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Home»Finance»Online trading platform Webull set to go public via $7.3B SPAC deal
Finance

Online trading platform Webull set to go public via $7.3B SPAC deal

February 29, 2024No Comments2 Mins Read
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Online trading platform Webull set to go public via $7.3B SPAC deal
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The Webull brand is displayed on a smartphone display screen.

Rafael Henrique | SOPA Photographs | LightRocket | Getty Photographs

Webull is planning to go public by merging with a particular objective acquisition firm in a deal that values the digital investing platform at $7.3 billion.

The New York-based on-line brokerage will mix with SK Progress Alternatives Company within the second half of the 12 months, pending regulatory and shareholder approvals. The mixed firm will likely be listed on Nasdaq as Webull underneath a brand new ticker.

Inventory Chart IconInventory chart icon

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SK Progress Alternatives (SKGR), YTD

Particular objective acquisition firms, or SPACs, elevate capital in an preliminary public providing and use the money to merge with a personal firm and take it public, normally inside two years.

After struggling a drought over the previous two years, the area is exhibiting indicators of a revival because the bull market powers on and rates of interest begin to stabilize.

Webull launched its buying and selling platform within the U.S. in 2018 and loved an enormous increase in the course of the Covid-19 pandemic as many Individuals turned first-time merchants throughout lockdowns. The agency had $370 billion in fairness notional volumes and 430 million choices contracts traded by its platform in 2023.

In comparison with its competitor Robinhood, Webull’s purchasers are typically extra energetic and superior traders, utilizing analytical instruments comparable to charting to resolve when to enter and exit their trades, CEO Anthony Denier stated in a CNBC interview in 2021.

Do not miss these tales from CNBC PRO:

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7.3B deal online platform public set SPAC trading Webull
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