Webull valued at $7.3 billion ahead of SPAC merger with NASDAQ-listed SK Growth
“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 has announced it will go public through a merger with SPAC company SK Growth in order to get listed on NASDAQ under a new ticker symbol.
The owner of the popular Webull platform, which provides a full suite of financial products including in-depth data and analytic tools to 20 million registered users globally, announced the proposed transaction that represents an implied pro forma enterprise value of approximately $7.3 billion for the combined company.
Webull processes $370 billion in equity notional volumes
Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America. We recently covered the broker’s launches in Brazil, Indonesia, Canada, Singapore, Australia, Mexico, the United Kingdom, Japan, as well as its TradingView integration and its free WSJ subscription. Leading the strategy at the brokerage company is Arienne Adams, who was recruited from Cboe in late 2023.
Licensed as broker-dealer in 10 major markets and operates in 15 regions globally with approximately $370 billion in equity notional volumes and 430 million options contracts traded through Webull platform in 2023. Webull, which offers advanced market data and charting tools from 42 exchange, identifies multiple levers for growth including digital interaction increasing retail participation, accessibility of financial information, and globalization of retail investing.
Supported by blue-chip, global shareholders including General Atlantic, Coatue Management, Lightspeed Venture Partners, and J. Rothschild Capital Management, the trading company expects the deal with SK Growth to close in the second half of 2024, pending regulatory approval.
Webull’s shareholders are expected to maintain 100% of their existing equity holdings in the combined company and, assuming gross proceeds of approximately $100 million to Webull in connection with the proposed transaction from funds held in the SPAC trust account, are expected to own approximately 98% of the issued and outstanding equity of the combined company immediately following the closing of the deal.
“Webull addresses critical pain points within the retail investing customer landscape”
Anquan Wang, Founder and CEO of Webull Corporation, said: “The business combination with SK Growth marks a significant milestone for Webull. We believe SK Growth’s partnership and experience fully aligns with our long-term vision to make Webull the platform of choice for the new generation of investors globally.”
Anthony Denier, Group President of Webull Corporation, commented: “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.”
Richard Chin, CEO and Director of SK Growth Opportunities Corporation, added: “We are very excited to be joining forces with the Webull team, given their strong track record in the FinTech industry. We are confident that capitalizing on our experience and network globally will bolster Webull’s growth in existing and new markets as a public company.”
