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Webull Corp., a New York fintech company with a major presence in St. Petersburg, says its investment application business will merge with a special purpose acquisition company (SPAC) and become a publicly traded company later this year, according to a news release.
Webull says it will be the name of the new company and get a new stock ticker for its parent company, SK Growth Opportunities Corp., traded on NASDAQ as SKGR. SK Growth was trading at $11.18 on Thursday, with a 0.45% jump after the news. The deal, according to CNBC and other financial news publications, values the digital investing platform at $7.3 billion.
Putting an established private company under its generally empty shell is the usual strategy of a SPAC that generally has no large operating business but has set itself up as a traded stock in pursuit of an ideal enterprise.
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