AGBA/Triller $4bn Merger: Excellent Progress Ahead of Plan
Rhea-AI Summary
AGBA Group Holding (NASDAQ: AGBA) announced significant progress on its proposed merger with Triller Corp. On May 16, 2024, Triller notified stockholders about the merger details, which were approved by over 63% of Triller's voting common stock on April 16, 2024. Triller withdrew its S-1 registration with the SEC on May 6, 2024, to focus fully on the merger. AGBA is preparing its preliminary proxy statement for the SEC, expected to be filed in early June 2024. Both companies are collaborating on updating business plans, budgets, and projections post-merger to leverage emerging market opportunities.
Positive
- AGBA and Triller merger approved by over 63% of Triller stockholders.
- Triller withdrew S-1 registration to focus on the merger.
- Preliminary proxy statement to be filed by AGBA in early June 2024.
- Collaboration for updated business plans, budgets, and projections post-merger.
- Merger is positioned to leverage unprecedented market opportunities.
Negative
- The exact financial impact of the merger on AGBA remains unclear.
- Withdrawal of Triller's S-1 registration could indicate past instability in direct listing plans.
- No specific details on cost synergies or potential financial benefits from the merger are provided.
News Market Reaction
On the day this news was published, AGBA declined 5.31%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
LOS ANGELES, May 21, 2024 (GLOBE NEWSWIRE) -- NASDAQ-listed, AGBA Group Holding Limited (“AGBA” or the “Company” or the “Group”), AGBA reports that on May 16, 2024, Triller Corp delivered to its stockholders a notice pursuant to Section 228(e) of the Delaware General Corporation Law, laying out specific details of the proposed merger between Triller and AGBA.
The AGBA/Triller merger was approved on April 16, 2024, by written consent of stockholders holding over
AGBA is making excellent progress in preparing its proxy statement regarding the proposed merger. AGBA expects to file its preliminary proxy statement with the SEC in early June 2024.
At the same time, AGBA is also working closely with Triller’s team in reviewing and updating the overall business plans, budgets and projections post-merger taking advantages of the unprecedented opportunities emerging from the markets the combined group will be operating in.
For more details, please visit www.agba.com/ir.
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About AGBA Group:
Established in 1993, AGBA Group Holding Limited (NASDAQ: “AGBA”) is a leading one-stop financial supermarket based in Hong Kong offering the broadest set of financial services and healthcare products in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) through a tech-led ecosystem, enabling clients to unlock the choices that best suit their needs. Trusted by over 400,000 individual and corporate customers, the Group is organized into four market-leading businesses: Platform Business, Distribution Business, Healthcare Business, and Fintech Business.
For more information about AGBA, please visit www.agba.com
Investor Relations and Media Contact:
| Ms. Bethany Lai media@agba.com/ ir@agba.com +852 5529 4500 |
| Social Media Channels: agbagroup LinkedIn | X | Instagram | Facebook | YouTube |
FAQ
What is the significance of the AGBA and Triller merger?
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