Digital investment firm Webull to go public in US via $7.3 bln SPAC deal (updated)

Webull

28/02/2024 14:11

(Adds details on SPAC deal and background in paragraphs 2-4)
       Feb 28 (Reuters) - Digital investment company Webull
said on Wednesday it had agreed to go public in the U.S. through
a merger with a special purpose acquisition company (SPAC) that
valued the combined entity at $7.3 billion.
    Webull said the deal with SK Growth Opportunities  SKGR.O 
will fetch it $100 million.
    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.

 (Reporting by Niket Nishant in Bengaluru; Editing by Shounak
Dasgupta)
 ((Niket.Nishant@thomsonreuters.com))