Robert E. Diamond Jr., Principal at Triller Group Inc. (NASDAQ:ILLR), sold a total of $317,937 worth of stock, according to its most recent filing with the SEC. The transactions, which took place over three days, included the sale of 129,071 shares at prices ranging from $2.46 to $2.53 per share. The timing of this selloff comes as the stock is trading near $2.43, down more than 46% over the past six months and well below its 52-week high of $5.98.
The sale was made in multiple transactions, with 6,035 shares sold at a weighted average price of $2.53 on January 15, 3,036 shares sold at a weighted average price of $2.46 on January 16, and 120,000 shares sold at a weighted average price of $2.46 on January 17. from USD 2.46. Following these transactions, Diamond’s remaining indirect ownership consists of 827,678 shares. According to InvestingPro Analysis, the company is currently facing financial challenges with weak gross profit margins of 10.17% and negative EBITDA of USD 116.93 million for the last twelve months.
Diamond holds those shares through Atlas (NYSE: ) Merchant Capital LLC, where he is CEO and majority owner. The filing also notes that Diamond has additional shares of restricted stock units, which are planned to be granted in the future. The company, with a market capitalization of $375.08 million, currently shows an overall poor financial health rating according to InvestingPro metrics.
In other recent news, Triller Group Inc. reported significant changes to its management and executive team, in addition to the merger and legal challenge. The company announced the departure of Bob Diamond and James McCann from the board and the cancellation of the appointment of Kevin McGurn as chief executive officer. Triller Group also faces a $35.5 million lawsuit over alleged defaults involving several financial agreements.
At the same time, the company completed its merger with AGBA Group Holding Limited, integrating AGBA’s financial services and healthcare products with Triller’s AI-based social media and live streaming platform. The merger resulted in former shareholders of AGBA and Triller now holding 30% and 70% of the ordinary shares in the combined company respectively.
Along with this development, Triller Group adopted a new capital incentive plan and elected its board of directors, demonstrating its commitment to corporate governance. Shareholders also confirmed the appointment of WWC, PC as independent auditor for the fiscal year ending December 31, 2024. These are among the recent developments shaping the company’s trajectory.
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