Webull went public after merging with SK Growth Opportunities Corp., a Special Public Acquisition Company (SPAC) or a blank-check vehicle as it is popularly known as. A subsidiary of South Korean conglomerate SK Inc. was the anchor investor in the SPAC.
Webull’s history goes back to 2016, when it began in China as a free market information service. Its US operations began in 2018 as a platform for trading stocks, as per its prospectus. It also expanded its presence in the futures & options and the commodities market. The deal with SK Growth opportunities was earlier announced in February 2024.
The company says it has over 23 million registered users and operates in 15 regions globally. In addition to charging fees on trades, Webull has a premium tier with real-time data that costs $40 per year.
Webull was founded by former Alibaba and Xiaomi manager Wang Anquan, who still is the company’s CEO.
In November, the US House Select Committee on the Chinese Communist Party sent a letter to Webull’s US CEO Anthnoy Denier inquiring about the company’s ties to China. More clarity is awaited on what happened post the letter being sent.
This year has been a mixed bag for the performance of high-profile newly public companies on US exchanges. Conservative media outlet Newsmax Inc. saw its stock soar after its initial public offering before paring much of the gains, while shares of LNG exporter Venture Global Inc. and security software company SailPoint Inc. have slid.
Shares of Webull ended at $62.9 on Monday.
(With Inputs From Agencies.)
