Pay-per-view provider Triller Group, owners of the "Triller TV" ("FITE TV") streaming platform has announced its de-listing from the NASDAQ stock market.
For those outside of the USA, where "AEW Dynamite" and pay-per-views are carried on the MAX streaming platform owned by Warner Bros. Discovery, "Triller TV" has been the home for AEW content, as well as GCW and other independent wrestling shows. It has played host to Wrestle Kingdom 19 in January, alongside AEW's cross-promoted show with NJPW, Wrestle Dynasty.
However, an SEC filing late on Tuesday indicated that Triller had received a determination letter from a NASDAQ Hearings Panel on December 26 to confirm the suspension of trading on its stock market on December 30. The decision, per the filing, had been made after Triller had failed to file two periodic reports by December 24, a deadline set by the Hearings Panel.
Triller argues in the filing that operations have been progressing in a "normal manner," with no irregularities identified that would "materially affect" the company's financial position or operational integrity. It says the filing delay could be attributed to a "technical matter involving the consolidation of accounts for US-based operation within Triller Group."
A hearing held on November 25 saw the Panel grant Triller an extension period, which as part of it was expected to file its 2024 10-K and 10-Q forms for Q1, Q2, and Q3 on or before December 24.
Triller's management is said to be highly confident that the company will regain full filing compliance within weeks, further contesting that the timeline did not fully account for the efforts made in "resolving non-recurring integration challenges following the October 24 business combination with legacy Triller Corp."
It said, prior to the merger's closing, the company was in full compliance with all NASDAQ listing requirements.
"Triller Group is fully committed to exhausting all available appeal avenues," the filing continued to read. "We intend to pursue an appeal through the NASDAQ process, and to the Securities and Exchange Commission and United States Court of Appeals if necessary. We expect to regain full filing compliance and return to regular trading on a major exchange soon."
Triller stated in the filing that it had asked for an extension of the December 24 deadline, through evidently it did not receive that as the Panel opted to start to process of de-listing and suspending Triller effective of market opening on December 30. At the time of writing, Triller securities are viewable on the stock market, though no active trade can be made and the price has dropped from $0.62 USD to $0.04 USD since December 26.
Triller said it has retained Jacob S. Frenkel of Dickinson Wright PLLC as counsel to appeal the decision and pursue all possible legal challenges to NASDAQ and its Hearing Panel's decisions. On December 29, Frenkel filed an emergency application to the SEC requesting that the trading suspension is prevented from going into effect.
