Webull Corporation to Publicly List Through Business Combination with SK Growth

Webull Corporation (Webull), a leading digital investment platform, SK Growth Opportunities Corporation (SK Growth), a publicly traded special purpose acquisition company, have announced their definitive business combination agreement on Wednesday, February 28, 2024.

Following the completion of the transaction contemplated by the Business Combination Agreement, the merged entity will keep the name "Webull Corporation" and is expected to have its ordinary shares listed on Nasdaq under a new ticker symbol.

According to the announcement, the proposed transaction values the combined company at an implied pro forma enterprise value of approximately $7.3 billion, assuming no further redemptions by SK Growth shareholders. The transaction does not include a minimum cash condition.

The proposed transaction has received unanimous approval from the boards of directors of both Webull and SK Growth. It is expected to be finalized in the second half of 2024, pending regulatory and shareholder approvals, as well as the fulfillment of other customary closing conditions.

Anquan Wang, Founder and CEO of Webull Corporation, commented: "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, added: "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, stated: "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."

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 Proposed Transaction.

In addition, Webull has been expanding its global presence, entering markets such as Japan​, the United Kingdom, Indonesia​, Mexico, Canada​, and Brazil​ in the past year.