Webull set for Nasdaq public listing via $7.3bn SPAC merger
Digital investment platform Webull is set to go public in the US via a merger with special purpose acquisition company (SPAC) SK Growth Opportunities in a deal valuing the combined company at $7.3 billion.
Webull to list on Nasdaq via SPAC merger
The combination of SK Growth Opportunities and the New York-headquartered stock trading app is expected to complete in H2 2024, subject to regulatory and shareholder approvals.
Webull says the combined company “will retain its name as ‘Webull Corporation’ and its ordinary shares are expected to be listed on Nasdaq under a new ticker symbol”.
For Webull, the SPAC deal will enable it to bypass the lengthy process typically incurred in going public. It follows digital mortgage lender Better.com, which went public in the US in August last year through a merger with SPAC Aurora Acquisition Corp.
Anthony Denier, group president of Webull Corporation, says he expects the merger to “enable us to further expand our holistic approach to retail investors”, while Richard Chin, CEO and director of SK Growth Opportunities, says he is confident that “capitalising on our experience and network globally will bolster Webull’s growth in existing and new markets as a public company”.
Webull’s platform enables users to invest in global stocks, exchange-traded funds (ETFs), options and fractional shares, as well as offering cash management services.
The company acquired investment platform Flink for an undisclosed sum in November last year to mark its entry into the Mexican market.
