Company Overview - SK Growth Opportunities (NASDAQ:SKGR) announced a business combination with Webull Corporation, expected to raise $100 million, with Webull shareholders owning over 98% of the combined entity [1] - Webull's pro forma enterprise value is projected at $7.287 billion, with an implied market cap of $7.852 billion, a significant increase from its estimated $1.0 billion valuation in 2021 [1] Market Positioning and Growth - Webull launched its trading platform in the US in 2018 and has expanded into Europe, Latin America, and Asia-Pacific, operating in 10 markets and planning further expansion [2] - The company currently manages $8.2 billion in customer assets, a 38% year-over-year increase, with 19.8 million registered users, up 22% year-over-year [3] - Webull offers zero-commission trading and plans to expand into commodities, currency, and futures trading, targeting experienced retail investors [2] Market Outlook - The global online brokerage market is projected to grow from $10.15 billion in 2024 to $16.71 billion by 2032, with retail investing expected to grow at a CAGR of 13.0% from 2023 to 2032 [5][6] - The trend of self-directed investing is increasing, particularly among younger investors, with 36% of their assets in self-directed accounts in 2023 [8] Competitive Landscape - The discount brokerage market is consolidated, with major competitors including Interactive Brokers, Charles Schwab, and newer neobrokers like Robinhood and eToro [11] - Webull's management team has extensive experience in financial institutions, enhancing its competitive positioning [12] Final Thoughts - Webull's shares may experience significant volatility post-merger due to a closely-held ownership structure and strict insider lockup [13]
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