Triller Group (NASDAQ: ILLR) is facing a $35.5 million lawsuit from Yorkville Advisors for allegedly failing to honor a promissory note, just as the company prepares to launch its revamped video-sharing app in 2025.

The lawsuit stems from a $33.51 million promissory note, comprising an initial $8.51 million injection and a subsequent $25 million advance. According to legal documents, Triller (formerly AGBA Group) missed crucial deadlines related to both their merger completion and registration statement filing.

Key points of the lawsuit:

• Merger deadline was August 12th, but completed in mid-October
• Registration statement filed November 15th, missing August 29th deadline
• Monthly payment plan triggered by missed deadlines wasn't honored
• Total amount sought: $35.5 million (including accrued interest)

Triller stated it "intends to defend itself vigorously" against the lawsuit, though declined to predict the outcome.

Despite these legal challenges, Triller is moving forward with ambitious plans:

• Hired former TikTok exec Sean Kim to lead the platform
• Announced three-phase app roadmap:
  1. Reignition with exclusive creator content
  2. Enhanced creator ownership
  3. Monetization features

The revamped Triller app is scheduled for release in Q1 2025, with more details to be revealed during an investor day conference on December 18th.

"Our goal is clear: to make the Triller App the ultimate destination for creators, fans, and brands worldwide," said Sean Kim, emphasizing the platform's focus on reshaping digital engagement and content monetization.

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