Company: ILLRW
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001213900-25-006210
Chunk: 216

Company: Triller Group Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 216
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ell and offers value-added services
such as cash management across bank accounts, savings, debt management, and financial planning.

Background to the Investment in Tandem

TAG Technologies Limited (“TAG Technologies”)
first invested in 2018 with Tandem still positioned as a neobank focused on digital and analytics to generate user and deposit growth.
The initial investment was by way of a subscription agreement with Tandem, pursuant to which TAG Technologies agreed to subscribe for
and Tandem agreed to issue 11,259,740 ordinary B shares in Tandem for a consideration of £15 million. The consideration was
determined by the parties after arm’s length negotiations taking into account (i) the unaudited consolidated net asset value
of Tandem as at September 30, 2018, which was approximately £55.7 million, and (ii) the potential in the future business
development of Tandem.

We believed that Tandem’s strategy in 2020
was predicated on a clear asset pivot to grow consumer loans in attractive categories such as home improvement and specialty mortgages.
In April 2020, TAG Technologies entered into a further subscription agreement with Tandem, pursuant to which TAG Technologies agreed
to subscribe for and Tandem agreed to issue 49,476,049 ordinary B shares in Tandem for a consideration of £10 million. The
consideration was determined by the parties after arm’s length negotiations taking into account (i) the unaudited consolidated
net asset value of Tandem as of October 31, 2019, which was approximately £44.9 million, and (ii) the potential in
Tandem’s future business development.

In June and August 2021, TAG Technologies purchased an additional
aggregate of 14,000,000 ordinary B shares of Tandem at the price of £0.15 per share, for cash consideration of approximately US$2.9 million
(equivalent to approximately £2.1 million). We currently owns 4.47% equity interest in Tandem.

Share Purchase and Knowledge Transfer Agreement

In connection with the April 2020 investment,
Tandem, AGBA Group Limited (“AGBA Group”) and TAG Technologies entered into a Share Purchase and Knowledge Transfer
Agreement pursuant to which, among other things, TAG Technologies purchased the entire issued share capital of AGBA Group, and Tandem
undertook to provide certain knowledge transfer services