Triller Group Delisted from NASDAQ: Filing Delays Lead to Trading Suspension and Uncertain Future
In a significant blow to the social media and entertainment company, Triller Group Inc. (formerly ticker: ILLR) was officially delisted from the NASDAQ Stock Market on December 30, 2025, following a protracted battle over compliance with financial reporting requirements.
The delisting, which suspended trading in the company’s securities, stems from repeated failures to file mandatory periodic reports with the U.S. Securities and Exchange Commission (SEC), highlighting ongoing challenges in the company’s post-merger integration and accounting processes.
Background on Triller Group
Founded in 2015 as a short-form video platform emphasizing music and creative content, Triller positioned itself as a direct competitor to TikTok, attracting celebrity endorsements and partnerships in entertainment, sports, and music. The company expanded its portfolio through acquisitions, notably purchasing Bare Knuckle Fighting Championship (BKFC) in 2021 and other combat sports assets, while also venturing into live streaming events for wrestling, boxing, and MMA.
Triller went public via a merger with a special purpose acquisition company (SPAC) in October 2024, rebranding as Triller Group Inc. and listing on NASDAQ. This move was intended to fuel growth, but it introduced complex integration issues that ultimately contributed to the delisting saga.
Timeline of the Delisting Process
The road to delisting began in early 2025, when Triller started missing key filing deadlines:
April to August 2025: NASDAQ staff issued multiple notifications to Triller, citing non-compliance with NASDAQ Rule 5250(c)(1), which requires timely filing of periodic financial reports. Specifically, the company failed to submit its Form 10-K for the fiscal year ended December 31, 2024, and Forms 10-Q for the quarters ended March 31, 2025, and June 30, 2025.
October 13, 2025: NASDAQ granted Triller an initial exception to regain compliance by this date, with a warning that failure would trigger delisting proceedings.
October 23, 2025: After Triller missed the exception deadline, NASDAQ staff issued a delisting determination, set to take effect unless appealed.
November 17, 2025: NASDAQ sent an additional delisting letter, noting that the company’s failure to file its Form 10-Q for the quarter ended September 30, 2025, provided further grounds for delisting.
November 25, 2025: Triller appealed to a NASDAQ Hearings Panel, which held a hearing. The company proposed a compliance plan, committing to file all delinquent reports by December 24, 2025. The panel granted a conditional extension, allowing continued listing only if the deadline was met, emphasizing no further leniency due to the extended period without audited financials for investors.
December 22, 2025: Facing delays, Triller requested another extension, but the request contained inconsistencies that raised doubts about the company’s ability to comply.
December 26, 2025: The Hearings Panel denied the extension and confirmed the suspension of trading effective December 30, 2025, along with delisting, citing ongoing harm to investors from the lack of current financial information.
December 29, 2025: Triller filed an emergency motion with the SEC to stay the delisting while appealing to NASDAQ’s Listing and Hearing Review Council. The SEC denied the stay, ruling that Triller failed to demonstrate a likelihood of success, irreparable harm, or that the public interest favored a delay. The decision underscored the importance of enforcing listing standards to protect investors.
This sequence of events culminated in Triller’s securities being removed from NASDAQ, forcing the stock to potentially trade over-the-counter (OTC) markets, which often come with reduced liquidity and visibility.
Reasons Behind the Delays
Triller attributed the filing delays to a “technical matter” involving the consolidation of accounts for a U.S.-based operation following its October 2024 merger with legacy Triller Corp. The company emphasized that its operations remain normal, with no identified deficiencies materially affecting its financial position or integrity. However, the merger introduced non-recurring integration challenges, requiring over a year of work with advisors and auditors to resolve accounting issues. Triller is also upgrading its accounting systems in partnership with a leading Los Angeles-based consulting firm. Prior to the merger, the company was fully compliant with NASDAQ requirements.
Market Impact and Reactions
The announcement triggered a sharp decline in Triller’s stock price, which plunged 61.5% on December 30, 2025, reflecting investor concerns over the company’s governance and future prospects. On social media platform X (formerly Twitter), the news sparked discussions among traders and sports enthusiasts. Some speculated on trading opportunities, suggesting long positions in competitors like Meta (META), Google (GOOGL), and Snap (SNAP), while shorting Triller and similar microcaps. In the combat sports community, concerns arose about the implications for BKFC, with questions about its custody and potential bankruptcy proceedings amid Triller’s financial woes. Wrestling fans linked the delisting to Triller’s partnerships, such as with All Elite Wrestling (AEW), warning of risks in such collaborations.
Company’s Response and Future Outlook
Triller expressed disappointment with the timeline, arguing it did not fully account for its remediation efforts. Management remains “highly confident” in achieving full compliance within weeks, paving the way for revenue growth, product innovation, and expansion in 2026. The company plans to exhaust all appeal options, including through NASDAQ, the SEC, and potentially the U.S. Court of Appeals.
While delisting poses challenges like reduced access to capital and investor confidence, Triller aims to relist on a major exchange soon.
This episode underscores the stringent regulatory environment for public companies, particularly those emerging from SPAC mergers. As Triller navigates its appeals and compliance efforts, stakeholders will watch closely for signs of recovery in a competitive social media landscape.
