The Webull logo is displayed on the smartphone screen.
Rafael Henrique | SOPA Photos | LightRocket | Getty Images
Webull plans to go public by merging 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 merge with… SK Company for growth opportunities In the second half of the year, pending regulatory and shareholder approvals. The combined company will be listed on the Nasdaq under the name Webull under a new ticker.
SK Growth Opportunities (SKGR), YTD
Special purpose acquisition companies, or SPACs, raise capital in an initial public offering and use the cash to merge with a private company and take it public, usually within two years.
After experiencing drought over the past two years, this space is showing signs of recovery as the bull market continues to strengthen and interest rates begin to stabilize.
Webull launched its trading platform in the US in 2018 and has enjoyed a huge boost during the Covid-19 pandemic as many Americans became first-time traders during lockdowns. The company had $370 billion in virtual stock volumes and 430 million options contracts traded through its platform in 2023.
Compared to its competitor Robin HoodWebull clients tend to be more active and advanced investors, who use analytical tools like charts to decide when to enter and exit their trades, CEO Anthony Denyer said in an interview with CNBC in 2021.
Don't miss these stories from CNBC PRO:
