The Webull logo appears on the smartphone screen.
Rafael Enrique | Sopa Images | Light Rocket | Getty Images
Webull plans to go public through a merger with a special purpose acquisition company in a deal that values the digital investment platform at $7.3 billion.
The New York-based online brokerage will SK Growth Opportunities Corporation In the second half of the year, it is still subject to approval from supervisory authorities and shareholders. The combined company will trade on Nasdaq under the ticker symbol “Webull” and the ticker symbol New.
YTD SK Growth Opportunities (SKGR)
A special purpose acquisition company, or SPAC, raises money through an initial public offering and uses the cash to merge with a private company and take it public, usually within two years.
After a drought of the past two years, the sector is showing signs of recovery as the bull market begins and interest rates begin to stabilize.
Webull launched its trading platform in the United States in 2018 and received a huge boost during the Covid-19 pandemic as many Americans became first-time traders during the lockdown. In 2023, the company’s stock trading volume was $370 billion, and 430 million options contracts were traded through its platform.
Compared to competitors Robin HoodCEO Anthony Denier told CNBC in 2021 that Webull’s clients tend to be more active and advanced investors who use analytical tools such as charts to decide when to enter and exit trades.
Don’t miss these stories from CNBC PRO:
