Webull Corporation, To Publicly List Through Business Combination With SK Growth Opportunities Corporation; Proposed Transaction Represents An Implied Pro Forma Enterprise Value Of ~$7.3B For The Combined Company

• Webull Corporation is the owner of the popular Webull platform, which provides a full suite of financial products including in-depth data and analytic tools to 20 million registered users globally
• Comprehensive product offerings with competitive pricing, including zero-commission trading in the United States and low trading commissions in other markets
• Proposed transaction represents an implied pro forma enterprise value of approximately $7.3 billion for the combined company

ST. PETERSBURG, Fla., Feb. 28, 2024 /CNW/ -- Webull Corporation ("Webull" or the "Company"), a leading digital investment platform, and SK Growth Opportunities Corporation (NASDAQ:SKGR) ("SK Growth"), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive business combination agreement (the "Business Combination Agreement"). Upon completion of the transaction contemplated by the Business Combination Agreement (the "Proposed Transaction"), the combined company (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.

Webull: Platform of Choice for a New Generation of Investors

Webull is a leading digital investment platform built upon a next-generation, global infrastructure. The Company differentiates from other online investment platforms and legacy investment service providers by offering an intuitive user experience and extensive functionality constructed to help customers build wealth over time.

Webull launched in the United States in 2018 and has since expanded to Asia Pacific, Europe and Latin America. Today, the Webull App has been downloaded more than 40 million times and has 20 million registered users globally.

Webull Investment Highlights

• Leading Digital Trading Platform: Licensed as broker-dealer in 10 major markets and operates in 15 regions globally with approximately $370 billion in equity notional volumes and 430 million options contracts traded through Webull platform in 2023.
• Best-in-Class Product Offerings: Provides professional-grade trading experience, the most advanced market data and charting tools from 42 exchanges, and a sleek and user-friendly interface across mobile, tablet, wearable and desktop devices.
• Strong Industry Tailwinds: Multiple levers for growth including digital interaction increasing retail participation, accessibility of financial information, and globalization of retail investing.
• Blue-Chip Institutional Backing: Supported by blue-chip, global shareholders including General Atlantic, Coatue Management, Lightspeed Venture Partners, and J. Rothschild Capital Management.
• Global Vision with Local Execution: Seasoned global management team combining talents from both technology and financial service industries with a proven track record of scaling and executing growth plans in local markets.

Management Commentary

Anquan Wang, Founder and CEO of Webull Corporation

"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."

Anthony Denier, Group President of Webull Corporation

"Webull addresses critical pain points within the retail investing customer landscape, where traditional providers offer restricted mobile functionality and are suited for investors behind a computer. Webull was created to bridge the gap by providing users with both advanced trading capabilities and robust educational resources. We expect this business combination will enable us to further expand our holistic approach to retail investors."

Richard Chin, CEO and Director of SK Growth Opportunities Corporation

"We are very excited to be joining forces with the Webull team, given their strong track record in the FinTech industry. We are confident that capitalizing on our experience and network globally will bolster Webull's growth in existing and new markets as a public company."

Transaction Overview

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.

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, subject to regulatory and shareholder approvals and other customary closing conditions, including, among others, a registration statement on Form F-4 (the "Registration Statement"), of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the "SEC"), and the approval by the Nasdaq Stock Market LLC of the listing application of the Combined Company. 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.

Additional information about the Proposed Transaction, including a copy of the Business Combination Agreement and an investor presentation, will be available on a Current Report on Form 8-K to be filed by SK Growth with the SEC and available at www.sec.gov. Webull intends to file the Registration Statement, which will contain a proxy statement and a prospectus, with the SEC in connection with the Proposed Transaction.