triller and AGBA agreed to value their combined company at $4 billion. The new agreement? Triller shareholders will own 80 percent of the company, with the remaining 20 percent going to existing AGBA stockholders.
The deal is expected to close in late May. Both companies have already given the thumbs up to the merger. This move allows Triller to finally go public, something they’ve been eyeing for a while.
Documents dating back to 2022 show that Triller has been itching to go public. And this merger? It’s a game-changer. AGBA was already a publicly traded company on the NASDAQ. The new company will have a Delaware address listed for headquarters, but Triller will still operate out of Los Angeles, and AGBA will remain in Hong Kong.
“We believe this is the most efficient route for Triller to access public capital markets and secure the liquidity needed for rapid growth,” said Bobby Sarnevesht, Triller’s CEO, in a statement to the Los Angeles Times.
Triller started as a social media platform to rival TikTok. But then, they stepped into the sports world by promoting several boxing events. Remember the card headlined by Jake Paul knocking out retired UFC fighter Ben Askren? Yeah, that was them.
In 2022, Triller acquired a majority share in BKFC, the bare-knuckle fighting promotion. They’re set to stage another event on Saturday with KnuckleMania IV, headlined by Mike Perry taking on Thiago Alves. Triller also bought FITE TV, the live streaming platform that’s home to numerous fight and professional wrestling promotions.
The company eventually rebranded as Triller TV, airing a wide range of events on the platform. So, there you have it. The latest in the world of Triller.