Online investing platform Webull is reportedly planning to go public through a potential $7.3 billion merger with a blank-cheque company.
Webull intends to list on the Nasdaq during the second half of 2024. This, after reportedly agreeing to a definitive deal with special purpose acquisition company (SPAC) SK Growth Opportunities.
SPACs acquire capital via IPOs and then use the proceeds to merge with a private firm and then proceed to take it public. This approach became increasingly popular back in 2020 among Fintech firms like SoFi, Billtrust, and Payoneer. However, it has become a lot less common during the past couple years due to regulatory issues.
Introduced in the United States back in 2018, Webulll currently operates in Asia Pacific, Europe and Latin America, and presently claims around 20 million registered clients users and roughly $370 billion in equity notional volumes.
Anquan Wang, CEO, Webull, stated:
“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.”
As covered in early January 2024, Webull had announced its expansion into Canada. Webull is a broker based in Florida that serves customers from around the world. The digital marketplace offers equities, including fractionals, along with ETFs and options. Webull also offers a sweep account in the US that pays a solid 5% currently.
The company notes that it was approved to operate in Canada in November 2023. The trading App is available in the United States, United Kingdom, Hong Kong, Singapore, Australia, South Africa, Japan, Mexico, and now Canada.
In a release, Anthony Denier, Group President of Webull, said they see a huge opportunity to disrupt the “expensive” brokerages in Canada.
“Since inception, we have been providing powerful market data tools across the world. We look forward to expanding to another market and providing greater and easier access to trading for all.”