After canceling a multibillion-dollar reverse merger in 2022, Hollywood-based Triller continues to pursue a direct listing.
The social media and artificial intelligence platform recently filed an amended S-1 indicating that the company is aiming to execute the listing this year at an unspecified date. The new filing also disclosed a considerable amount of unpaid outstanding debt, a low cash balance, a mass purge of “bot” and duplicate accounts from its metrics and the recent appointment of a new chief executive, reports The Los Angeles Business Journal
Triller has an eponymous short-form video app and describes itself as an “AI-powered platform” for creators and brands to promote content, generate commerce and engage with fans.
Triller has faced, and continues to be involved with, several lawsuits regarding claims such as breach of lease and copyright infringement. The company’s recent filing states that it owes about $37 million, plus interest, to the owners of an event series that Triller acquired called Verzuz LLC; the owners claimed Triller had failed to make payments.
Triller confidentially submitted the paperwork to the SEC in June. The move followed the termination of Triller’s $5 billion merger agreement with video-tech company SeaChange International. Read more.
