Webull, an online brokerage from New York, is going public by teaming up with SK Growth Opportunities Corporation. This means they’re joining forces in a deal that values Webull at $7.3 billion. The process should be completed later this year, pending approvals. Once it’s done, you’ll find Webull listed on Nasdaq with a new ticker symbol.
SPACs, which pool money from investors to buy out private firms and take them public, are making a comeback. This resurgence is fueled by a bullish stock market and stable interest rates.
Since its 2018 launch in the U.S., Webull has seen a surge in activity, especially during the Covid-19 lockdowns. In 2023 alone, they facilitated $370 billion in equity trading and managed 430 million options contracts.
