The Triller Group, the Los Angeles-based tech company known for its viral short-form video platform and AI-powered entertainment tools, has received a delisting determination letter from the Nasdaq Stock Market, raising concerns about its future on the public exchange.
According to Music Business Worldwide, the letter was issued on October 14, and unless Triller takes corrective action, its stock could be removed from the Nasdaq exchange as early as October 23. The company, often described as a TikTok rival, failed to submit its mandatory annual 10-K report for FY 2024 and quarterly 10-Q reports for Q1 and Q2 2025, both required under SEC and Nasdaq listing rules.
Triller’s Response and the Nasdaq Hearing
Under Nasdaq policy, companies that fail to meet filing deadlines must request a hearing before the Nasdaq Hearings Panel to avoid immediate suspension. Triller confirmed it intends to request such a hearing, which would automatically delay the delisting for 15 days while the case is reviewed.
Triller’s shares, which trade under the ticker ILLR have been under pressure, falling by over 12% on October 22, according to market tracking data from Yahoo Finance.
Missed Deadlines and Mounting Financial Pressure
Triller had previously received an extension from Nasdaq on August 19, allowing it until October 13 to submit the delayed filings. That deadline was also missed, deepening concerns over the company’s financial management.
The company’s operations are divided into two main business segments:
- A social media platform driven by AI that powers content across music, fashion, sports, and pop culture.
- AGBA Group, a Hong Kong-based fintech unit offering consumer finance and healthcare services to more than 400,000 clients across Asia.
However, the financial strain has been visible. In the first half of 2024, AGBA reported a 55.8% year-on-year revenue drop, citing an economic slowdown in China and outward migration in Hong Kong as key factors, according to AGBA’s filings.
Legal Challenges Mount: Merlin, Sony, and Universal Lawsuits
Beyond its financial issues, Triller faces multiple lawsuits from the music industry’s biggest players.
In March 2025, Merlin Network — which represents independent record labels and distributors globally — filed a lawsuit against Triller for allegedly unpaid licensing fees. The complaint claims Triller violated a 2020 licensing deal containing a “most favored nation (MFN)” clause. This clause ensures Merlin receives equal or better licensing terms compared to any other music company.
Merlin alleges that Triller paid another rights holder a higher rate, breaching that agreement. The network is now seeking $2.55 million in unpaid fees plus interest.
Adding to the company’s woes, Sony Music Entertainment sued Triller in 2022, and Universal Music Group followed in 2023 — both over unpaid royalties and licensing violations.
Recent Court Developments
On October 20, a federal judge, Jeannette Vargas, partially dismissed Merlin’s case against Triller Hold Co LLC, one of the company’s subsidiaries, while keeping the case open against Triller Group Inc., its publicly traded parent company. The dismissal was made without prejudice, meaning Merlin can refile against the subsidiary in the future.
Judge Vargas also ordered the court to keep the case active and required Triller to respond to a motion for default judgment by October 22. That motion hearing is now scheduled for November 17, following a one-week delay due to a scheduling conflict.
Debt Troubles and Nasdaq Implications
In late 2024, a hedge fund managed by Yorkville Advisors filed a separate lawsuit against Triller, alleging an unpaid $33.5 million debt taken on by AGBA before its merger with Triller.
When Triller merged with AGBA in October 2024, it became a publicly traded company on Nasdaq but the combination also exposed its growing debt load and regulatory obligations.
Failure to file updated financial reports could result not only in delisting but also in restricted access to institutional investors and liquidity challenges for Triller shareholders.
AI, Music, and Future Uncertainty
Despite its challenges, Triller continues to emphasize its role in AI-driven music and creator technology, competing with TikTok and YouTube Shorts in the short-form entertainment space.
In 2023, the company expanded its AI-powered video creation suite, allowing artists and brands to generate automated promotional content. However, analysts note that financial instability and legal pressure could significantly impact Triller’s ability to maintain partnerships and develop its core platform.
