Webull joins with SPAC for $7.3B public listing

investmentnews.com:

Six years after it launched in the U.S. before expanding across the globe, Webull is about to take a big step in its journey.

The digital investment platform’s owner Webull Corporation Inc. is planning to list on the Nasdaq through a combination with SK Growth, a special purpose acquisition company. The new entity will retain the Webull Corporation name and the combined entity will have an implied pro forma enterprise value of $7.3 billion (assuming no further redemptions by the SPAC’s shareholders).

“The business combination with SK Growth marks a significant milestone for Webull,” said Webull founder and CEO Anquan Wang. “We believe SK Growth’s partnership and experience fully aligns with our long-term vision to make Webull the platform of choice for the new generation of investors globally.”

Webull has approximately 20 million registered users in the U.S. (where it operates as Webull Financial, LLC), Asia Pacific, Europe, and Latin America, is licensed as a broker-dealer in 10 major markets, and provides a full suite of financial products with competitive pricing including zero-fee trading in the U.S. It had approximately $370 billion in equity notional volumes and 430 million options contracts traded through the platform in 2023.

“We are confident that capitalizing on our experience and network globally will bolster Webull’s growth in existing and new markets as a public company,” said Richard Chin, CEO and Director of SK Growth Opportunities Corporation.

Webull Financial recently hired former Cbeo Global Markets executive Arianne Adams as head of derivatives and chief strategy officer.