Triller and AGBA merger progress accelerates: $4B deal approaches new milestone

Key Timeline Confirmation

According to the latest announcement on May 21, NASDAQ-listed company AGBA Group is progressing as planned with its merger with media platform Triller. Triller formally notified shareholders on May 16 under Section 228 of the Delaware General Corporation Law(e), disclosing detailed terms of the merger. Previously, on April 16, Triller shareholders approved the transaction via written consent, with over 63% voting in favor.

IPO Direct Listing Plan Put on Hold, Focus Fully on M&A

It is noteworthy that Triller had previously planned to go public through a direct listing. However, on May 6, the company officially withdrew its S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC). This move indicates that Triller has made a strategic shift, reallocating all resources and focus toward the merger with AGBA, with an expected short-term closing of the deal.

Proxy Statement Filing Imminent

AGBA has made significant progress in preparing for the merger. The company plans to submit a preliminary proxy statement to the SEC in early June 2024, a necessary step to advance shareholder voting. Meanwhile, AGBA and Triller’s management teams are working closely to review and update the post-merger business plan, budget, and financial forecasts, aiming to fully capitalize on market opportunities arising from the integration of both companies’ businesses.

AGBA’s Business Layout

Founded in 1993, AGBA is a fintech group that has established a comprehensive financial services ecosystem in Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area. The group serves over 400,000 individual and corporate clients, with business segments including platform services, distribution, healthcare, and fintech, providing one-stop comprehensive financial solutions. This $4B-scale merger will further expand the group’s influence in digital media and financial services.