Digital investing platform Webull is set to go public through a $7.3 billion merger with the special purpose acquisition company (SPAC) SK Growth Opportunities.
The company plans to list on the Nasdaq in the second half of the year following the agreement of a definitive deal. SPACs raise capital through initial public offerings (IPOs) and then utilize these funds to merge with a private company, effectively bringing it public. This strategy gained popularity in 2020 among fintech companies like Payoneer, SoFi, and BillTrust but has seen a decline in usage over the past two years due to regulatory concerns.
Founded in the US in 2018, Webull has expanded its operations to the Asia Pacific, Europe, and Latin America. The platform boasts 20 million registered users and approximately $370 billion in equity notional volumes.
Anquan Wang, CEO of Webull, stated, “The business combination with SK Growth marks a significant milestone for Webull. We believe SK Growth’s partnership and experience fully align with our long-term vision to make Webull the platform of choice for the new generation of investors globally.”