Webull to Go Public Via $7.3B SPAC Deal
Webull, the digital investment platform that came to fame during the pandemic, will go public following a merger with SK Growth Opportunities, a publicly traded special purpose acquisition company.
The combined business will have an enterprise value of approximately $7.3 billion, assuming no further redemptions by SK Growth shareholders. Webull is slated to get $100 million as part of the transaction.
It will keep its name and shares will be listed on the Nasdaq under a new ticker symbol. The combined company is anticipated to go public in the second half of this year.
“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,” said Anthony Denier, group president of Webull Corporation.
The company offers commission-free trading for stocks, equity options and exchange-traded funds, and is seen as a competitor of Robinhood. It in the U.S. in 2018 and has since expanded to Asia Pacific, Europe and Latin America.
NY headquartered Webull said it had approximately $370 billion in equity notional volumes and 430 million options contracts traded through its platform in 2023.
Webull is backed by General Atlantic, Coatue Management, Lightspeed Venture Partners, and J. Rothschild Capital Management.