Is Triller spinning off Bare Knuckle FC onto the NASDAQ?

Some recent proposals and documents shed light on a bold plan.

Triller is on the hunt for investment cash and even bragged about going to Mar-A-Lago this past week to connect with the rich and famous. This is on the heels of declaring two months ago that they supposedly secured $50 million in new cash.

The question is how much cash Triller needs to raise before time runs out.

Last year on The MMA Draw newsletter on Substack, I wrote an extensive article about Triller’s fight for survival and what their collapse would mean for players in the fight business.

There was a play for Triller to access cash on the stock market through a company called AGBA. The merger created an entity called ILLR.

The end result of that transaction after one year (as shown in this graphic):

That is a Stage 4 decline and doesn’t appear to be reversing in the near term.

Last week, ILLR filed an NT-10K: Notification of inability to timely file Form 10-K with the SEC. Not a death blow, but not exactly an optimistic sign, either.

Triller management believes that the on-again, off-again talks to buy TikTok from ByteDance will impact their bottom line. As The Washington Post recently reported, there was supposedly a deal with ByteDance (read: Beijing) to sell to American investors. Then the politics of the tariff war hit, and now talks are off for a TikTok sale. Trump is trying to extend TikTok’s survival in America through Executive Orders, which is conflicting with a law Congress passed to ban TikTok.

Bottom line? Who knows what kind of investment Triller can secure before the financial climate turns worse and they face potential bankruptcy threats.

Whether it’s Chapter 7 or Chapter 11 bankruptcy, Triller could end up in a vulnerable position and be forced to sell assets, like FITE TV. However, their highest-profile asset — by far — in the fight space is Bare Knuckle FC.

And that’s where recent behind-the-scenes discussion about the possibility of Bare Knuckle FC spinning off into a public-traded company is heating up.