Triller Group (NASDAQ: ILLR) faces a $35.5 million lawsuit from Yorkville Advisors for allegedly failing to honor a promissory note, just as the company prepares to launch its revamped video-sharing app in 2025.

The lawsuit stems from two advances: an initial $8.51 million and a subsequent $25 million payment, intended to support Triller's operations before its merger. According to the legal documents, Triller missed crucial deadlines, including an August 12th merger completion date and an August 29th registration statement deadline.

Due to these missed deadlines, Yorkville claims Triller defaulted on the monthly payment plan, leading to the demand for immediate repayment of approximately $35.5 million, including accrued interest. Triller has stated it will "defend itself vigorously" against these claims.

Despite the legal challenges, Triller is moving forward with ambitious plans. The company recently hired former TikTok executive Sean Kim to lead the platform and announced a three-phase app roadmap:

1. Reignition: Focusing on exclusive content from top creators
2. Creator ownership empowerment
3. Monetization implementation

The revamped Triller app is scheduled for release in Q1 2025, with Kim stating their goal is "to make the Triller App the ultimate destination for creators, fans, and brands worldwide." More details will be revealed during an investor day conference on December 18th.

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