Webull Corp. shares surged 375% on Monday, marking their second day of public trading after merging with SK Growth Opportunities Corp., a special-purpose acquisition company (SPAC). The trading platform’s stock closed at $62.90, a dramatic rise from its debut price, highlighting strong investor interest in the fintech firm’s market potential.
Webull Goes Public via SPAC Merger
Webull officially began trading on Friday after completing its merger with SK Growth Opportunities Corp., a blank-check company backed by South Korean conglomerate SK Inc. The deal was first announced in February 2024 and is part of a broader trend where tech-focused firms seek public listings via SPACs to avoid the longer traditional IPO route.
The sharp rise in Webull’s share price reflects growing investor confidence in digital trading platforms. The company joins the ranks of tech firms that have gone public through SPAC mergers, many of which have seen mixed results.
Webull’s Journey From China to Wall Street
Founded in 2016 in China, Webull started as a free financial information provider. It later expanded into stock trading in the United States in 2018. Over time, Webull introduced more services, including options, futures, and commodities trading.
Its U.S. operations now serve millions of retail investors, competing with established names like Robinhood and E*TRADE. The company offers commission-free trades and advanced trading tools aimed at tech-savvy users.
Details of the SPAC Agreement
According to regulatory filings, SK Growth Opportunities and its sponsor, Auxo Capital Managers, entered into non-redemption agreements with investors. These agreements are designed to keep capital within the SPAC during the merger process.
As part of the deal, shareholders who chose not to redeem their shares were rewarded. For every two shares they held and did not redeem, they received one additional share. This incentive likely contributed to strong investor participation in the merger.
SPAC mergers often involve such agreements to prevent significant capital outflows before a deal closes. In Webull’s case, the strategy appears to have paid off.
SPAC Market Sees Mixed Performance in 2025
While Webull’s stock is off to a strong start, the broader SPAC market in 2025 has seen uneven performance. Other recent entrants to U.S. exchanges have shown volatility:
- Newsmax Inc. initially soared after its IPO, but later lost much of its early gains.
- Venture Global Inc., an LNG exporter, has struggled, with shares falling below their debut price.
- SailPoint Inc., a cybersecurity firm, also saw a post-IPO slide.
These trends underscore the risks and rewards of SPAC listings. Webull’s performance could serve as a positive signal in a sector facing increased scrutiny from regulators and investors alike.
A Growing Fintech Player
Webull’s success reflects a larger shift in how retail investors approach the market. With tools that include real-time charts, paper trading, and extended hours access, the platform has carved out a niche among younger and more active traders.
The company’s user-friendly design and focus on low-cost investing make it a strong competitor in the crowded online brokerage market. Webull has also expanded its global reach, offering services in regions beyond North America.
In March 2025, Webull announced a partnership with Kalshi, a federally regulated exchange that offers event-based contracts. This deal aims to introduce a new type of trading product, allowing users to bet on the outcomes of real-world events—like elections or economic indicators.
What’s Next for Webull?
Webull’s explosive debut could attract further investor attention and media coverage. However, long-term performance will depend on the company’s ability to grow its user base, expand into new markets, and innovate within the fast-moving fintech space.
Experts say the firm must maintain strong compliance practices and manage operational risks as it scales. The trading app market remains competitive, with giants like Charles Schwab and Fidelity continuing to invest in mobile-first platforms.
Still, Webull’s early success may encourage other fintech startups to consider going public through SPAC mergers, despite the mixed outcomes seen across the sector.
