Webull Corporation and SK Growth Opportunities Corporation
have formally declared their intention to merge, as announced in a definitive
business combination agreement today (Wednesday).
Upon the completion of the proposed transaction outlined in
the Business Combination Agreement, the newly formed entity, to be known as
“Webull Corporation,” will retain its identity and is slated to have
its ordinary shares listed on NASDAQ under a new ticker symbol.
Anthony Denier, Group President of Webull
Anthony Denier, the Group President of Webull Corporation, said: “Webull addresses critical pain points within the
retail investing customer landscape, where traditional providers offer
restricted mobile functionality and are suited for investors behind a computer.
Webull was created to bridge the gap by providing users with both advanced
trading capabilities and robust educational resources. We expect this business
combination will enable us to further expand our holistic approach to retail
investors.”
Since its inception in 2018, Webull has expanded its
footprint beyond the United States, venturing into the Asia Pacific, Europe,
and Latin America regions. Boasting over 40 million downloads of the Webull App
and a user base exceeding 20 million globally.
The Proposed Transaction values the Combined Company at
around $7.3 billion, with no minimum cash requirement and assuming no further
redemptions by SK Growth shareholders. Both Webull and SK Growth boards of
directors have unanimously approved the transaction.
The deal is anticipated to
close in the latter half of 2024, pending regulatory and shareholder approvals,
along with customary closing conditions. These include the effectiveness of the
Registration Statement by the SEC and the Nasdaq Stock Market LLC’s approval of
the Combined Company’s listing application
Webull’s Global Presence and Market Performance
Webull operates as a digital trading platform, holding
licenses as a broker-dealer in 10 major markets and serving customers across 15
regions globally. In 2023, the platform facilitated approximately $370 billion
in equity notional volumes and oversaw the trading of 430 million options
contracts.
Webull to Go Public Via Merger With SK Growth Opportunities Spa (Bloomberg) pic.twitter.com/40sIgUWqep
— Christian Fromhertz 🇺🇸 (@cfromhertz) February 28, 2024
The platform offers access to the advanced market data and
charting tools sourced from 42 exchanges. Its interface is accessible across
various devices, including mobile, tablet, wearable, and desktop platforms,
enhancing the overall trading experience. Webull is supported by institutional investors including
General Atlantic, Coatue Management, Lightspeed Venture Partners, and J.
Rothschild Capital Management.
Webull Corporation and SK Growth Opportunities Corporation
have formally declared their intention to merge, as announced in a definitive
business combination agreement today (Wednesday).
Upon the completion of the proposed transaction outlined in
the Business Combination Agreement, the newly formed entity, to be known as
“Webull Corporation,” will retain its identity and is slated to have
its ordinary shares listed on NASDAQ under a new ticker symbol.
Anthony Denier, Group President of Webull
Anthony Denier, the Group President of Webull Corporation, said: “Webull addresses critical pain points within the
retail investing customer landscape, where traditional providers offer
restricted mobile functionality and are suited for investors behind a computer.
Webull was created to bridge the gap by providing users with both advanced
trading capabilities and robust educational resources. We expect this business
combination will enable us to further expand our holistic approach to retail
investors.”
Since its inception in 2018, Webull has expanded its
footprint beyond the United States, venturing into the Asia Pacific, Europe,
and Latin America regions. Boasting over 40 million downloads of the Webull App
and a user base exceeding 20 million globally.
The Proposed Transaction values the Combined Company at
around $7.3 billion, with no minimum cash requirement and assuming no further
redemptions by SK Growth shareholders. Both Webull and SK Growth boards of
directors have unanimously approved the transaction.
The deal is anticipated to
close in the latter half of 2024, pending regulatory and shareholder approvals,
along with customary closing conditions. These include the effectiveness of the
Registration Statement by the SEC and the Nasdaq Stock Market LLC’s approval of
the Combined Company’s listing application
Webull’s Global Presence and Market Performance
Webull operates as a digital trading platform, holding
licenses as a broker-dealer in 10 major markets and serving customers across 15
regions globally. In 2023, the platform facilitated approximately $370 billion
in equity notional volumes and oversaw the trading of 430 million options
contracts.
Webull to Go Public Via Merger With SK Growth Opportunities Spa (Bloomberg) pic.twitter.com/40sIgUWqep
— Christian Fromhertz 🇺🇸 (@cfromhertz) February 28, 2024
The platform offers access to the advanced market data and
charting tools sourced from 42 exchanges. Its interface is accessible across
various devices, including mobile, tablet, wearable, and desktop platforms,
enhancing the overall trading experience. Webull is supported by institutional investors including
General Atlantic, Coatue Management, Lightspeed Venture Partners, and J.
Rothschild Capital Management.
