NEW YORK, 2024-02-28
Webull’s Big Leap
The digital investment platform Webull is set to go public through a merger with a special purpose acquisition company (SPAC) in a deal valued at $7.3 billion.
- Webull will merge with SK Growth Opportunities.
- The deal values Webull at approximately $7.3 billion.
- Shares are expected to be listed on the Nasdaq.
In a move that’s sure to shake up the market, the popular digital investment platform, Webull, is going public. The company, known for its commission-free trading, will merge with SK Growth Opportunities, a publicly traded special purpose acquisition company (SPAC).
The combined business is estimated to be worth roughly $7.3 billion, assuming there are no further redemptions by SK Growth shareholders. Webull is slated to receive $100 million as part of the transaction.
The Road to the Nasdaq
The company plans to keep the name “Webull,” and its shares will be listed on the Nasdaq under a new ticker symbol. The public debut is anticipated to occur in the second half of this year.
Anthony Denier, 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.”
A Challenger to the Status Quo
Webull, which offers commission-free trading for stocks, equity options, and exchange-traded funds, emerged in the U.S. in 2018. It quickly positioned itself as a competitor to platforms like Robinhood. Webull has since expanded into the Asia Pacific, Europe, and Latin America markets.
Based in New York, Webull reported approximately $370 billion in equity notional volumes and 430 million options contracts traded through its platform in 2023.
Webull is backed by investors including General Atlantic, Coatue Management, Lightspeed Venture Partners, and J. Rothschild Capital Management.
