By Jasmine Li
Shares of AGBA climbed after the company said it would soon complete its merger with Triller.
The Hong Kong-based investment company's stock rose 28% to $1.32 a share in Friday morning trading. The stock's value has quadrupled year to date.
AGBA said on Friday it expects its merger with Triller, a Los Angeles-based social media company, to close Oct. 14, pending Nasdaq's approval.
The merger will include a reverse AGBA stock split to remain compliant with Nasdaq rules, the companies said.
AGBA will incorporate in Delaware and the joint company will trade under a split-adjusted basis under the new symbol ILLR.
In its merger announcement April 18, AGBA and Triller said they would value the combined company at $4 billion. AGBA's share price tripled after the merger was announced.
Write to Jasmine Li at jasmine.li@wsj.com
(END) Dow Jones Newswires
October 11, 2024 10:34 ET (14:34 GMT)
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