Triller Owner Is Reconfiguring Plans to Go Public, Eyeing Late 2021 Listing

The company had been in deep discussions with special purpose acquisition corporations (SPACs) over the last eight to 12 months, confirms the source. But instead of merging with a SPAC — a blank check company that raises money through an IPO with the sole purpose of acquiring a private company — TrillerNet chose to take a direct investment from a group of large investors that have stakes in several of the same SPACs.

This route will give the group of private investors a 20% discount on the company’s valuation, providing TrillerNet with more funding than a SPAC merger at an equal valuation TrillerNet found this option to be preferable to a standard transaction in which SPAC founders would receive additional shares that would have ultimately diluted its equity value by 30%, according to the source. A spokesperson for TrillerNet declined to comment.

A direct listing would end a long-expected play for TrillerNet to trade on a public market. TrillerNet was reportedly close to a merger with an unnamed SPAC in the first months of 2021. In a Feb. 16, 2021, Billboard article, then-CEO Mike Lu claimed the company should be worth $10 billion after a $250 million funding round reported in October 2020 valued the company at $1.25 billion. Triller now claims to have 300 million app downloads to date.

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