Photo Credit: Solen Feyissa
As it prepares to release a revamped video-sharing app in 2025, Triller Group (NASDAQ: ILLR) is facing a $35.5 million lawsuit for allegedly failing to honor the terms of a promissory note.
A Yorkville Advisors division just recently levied the action, which Triller Group acknowledged in a regulatory filing. As described by the plaintiff, pre-merger Triller, then known as AGBA Group, reaffirmed plans in June to repay a $33.51 million promissory note.
That sum reflected an initial injection of $8.51 million and a subsequent $25 million advance, both designed to bankroll the business’s continued operations ahead of the mentioned merger, according to the legal text.
Yorkville is said to have put up the first tranche in April; the parties proceeded to ink “restated” agreements throughout 2024 as the merger inched towards completion, the filing indicates. The June pact in particular purportedly gave Triller 45 days post-issuance – for an August 12th deadline – to close the relevant merger.
But as highlighted, this merger didn’t wrap until mid-October, and per Yorkville, Triller also allegedly filed a related registration statement (concerning the issuance of shares for payment) on November 15th, well after an August 29th deadline.
The lack of a registration statement allegedly set in motion a contractually obligated monthly payment plan, which Triller Group allegedly failed to honor.
Consequently, Yorkville is seeking “immediate payment of all amounts due” under the note – nearly $35.5 million at the time of filing after factoring for interest that’s continued accruing in the interim.
In the aforesaid regulatory filing, Triller communicated that it “intends to defend itself vigorously” and indicated that it couldn’t make a prediction “as to the outcome of the lawsuit.”
Only time will reveal how the case plays out, but Triller definitely hasn’t shied away from making predictions in other areas.
Against the backdrop of an uncertain U.S. future for its biggest rival, the company last month brought on former TikTok exec Sean Kim to head the Triller platform. More recently, Triller on Monday laid out “a comprehensive app roadmap” designed to usher in a new era for the video-sharing service.
Consisting of three phases – reignition (encompassing “exclusive content from top creators”), “empower creator ownership,” and then monetization – that roadmap is expected to produce an initial iteration of the overhauled Triller sometime in 2025’s opening quarter.
“Our goal is clear: to make the Triller App the ultimate destination for creators, fans, and brands worldwide,” elaborated Kim. “We are setting a new benchmark for digital engagement and reshaping how content, community, and commerce intersect.”
Additional details about the retooled Triller will arrive during a just-announced investor day conference on December 18th, according to higher-ups.