Company: ILLRW
Filing Date: 2025-01-24
Form Type: S-1
Source: 0001213900-25-006210
Chunk: 283

Company: Triller Group Inc.
Filing Date: 2025-01-24
Form: S-1
Chunk 283
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 Trust whereby we cancelled and
exchanged each promissory note held by these entities as well as the Series AA-1 preferred units held by these entities and issued in
exchange (i) 7.5% unsecured subordinated convertible promissory notes in the aggregate principal amount of $15.8 million to the Aryana
Health Care Foundation, AS Trust, BAS Living Trust and BASM HoldCo LLC and (ii) warrants to purchase 2,418,898 Class B common units at
an exercise price per unit of $0.01 to the Aryana Health Care Foundation, AS Trust and BASM HoldCo LLC. The notes issued in connection
with the Debt Modification and Equity Reclassification Agreement convert into Class B common units (a) upon the occurrence of a change
of control (as defined in the notes) at 80% of the unit value determined by the change of control event; and (b) if we consummate a financing
transaction for capital raising purposes that results in gross proceeds to us of at least $200.0 million, provided that no such threshold
applies in the event of an underwritten public offering or a direct listing of our common stock on a national securities exchange at a
conversion price equal to 80% of the issuance price of the notes. Bobby Sarnevesht, one of our founders and our Chief Executive Officer,
is the trustee of the BAS Living Trust and his mother, Julia Hashemieh, is an affiliate of the Aryana Health Care Foundation, and BASM
HoldCo LLC and the trustee of the AS Trust.

Bay Area Surgical Management (“BASM”) Transactions

During the period beginning October 1, 2019 and
ending December 31, 2019, we accrued $0.1 million for payroll and accounting services performed by BASM Payroll Services Inc. During the
fiscal years ended December 31, 2021 and 2020, we paid approximately $0.3 million and $0.3 million, respectively, in connection with BASM’s
provision of payroll and accounting services. An additional $0.5 million has been accrued for services in 2021. BASM is an affiliate of
Bobby Sarnevesht.

Merger with Triller Acquisition LLC

Triller Acquisition LLC was one of the founding members of Triller Hold Co LLC. Triller Acquisition LLC was formed for the sole purpose of holding the ownership of 80,282 of our Class A common units