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Webull prepares for a Nasdaq debut through a $7.3 billion SPAC merger

Webull prepares for a Nasdaq debut through a $7.3 billion SPAC merger

Credit ; https://www.prnewswire.com/news-releases/zero-commission-trading-is-now-available-on-webulls-desktop-platform-300871438.html

Webull, the digital investment platform, is poised to make its debut on the US public market through a merger with special purpose acquisition company (SPAC) SK Growth Opportunities. The deal values the combined entity at $7.3 billion and is expected to be finalized in the second half of 2024, pending regulatory and shareholder approvals.

Following the completion of the merger, the consolidated company will retain the name “Webull Corporation,” and its ordinary shares are anticipated to be listed on Nasdaq with a new ticker symbol.

By opting for the SPAC route, Webull aims to streamline the typically lengthy process of going public. This move follows in the footsteps of digital mortgage lender Better.com, which went public in the US last August through a merger with SPAC Aurora Acquisition Corp.

What is the SPAC route?

Anthony Denier, the group president of Webull Corporation, anticipates that the merger will “enable us to further expand our holistic approach to retail investors.” Richard Chin, CEO and director of SK Growth Opportunities, expresses confidence that leveraging their experience and global network will enhance Webull’s growth in both existing and new markets as a publicly traded company.

Webull’s platform empowers users to invest in global stocks, exchange-traded funds (ETFs), options, and fractional shares and provides cash management services. In a strategic move to enter the Mexican market, the company acquired investment platform Flink in November of the previous year for an undisclosed sum.