Webull and SK Growth Strike Deal for Nasdaq Listing in Merger Agreement

by Tareq Sikder
  • The new entity will debut its shares on NASDAQ under a fresh ticker symbol.
  • The deal is expected to close in the latter half of 2024, pending approvals.
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Webull Corporation and SK Growth Opportunities Corporation have formally declared their intention to merge, as announced in a definitive business combination agreement today (Wednesday).

Announcement: Merger and Nasdaq Listing Plans

Upon 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,
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's and SK Growth's 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.

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).

Announcement: Merger and Nasdaq Listing Plans

Upon 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,
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's and SK Growth's 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.

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.

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