Triller, the social media platform that owns BKFC, has been acquired in a merger with AGBA, a Hong Kong based finance company.
The two combined companies will trade publicly under AGBA Group Holding, with the stock listed on the NASDAQ. Stock prices jumped dramatically since the merger with Triller, with shares trading at $2.35, which is up over 88 percent from prior pricing.
AGBA is a “financial service company serving over 400,000 customers” that first went public in November 2022.
The board of directors at Triller and AGBA agreed to value the combined company at $4 billion. Under the new agreement, Triller shareholders will own 80 percent of the company, with existing AGBA stockholders owning the other 20 percent.
The deal is expected to close in late May, with both companies already approving the merger. The new combined company allows Triller to finally go public, which the organization has been exploring for quite some time.
Filings with the Securities and Exchange Commission dated back as far as 2022 show that Triller has been seeking to go public, but this merger makes an immediate impact since AGBA was already a publicly traded company on the NASDAQ. The new company has a Delaware address listed for headquarters, although Triller will still be based out of Los Angeles, with AGBA 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,” Triller’s chief executive officer Bobby Sarnevesht said in a statement to the Los Angeles Times.
Originally launched a social media platform to rival TikTok, Triller moved into the sports world by promoting several boxing events, including the card headlined by Jake Paul knocking out retired UFC fighter Ben Askren.
In 2022, Triller acquired a majority share in BKFC, the bare-knuckle fighting promotion that is set to stage another event on Saturday with KnuckleMania IV, which is headlined by Mike Perry taking on Thiago Alves in the main event. Triller also acquired FITE TV, the live streaming platform that serves as home for numerous fight and professional wrestling promotions.
The company was eventually rebranded as Triller TV, with a wide range of events airing on the platform.