Digital investing platform Webull is planning to go public via a $7.3 billion merger with a blank-cheque firm.
Webull plans to list on the Nasdaq in the second half of the year after agreeing a definitive deal with special purpose acquisition company (Spac) SK Growth Opportunities.
Spacs raise capital in IPOs and then use the funds to merge with a private company and take it public. The technique became popular in 2020 among fintechs such as Payoneer, SoFi and BillTrust, but has become far less common over the last two years amid regulatory concerns.
Launched in the US in 2018, Webulll now operates in Asia Pacific, Europe and Latin America, claiming 20 million registered users and around $370 billion in equity notional volumes.
Anquan Wang, CEO, Webull, says: “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.”