Webull went public last week via a SPAC merger, and its stock price soared on Monday.
The digital platform merged with SK Growth Opportunities after postponing its IPO plans in 2021.
Webull shares, which trade on the Nasdaq under the ticker “BULL,” surged 500% on Monday.
Webull went public last week via a SPAC merger, and its stock price soared.
The stock closed at $13.25 on Friday and surged 500% to $79.56 on Monday.
The digital investment platform merged with special purpose acquisition company SK Growth Opportunities in a deal that has been in the works for years.
Webull considered going public during the stock market boom in 2021, when unprofitable tech companies and meme stocks dominated. But the market crash in 2022 put those IPO plans on hold.
The company ultimately signed a deal in February 2024 to go public via a SPAC that merged with SK Growth Opportunities. The merger was completed on Thursday, and the stock began trading on Friday under the ticker “BULL.”
SPAC IPO activity has quieted since its peak in 2021, when there were 613 SPAC mergers, 63% of the total IPOs that year.
SPAC mergers bottomed out at 31 in 2023. So far this year, there have been 23 SPAC IPOs, according to SPAC Analytics.
As for the boom in meme stocks, traders are still eager to chase momentum. Earlier this month, Newsmax’s stock price soared more than 2,000% from its IPO price.
Webull was founded in 2016 by Wang Anquan and is headquartered in St. Petersburg, Florida. As of the end of 2023, Webull had 4.3 million funded accounts with total customer assets of $8.2 billion. The company expects its global user base to reach about 20 million in 2024.
Webull is often compared to other digital investment platforms for retail investors, including Robinhood and eToro.
In the case of eToro, the company filed to go public via an IPO in March.
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