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Robert E. Diamond Jr., a director at Triller Group Inc. (NASDAQ:ILLR), has sold shares totaling $317,937, according to a recent SEC filing. The transactions, which occurred over three days, involved the sale of 129,071 shares at prices ranging from $2.46 to $2.53 per share. The timing of these sales comes as the stock trades near $2.43, down over 46% in the past six months and significantly below its 52-week high of $5.98.
The sales were conducted in multiple transactions, with 6,035 shares sold on January 15 at a weighted average price of $2.53, 3,036 shares on January 16 at a price of $2.46, and 120,000 shares on January 17 at a weighted average price also of $2.46. Following these transactions, Diamond's remaining indirect ownership consists of 827,678 shares. According to InvestingPro analysis, the company currently faces financial challenges with weak gross profit margins of 10.17% and negative EBITDA of $116.93M in the last twelve months.
Diamond holds these shares through Atlas (NYSE:ATCO) Merchant Capital LLC, where he serves as CEO and majority owner. The filing also notes that Diamond has additional holdings of restricted stock units, which are scheduled to vest in the future. The company, with a market capitalization of $375.08M, currently shows an overall weak financial health score according to InvestingPro metrics.
In other recent news, Triller Group Inc. reported significant changes in its board and executive team, alongside a merger and a legal challenge. The company announced the departure of Bob Diamond and James McCann from its board, and the cancellation of Kevin McGurn's CEO appointment. Triller Group also faces a $35.5 million lawsuit over alleged default involving several financial agreements.
Simultaneously, the company has 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 outstanding common stock in the combined company, respectively.
In addition to these developments, Triller Group adopted a new equity incentive plan and elected its board of directors, demonstrating its commitment to corporate governance. Shareholders also ratified the appointment of WWC, P.C. as the independent auditors for the fiscal year ending December 31, 2024. These are among the recent developments shaping the company's trajectory.
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