Webull, the digital brokerage firm, revealed its plan to go public through a merger with a special acquisition company, or SPAC. The company shared that it will merge with SK Growth Opportunities, currently listed on the Nasdaq as SKGR, and will adopt the name WeBull.
Merger Details
The merger, contingent on regulatory and shareholder approvals, aims to raise approximately $100 million and values the combined entity at about $7.3 billion. While the new ticker symbol remains undisclosed, the merging process is scheduled for completion in the latter half of 2024.
Vision Statement
Anquan Wang, the CEO, expressed excitement about reaching this milestone, emphasizing the alignment of this merger with the long-term goal of establishing Webull as the preferred platform for the new generation of global investors.
Company Background
Established in 2016, Webull introduced its U.S. brokerage services in 2018, offering commission-free trading, a robo-advisor, and various investment options. The platform gained immense popularity in 2021 amid market trends and saw significant growth in its user base.
Global Expansion
With services extended to Canada and several regions across Asia, Europe, and Latin America, Webull boasts 20 million registered users worldwide. Data from an investor presentation in 2023 revealed 627,000 daily average revenue trades and 4.3 million funded accounts as of December 31, marking a 15% increase year over year.
Financial Snapshot
By the end of 2023, Webull held $8.2 billion in customer assets, inclusive of those managed by their robo-advisor, Webull Smart Advisor. Notably, the company's success is also attributed to investments from reputable firms like General Atlantic, Coatue Management, Lightspeed Venture Partners, and J. Rothschild Capital Management.
About SK Growth Opportunities
SK Growth Opportunities, established in 2021 as a blank-check company, went public in 2022.
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