Webull Corporation, a digital investment platform, and SK Growth Opportunities Corporation (NASDAQ:SKGR), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement.
Upon completion of the transaction contemplated by the Business Combination Agreement, the combined company will retain its name as “Webull Corporation” and its ordinary shares are expected to be listed on Nasdaq under a new ticker symbol.
Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America. Today, the Webull App has been downloaded more than 40 million times and has 20 million registered users globally.
Anquan Wang, Founder and CEO of Webull Corporation:
“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.”
Richard Chin, CEO and Director of SK Growth Opportunities Corporation:
“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.”
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 Proposed Transaction does not include a minimum cash condition.
The respective boards of directors of Webull and SK Growth have unanimously approved the Proposed Transaction, which is expected to close in the second half of 2024, subject to regulatory and shareholder approvals and other customary closing conditions, including, among others, a registration statement on Form F-4 (the “Registration Statement”), of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by the Nasdaq Stock Market LLC of the listing application of the Combined 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.
