Announcement • Apr 11
Webull Corporation completed the acquisition of SK Growth Opportunities Corporation (NasdaqGM:SKGR) from a group of shareholders in a reverse merger transaction. Webull Corporation entered into letter of intent to acquire SK Growth Opportunities Corporation (NasdaqGM:SKGR) from a group of shareholders in a reverse merger transaction on December 18, 2023. Webull Corporation entered into an agreement to acquire SK Growth Opportunities Corporation (NasdaqGM:SKGR) from a group of shareholders in a reverse merger transaction on February 27, 2024. The Proposed Transaction values the Combined Company at an implied pro forma enterprise value of approximately $7.3 billion, assuming no further redemptions by SK Growth shareholders. The Proposed Transaction does not include a minimum cash condition. Webull's shareholders are expected to maintain 100% of their existing equity holdings 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 of the Combined Company immediately following the closing of the Proposed Transaction. Upon completion of the transaction contemplated by the Business Combination Agreement, the combined company will retain its name as Webull Corporation and its ordinary shares are expected to be listed on NASDAQ under a new ticker symbol.
The obligations of the parties to consummate the Transactions are subject to certain closing conditions of the respective parties, including, among others: (i) receipt of the required approval by the shareholders of SPAC, (ii) receipt of the Company Shareholders’ Approval; (iii) effectiveness of the Registration Statement under the Securities Act and the absence of any stop order issued by the SEC which remains in effect with respect to the Registration Statement; (iv) the approval for listing of the Class A Ordinary Shares and Incentive Warrants to be issued in connection with the Transactions on the Nasdaq Stock Markets, subject only to official notice of issuance thereof; (v) the absence of any law or governmental order enjoining, prohibiting or making illegal the consummation of the Transactions; (vi) the expiration or early termination of the waiting periods applicable to the consummation of the Transactions under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended; and (vii) the completion of the Company Capital Restructuring as well as the approval by the Nasdaq Stock Market LLC of the listing application of the Combined Company. The respective boards of directors of Webull and SK Growth have unanimously approved the Proposed Transaction, which is expected to close in the second half of 2024. As of April 1, 2025 the extension of the deadline to consummate the transactions contemplated by the Business Combination Agreement from March 31, 2025 to April 15, 2025.
Cohen & Company Capital Markets, LLC acted as financial advisor to SK Growth Opportunities Corporation (NasdaqGM:SKGR) and Jesse Sheley, Christian Nagler, Steve Lin and Justin You Zhou of Kirkland & Ellis LLP acted as legal advisor to Webull Corporation. Dan Ouyang and Robert Day of Wilson Sonsini Goodrich & Rosati, P.C. acted as legal advisor to SK Growth Opportunities and Auxo Capital Managers. Houlihan Capital, LLC acted as financial advisor and fairness opinion provider to SK Growth Opportunities. Houlihan’s fees to SKGR for services in connection with issuing the Fairness Opinions were $230,000. Continental Stock Transfer & Trust Company is SKGR’s transfer agent and Sodali & Co. is SKGR’s proxy solicitor. SKGR also engaged CCM would receive: (i) an advisory fee of $400,000, paid upon the closing of the SKGR IPO, and (ii) a deferred advisory fee of $700,000 (payable solely in the event that SKGR complete the initial business combination). Maples and Calder (Cayman) acted as legal advisor to SK Growth Opportunities Corporation. Han Kun Law Offices LLP and Ogier (Caymans) LLP acted as legal advisor to Webull Corporation.
Webull Corporation completed the acquisition of SK Growth Opportunities Corporation (NasdaqGM:SKGR) from a group of shareholders in a reverse merger transaction on April 10, 2025. Webull Corporation expects its Class A ordinary shares, warrants and incentive warrants to begin trading on the Nasdaq Stock Market (“Nasdaq”) under the ticker symbols “BULL,” “BULLW,” and “BULLZ,” respectively, on April 11, 2025. Announcement • Dec 03
SK Growth Opportunities Corporation, Annual General Meeting, Dec 27, 2024 SK Growth Opportunities Corporation, Annual General Meeting, Dec 27, 2024. 
