Nasdaq-listed AGBA Group Holding and Triller announced today that they have entered into a definitive merger agreement at an approximately $4 billion valuation on a pro forma basis.
AGBA bills itsels as a “one-stop financial supermarket in Hong Kong,” while Triller offers an Artificial Intelligence-driven social video platform.
AGBA shares soared 90% in morning trading, following a pre-opening liftoff of 211%.
AGBA was formed via a merger of a SPAC with the same name and TAG Holdings in November 2022. Triller as recently as February said it was pursuing a direct listing on the NYSE after calling off a $5 billion merger agreement with video-tech company SeaChange International.
Similar to TikTok, Triller allows users to create and share short-form videos set to music. However, Triller plans to pivot toward streaming live events rather than compete against Tik Tok.
The merger combines AGBA’s financial expertise with Triller’s cutting-edge AI-driven content creation and SaaS capabilities, aiming to transform global digital ecosystems, the companies said.
Triller stockholders would own 80% of the post-merger group, with AGBA shareholders controlling the remaining 20%.
