AGBA Group (NASDAQ:AGBA) stock is rising higher on Thursday after the company announced it will merge with Triller to create a $4 billion digital content and financial services giant.
AGBA Group is a Hong Kong-based financial services company with more than 400,000 individual and corporate customers. Triller operates an artificial intelligence (AI) powered social video platform that generates over 500 million interactions per quarter.
AGBA Group and Triller are teaming up to take advantage of each other’s services. That includes Triller’s social media platform and Software as a Service (SaaS) offerings.
Wing-Fai Ng, Group President of AGBA Group, said the following about the merger:
“AGBA’s expertise in capitalizing on financial value from complex developments and rapid growth will provide the fuel for Triller’s rocket ships. Together, we have a lot to accomplish.”
AGBA Stock Merger Details
The boards of directors at both companies have already given their support to the merger. Now it just needs regulators and shareholders to give them the okay to close the deal.
When the deal closes, AGBA stockholders will own 20% of the combined company. The remaining 80% will be under the control of Triller investors. Bobby Sarnevesht will serve as CEO of Triller, which will be a subsidiary of AGBA Group. Wing-Fai Ng will remain act as Group CEO of the company.
AGBA stock is up 149% as of Thursday morning, with some 55 million shares traded. That’s well above its daily average of about 217,000 shares.
There are more stock market stories traders need to know about below!
We have all of the hottest stock market news for investors to read about on Thursday! Among that is what has shares of Tesla (NASDAQ:TSLA), NRX Pharmaceuticals (NASDAQ:NRXP) and SoundHound AI (NASDAQ:SOUN) stock in the news today. All of that info is available at the following links!
More Thursday Stock Market News
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- Trade of the Day: Profit From Stumbles in SoundHound AI (SOUN) Stock
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
