(Reuters) -Webull has agreed to list its shares in the United States via a merger with a blank-check firm that values the online trading platform at $7.3 billion, the companies said on Wednesday.
The deal with SK Growth Opportunities marks a rare multi-billion dollar merger in the special purpose acquisition company (SPAC) market, which has been under pressure due to concerns from regulators and investors.
SPACs, also known as blank-check firms, use capital raised from an initial public offering to merge with a private company. It allows private firms to sidestep a lengthy IPO process to list their shares.
A hallmark of pandemic-era dealmaking, SPACs have fallen out of favor after intense scrutiny from the U.S. securities regulator.
Webull said the deal with will fetch it $100 million. It will list on Nasdaq following the deal.
(Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)
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