Unlike with a traditional initial public offering, TrillerNet would not sell any shares in its direct listing, which could come as early as September, the sources said.
The company plans to register its direct listing confidentially with the U.S. Securities and Exchange Commission next month, hoping stock market investors will value it at more than $5 billion, according to that source.
Launched in 2015, Triller has been diversifying beyond short video apps to live events, mobile gaming and pay-per-view streaming.
In a sign it no longer views itself as a direct competitor to TikTok, Triller stopped reporting daily or monthly active users for its short video app.
TrillerNet also owns Triller Fight Club, a live-event platform in partnership with rapper Snoop Dogg and operates TrillerTV, a long-form content streaming platform with more than 65 original shows.
TrillerNet, Triller, Amplify.ai’s, Mahi de Silva, Snoop, Paul Kahn
Reuters, U.S . Securities, Exchange Commission