Triller’s latest filings raise concerns about stability of wrestling PPV distributor
The parent of TrillerTV is facing financial and regulatory trouble
Triller Group Inc., the parent company of TrillerTV, is facing mounting financial and regulatory trouble, as indicated by a number of filings with the Securities and Exchange Commission over the last few months.
TrillerTV, previously known as FITE, is a key platform for international streaming of AEW Plus and has been a major digital distributor of pay-per-view events for promotions like GCW, TNA, and numerous other wrestling and combat sports events. Triller acquired FITE in 2021 as part of a broader push into live streaming.
The company is now at risk of being delisted from the Nasdaq exchange where its stock is traded, due to repeatedly failing to file required financial reports on time.
Adding to the concern is an investment that was announced but amended months later. In January, Triller announced that it raised $14 million through a private placement deal with an investor group led by KCP Holdings. The agreement included the sale of over 6.3 million shares and an equal number of warrants (which are rights to buy shares later) at $5 per share. The deal would also result in Roger C. Kennedy of KPC Holdings being added as a new board member.
In the months that followed, Triller’s stock price fell from over $2 per share to under $1.
Then in April, Triller admitted in updated filings that the deal never closed. No money was received, no shares or warrants were issued, and Kennedy wasn’t added to the board. That deal was terminated and replaced with a new arrangement: a $10 million convertible note and warrant agreement that’s still contingent on funding—meaning Triller hasn’t received the $10 million yet.
Triller failed to file its annual report (10-K) for 2024 and its Q1 2025 quarterly report (10-Q). Other outlets have mentioned the missing quarterly report, but filings indicate Triller has missed not one but two financial updates the company is required to make public to investors. These delays triggered two respective delinquency notices from Nasdaq, which may lead to the company’s stock being delisted if compliance isn’t restored in time. Being delisted would only make it harder for Triller to raise money.
The company filed a notice in March saying it needed more time to complete its 10-K. In the filing, Triller said it “has determined that it is unable, without unreasonable effort or expense,” to file the annual report on time. Neither report has been filed as of this writing.
Triller’s May 23 press release on the matter says it “is working diligently to complete its Form 10-Q and 10-K and expects to file its Form 10-Q and 10-K as soon as practicable.”
The Nasdaq delinquency notices give Triller until June 16 to submit a plan about how it will regain compliance. If the plan is accepted by Nasdaq, Triller will have until October 13 to catch up. If the exchange doesn’t accept the company’s plan, Triller will have the opportunity to appeal.
Also in April, while under pressure for missed filings and failed financing, Triller hosted an investor dinner at U.S. President Donald Trump’s Mar-a-Lago resort in Florida. The event was billed as a “landmark” opportunity to share the company’s vision with over 100 South Florida investors, underscoring a sharp contrast between Triller’s public promotional efforts and its unresolved SEC compliance issues. It’s unclear whether Triller attracted new investment as a result of the event.
Triller representatives did not respond to a request for comment for this report.
Triller went public on October 16, 2024, through a reverse merger with AGBA Group Holding Limited, a special purpose acquisition company (SPAC) that’s been listed on the Nasdaq since 2019. A SPAC is essentially an empty shell company that goes public for the purpose of buying or merging with a private business. For many companies, merging with a SPAC is an easier way to become publicly traded and therefore raise cash, rather than a traditional IPO process.
After the merger, the combined entity was renamed Triller Group Inc., and its shares began trading under the ticker symbol ILLR.
Apart from TrillerTV, Triller operates a social media platform focused on creators, owns the Bare Knuckle Fighting Championship, and controls AGBA, a financial services marketplace.
The company now known as Triller has lost over 97% of its value since going public in 2019, now trading at $0.61 per share as of the close of the market on Tuesday, down from highs above $21 in 2022—a collapse that may reflect investor doubts about the company’s direction and viability.