Digital investment platform Webull Corporation is going public via a SPAC merger announced Wednesday. The news comes years after reports that Webull was nearing an IPO to go public.
What Happened: The digital investment company will merge with publicly listed SPAC SK Growth Opportunities Corporation (NASDAQ:SKGR).
The deal values the digital investment platform company at an enterprise value of $7.3 billion.
If the merger is approved, the new company will list as Webull Corporation with an unannounced new ticker symbol.
Investors in Webull include General Atlantic, Coatue Management, Lightspeed Venture Partners and J. Rothschild Capital Management.
Related Link: How To Buy Stocks On Webull
About Webull: According to the press release, Webull has over 20 million registered users globally. The company offers zero-commission trading in the United States and also offers low trading commissions in other markets.
The company said it is built with "next-generation, global infrastructure" and differentiates itself from other investment platforms through its user experience and "extensive functionality."
Webull launched in the United States in 2018 and later expanded to Europe, Latin America and the Asia Pacific region. The company said it operates in 15 global regions.
In 2023, Webull had $370 billion in equity volumes and 430 million options contracts traded on its platform.
"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 Corporation Group President Anthony Denier said.
What's Next: The company highlighted several upcoming growth items, including increased retail participation in the markets and the globalization of retail investors.
"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," Webull CEO and founder Anquan Wang said.
SK Growth Opportunities Corporation CEO Richard Chin said the merger will help Webull expand to new markets.
SKGR Price Action: SK Growth Opportunities shares are up 5% to $11.50 on Wednesday, versus a 52-week trading range of $10.35 to $11.60.
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