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 common stock is expected to be listed on the 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 worldwide.
Anquan Wang, Founder and CEO of Webull Corporation:
“The business combination with SK Growth marks an important milestone for Webull. We believe that 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 worldwide.”
Richard Chin, CEO and Director of SK Growth Opportunities Corporation:
“We are very excited to join forces with the Webull team, given their strong background in the FinTech industry. We are confident that leveraging our global experience and network will enhance 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 acquisitions by SK Growth shareholders. The Proposed Transaction does not include a minimum cash requirement.
The respective boards of directors of Webull and SK Growth have unanimously approved the Proposed Transaction, which is expected to be completed in the second half of 2024, subject to regulatory and shareholder approvals and other customary closing conditions, including, but not limited to, a registration statement for Form F-4 (the “Registration Statement”), of which the proxy statement/prospectus is a part, has been declared effective by the U.S. Securities and Exchange Commission (the “SEC”) and the approval by Nasdaq Stock Market LLC of the application for incorporation of the Combined Company.
Webull shareholders are expected to retain 100% of their existing shares 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 capital of the Combined Company immediately following the closing of the Proposed Transaction.