Triller Group Inc (NASDAQ:ILLR), a Nasdaq microcap with roughly $2 million of cash, announced Thursday it is acquiring $411 million of exposure to Elon Musk's SpaceX (NASDAQ:SPCX) as a strategic treasury asset.
That sent its stock up nearly 400% intraday.
Triller said it signed a definitive agreement to acquire economic exposure to 3,917,185 SpaceX shares through a fund vehicle.
CEO Wing-Fai Ng called the deal a "transformational step" that places SpaceX at the heart of the company's balance sheet.
A $411 Million Position On A $13 Million Market Cap Before the announcement, Triller's market capitalization sat at roughly $13 million, according to public filings.
