The sprouting rival of TikTok, Triller, is all set to break through an agreement with a merger. This step will lead to exposure of the company to the public.
While TikTok is still trying to handle its heartbreak, Triller will sign an agreement for capitalization. The government ordered to take down the TikTok app. The reason they mentioned was Chinese were stealing data of the people and giving it to the Chinese government for misuse. On the other hand, TikTok filed a case against the US Government to avoid any ban from App stores. The case is still under development.
Furthermore, TikTok rival Thriller explores its reach to US residents. They believe that this is the right time to attract people towards them as TikTok’s future lies uncertain.
Triller is open for a deal with SPAC (Special Purpose Acquisition Companies) along with Farvahar Partners, a merchant bank. SPAC acts like an armour that helps to raise money from Initial Public Offerings (IPO) to merge. They help in the amalgamation of privately-owned companies to becoming public.
More About the Deal:
Triller has so far acquired around $100 million valuations. However, the company now is in a dilemma of whether to proceed with the private fundraising process or to opt for SPAC. None of the deals is sure and is secretive.
According to Triller, monthly active users of the app are 65 million. The statistics, however, have got no confirmation from other agencies. Celebrities, namely, Alicia Keys, Cardi B, and Eminem uses the app.
Just like, TikTok, this also is an America based short-video sharing app. The app is available on iOS and Android. After TikTok faced a ban in India, this app’s download hyped to 120 million. US President Donald Trump too tried this app which was speculated as a political act against TikTok.
Triller to go public after banning on TikTok.