Key facts
- Khaby Lame's $975 million deal with Rich Sparkle Holdings is still conditional.
- Rich Sparkle's stock has fallen 99% from its peak of about $180.
- The company issued $39 million in stock to employees as compensation.
New details from a financial filing by Rich Sparkle Holdings have emerged regarding a $975 million deal with TikTok star Khaby Lame, revealing the agreement remains conditional and the company's stock has plummeted. The deal, announced in January, involves a merger between Lame's company and the Hong Kong-based financial printing firm. The latest filing on September 30 indicates the deal is contingent on due diligence, a minimum valuation of Lame's company, and stock exchange approval, language consistent with previous filings. Meanwhile, Rich Sparkle's stock has fallen 99% from its peak of approximately $180, closing at $1.93 on Thursday. The company also issued nearly $39 million in stock to its staff as compensation in the six months ended March 31, contributing to an operating loss of almost $40 million. Lame, who has over 160 million followers, has continued to engage in other brand partnerships while the deal remains in limbo.