AGBA Group shares move over 100% higher on merger with Triller
AGBA Group (AGBA) stock is trading 114.7% higher at $0.86 Thursday afternoon after the company and Triller announced they entered into a definitive merger agreement to combine.
AGBA Group, a “one-stop financial supermarket” in Hong Kong, and Triller, an AI-driven social video platform, will combine to a company valued at roughly $4 billion on a pro-forma basis. At closing, Triller will be a wholly-owned subsidiary of AGBA.
The aim of the merger is to “transform global digital ecosystems” by combining AGBA’s financial experience and Triller’s AI-driven content creation and SaaS capabilities.
The Business Combination will also effectively result in the combined entity having one of the largest creator shareholder bases globally, including notable artists, influencers, and institutions such as the D’Amilio Family, Wiz Kalifa, Universal Music, Sony Music, Warner Music, Christina Aguilera, Marshmello, Ty Dolla $, Falcon, David Grutman, Shawn Gee, Des Bryant, Snoop Dogg, Tim Draper, Swizz Beats, Timbaland, Pegasus, Superbrands, Top Dawg, The Weeknd, Kendrick Lamar, Pitbull, TI, and Jake Paul.
AGBA Group
Bobby Sarnevesht will be the Triller CEO for the combined entity post-merger, Bob Diamond will be the Group Chairman, and Wing-Fai Ng will be the Group CEO. AGBA stockholders will own 20% of the combined company, while Triller stockholders will own the remaining 80% of the combined company.
AGBA Group saw a heavy increase in session volume and volatility following the announcement. The company has a 52-week high of $5.37 and a 52-week low of $0.32.
