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

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

Yorkville claims Triller's failure to meet these obligations triggered a monthly payment plan, which the company allegedly didn't fulfill. The total amount sought includes accrued interest, reaching $35.5 million. Triller states 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 development roadmap:

1. Reignition: Featuring 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." Additional details will be revealed during an investor day conference on December 18th.

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