Webull’s efforts to list in the US were hampered by the online brokerage offering cryptocurrency to its users, according to the firm’s US chief executive officer, as the company prepares to go public by merging with a blank-check vehicle, SK Growth Opportunitiees.
The online broker platform agreed to a deal with the SPAC that gives the combined company a pro forma enterprise value of about $7.3 billion, the firms announced Wednesday.
There is no minimum cash condition to close. The deal is expected to close in the second half of 2024.
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, according to the announcement. The company is licensed as a broker-dealer in 10 major markets and operates in 15 regions globally with approximately $370 billion in equity notional volumes and 430 million options contracts traded through the Webull platform in 2023.
One of the target’s main competitors is Robinhood Markets.
The expected listing on the Nasdaq, after clearing shareholder and regulator approvals, would follow several attempts to go public via an initial public offering, according to group president and US CEO Anthony Denier, Bloomberg reports. Read More.
