UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31,2024
or
☐ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number:001-38909
TRILLER GROUP INC.
(Exact name of registrant as specified in its charter)
| Delaware | 33-1473901 |
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| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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| 7119 West Sunset Boulevard, Suite 782 Los Angeles, CA | N/A |
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| (Address of principal executive offices) | (Zip Code) |
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Registrant’s telephone number, including area code:310-893-5090
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
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| Common Stocks, $0.001 par value | ILLR | NASDAQ Capital Market |
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| Warrants, each warrant exercisable for one-quarter of one share of Common Stock for $23.00 per full share | ILLRW | NASDAQ Capital Market |
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Securities registered pursuant to Section 12(g) of the Act:** None.**
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐No ☒
Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
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| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
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| Emerging Growth Company | ☒ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
At June 30, 2024, the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the ordinary shares of the registrant held by non-affiliates of the registrant was $58,706,055.
The number of shares of the ordinary shares of the registrant outstanding as of January 21, 2026 was 197,266,991.
DOCUMENTS INCORPORATED BY REFERENCE
None.
TRILLER GROUP INC.
FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2024
| PART I | | 1 |
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| Item 1. | Business | 1 |
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| Item 1A. | Risk Factors | 21 |
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| Item 1B. | Unresolved Staff Comments | 91 |
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| Item 1C. | Cybersecurity | 91 |
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| Item 2. | Properties | 92 |
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| Item 3. | Legal Proceedings | 93 |
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| Item 4. | Mine Safety Disclosures | 96 |
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| PART II | | 97 |
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| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 97 |
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| Item 6. | [Reserved] | 98 |
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| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 98 |
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| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 115 |
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| Item 8. | Financial Statements and Supplementary Data | 115 |
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| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosures | 115 |
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| Item 9A. | Controls and Procedures | 115 |
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| Item 9B. | Other Information | 116 |
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| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 116 |
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| PART III | | 117 |
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| Item 10. | Directors, Executive Officers and Corporate Governance | 117 |
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| Item 11. | Executive Compensation | 120 |
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| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 122 |
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| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 123 |
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| Item 14. | Principal Accounting Fees and Services | 125 |
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| PART IV | | 126 |
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| Item 15. | Exhibits, Financial Statement Schedules | 126 |
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FREQUENTLY USED TERMS
Unless otherwise stated in this Annual Report on Form 10-K or unless the context requires otherwise, references in this annual report to:
| ● | “B2B” means TAG International Limited, a BVI business company and wholly-owned subsidiary of the Company; |
| ● | “B2BSub” means TAG Asset Partners Limited, a BVI business company and wholly-owned subsidiary of B2B; |
| ● | “BVI” means the British Virgin Islands; |
| ● | “China,” “mainland China,” or the “PRC” means the People’s Republic of China; |
| ● | “Convoy Global” means Convoy Global Holdings Limited, TAG’s ultimate parent company; |
| ● | “COVID-19” means the novel coronavirus, SARS-CoV-2; |
| ● | “Exchange Act” means the Securities Exchange Act of 1934, as amended; |
| ● | “fintech” means financial services technology; |
| ● | “Fintech” means TAG Asia Capital Holdings Limited; |
| ● | “Greater Bay Area” or “GBA” means the geographic region comprising Macau, Guangzhou, Shenzhen, and the surrounding area; |
| ● | “HKCC” means Hong Kong Credit Corporation Limited; |
| ● | “HKSub” means OnePlatform International Limited, a Hong Kong company and wholly-owned subsidiary of B2BSub; |
| ● | “Hong Kong” means the Hong Kong Special Administrative Region of the People’s Republic of China; |
| ● | “Hong Kong Dollars” or “HK$” means the lawful currency of Hong Kong; |
| ● | “IPO” means the initial public offering of AGBA Acquisition Limited, completed on May 16, 2019; |
| ● | “Legacy Group” means Convoy Global Holdings Limited and its subsidiaries and affiliates, which do not include AGBA or any of its subsidiaries, B2B, B2BSub, and HKSub; |
| ● | “Nasdaq” means the Nasdaq Capital Market; |
| ● | “OIP” means OnePlatform International Property Limited; |
| ● | “OPH” means, as the context requires, OnePlatform Holdings Limited prior to the OPH Merger, and, B2B following the OPH Merger; |
| ● | “OPH Merger” means the merger of OPH with and into HKSub, with HKSub as the surviving entity, which completed on August 11, 2022; |
| ● | “PCAOB” means the Public Company Accounting Oversight Board of the United States; |
| ● | “Private Placement Units” means private units held by the Sponsor, which were acquired by the Sponsor at the consummation of the IPO; |
| ● | “Private Warrants” means warrants sold as part of the Private Placement Units at the consummation of the IPO; |
| ● | “Public Warrants” means public warrants of the Company trading on Nasdaq; |
| ● | “SEC” or “Securities and Exchange Commission” means the Securities and Exchange Commission of the United States; |
| ● | “Securities Act” means the Securities Act of 1933, as amended; |
| ● | “Sponsor” means AGBA Holding Limited; |
| ● | “TAG” means TAG Holdings Limited; |
| ● | “TAG Business” means, B2B and Fintech together, in each case including each such entity’s respective subsidiaries; |
| ● | “ILLR Shares” means the common stock of the Company, US$0.001 par value per share; |
| ● | “Transfer Agent” or “Continental” means Continental Stock Transfer & Trust Company; |
| ● | “U.S. Dollars,” “USD,” and “US$” means the legal currency of the United States; |
| ● | “U.S. GAAP” means the accounting principles generally accepted in the United States; and |
| ● | “Yorkville” means YA II PN, LTD, a Cayman Islands exempt limited partnership. |
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FORWARD LOOKING STATEMENTS
This Annual Report on Form 10-K, including the information incorporated herein by reference, contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the Business Combination described herein, and the financial condition, results of operations, earnings outlook, and prospects of Company. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might”, “ongoing,” “outlook,” “plan,” “possible”, “potential,” “predict,” “project,” “should”, “strive”, “would”, “will,” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of the Company and its management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties, or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following:
| ● | expectations regarding our strategies and future financial performance, including its future business plans or objectives, prospective performance and opportunities and competitors, revenues, products, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives and pursue acquisition opportunities; |
| ● | the outcome of any legal proceedings that may be instituted against us; |
| ● | the risk that recent acquisitions or any proposed transactions disrupt our current plans and/or operations, including the risk that we do not complete any such proposed transactions or achieve the expected benefit from them; |
| ● | the ability to recognize the anticipated benefits of recent acquisitions or any proposed transaction, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, and retain key employees; |
| ● | costs related to being a public company, acquisitions, commercial collaborations and proposed transactions; |
| ● | limited liquidity and trading of our common stock; |
| ● | geopolitical risk and changes in applicable laws or regulations; |
| ● | the possibility that we may be adversely affected by other economic, business, and/or competitive factors; |
| ● | risks relating to the uncertainty of our projected financial information; |
| ● | risks related to the organic and inorganic growth of our business and the timing of expected business milestones; |
| ● | risk that the COVID-19 pandemic, and local, state, federal and international responses to addressing the pandemic may have an adverse effect on our business operations, as well as our financial condition and results of operations; |
| ● | litigation and regulatory enforcement risks, including the diversion of management time and attention and the additional costs and demands on our resources; and |
| ● | the inability to maintain the listing of our common stock on Nasdaq. |
Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of the Company prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements concerning the business combination or other matters addressed in this Annual Report on Form 10-K and attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this Annual Report on Form 10-K. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this Annual Report on Form 10-K or to reflect the occurrence of unanticipated events.
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