Stock Price Soars 375% in Two Days...Market Cap Nears 43 Trillion Won for 'This Company'

US Stock App Webull, with SK Affiliate

375% Surge on Second Day of SPAC Merger

The American online stock trading platform Webull saw its stock price soar by 375% on the second day of listing, the 14th (local time), following a SPAC (Special Purpose Acquisition Company) merger with SK's US affiliate.

According to CNBC, Webull, which completed a SPAC merger with SK Growth Opportunities Corp. last week and was listed on NASDAQ, saw its stock price surge 374.7% to close at $62.9 on the second day of trading.

SK Growth Opportunities is a SPAC listed on the US stock market in 2022 by the SK Group to acquire companies related to Environment, Social, and Governance (ESG) in the US. With this rally, Webull's market capitalization is nearing $30 billion.

Through the Webull app, stocks, funds, cryptocurrencies, etc., can be traded, with competitors including Robinhood, Charles Schwab, and E*TRADE. Webull operates in 15 countries worldwide and has over 23 million users. It charges a small fee when selling stocks and operates a premium service that provides real-time data for an annual fee of $40.

Webull stated at an investor briefing last month that last year's revenue was $390.2 million, similar to the previous year.

Webull was founded in 2016 by Wang Anquan, formerly of Alibaba and Xiaomi, who currently serves as the global CEO. The Webull app grew rapidly during the stock investment boom amid the US's large-scale stimulus measures during the COVID-19 pandemic. Webull's investors include Coatue, General Atlantic, and Lightspeed.

Reporter Cho Young-sun cho0sun@hankyung.com