SK Growth Opportunities Corp (NASDAQ:SKGR) has completed its previously announced business combination with Webull Corporation, as per a recent 8-K filing with the SEC. The transaction, which was finalized on April 10, 2025, involved a series of mergers resulting in Webull becoming a wholly-owned subsidiary of SK Growth Opportunities Corp. According to InvestingPro data, SKGR’s financial health metrics show a Return on Assets of 2.84% and an Altman Z-Score of 0.43, indicating potential financial stability concerns that the merger aims to address.
The business combination was approved by SKGR shareholders at an extraordinary general meeting on March 30, 2025. Following the approval, a number of corporate actions took place, including the conversion of preferred shares into ordinary shares, the adoption of amended company articles, and the subdivision and re-designation of shares. The company’s current Debt-to-Common Equity ratio stands at -0.42, reflecting its capital structure transformation.
As part of the transaction, SKGR’s securities, including Class A ordinary shares and redeemable warrants, were delisted from Nasdaq, and new Webull securities began trading on the Nasdaq Capital Market under the symbols “BULL,” “BULLW,” and “BULLZ” starting April 11, 2025.
The closing of the business combination led to a change in control of SKGR, with the existing shareholders of Webull holding a significant majority of the voting power. This change has positioned Webull as a “controlled company” under Nasdaq’s corporate governance rules, allowing it to potentially rely on certain exemptions from Nasdaq’s corporate governance requirements. InvestingPro analysis reveals a Piotroski Score of 3, suggesting room for improvement in financial strength and operational efficiency under the new control structure. For deeper insights into corporate governance metrics and financial health indicators, consider exploring InvestingPro’s comprehensive analysis tools.
Webull has entered into a Registration Rights Agreement with certain shareholders, granting them registration rights and committing to file a registration statement on Form F-3 following the completion of the business combination. Webull will also file a Resale Prospectus Supplement and a resale shelf Registration Statement on Form F-1 to register the exercise of warrants and the resale of certain shares and warrants.
The business combination agreement and related transactions are documented in detail in the exhibits filed with the SEC and are subject to the terms and conditions outlined therein. The 8-K filing provides a comprehensive overview of the corporate restructuring and the implications for security holders of both SKGR and Webull.
This article is based on the SEC filing and does not contain any analysis or opinions of the author.
In other recent news, SK Growth Opportunities Corp has announced amendments to its non-redemption agreements with investors as it prepares for a business combination with Webull Corporation. Under these amended agreements, investors who choose not to redeem their Class A ordinary shares will receive one additional share for every two shares held, aiming to secure shareholder support for the merger. The company also extended the deadline for completing this merger from March 31, 2025, to April 15, 2025, following shareholder approval. This extension provides SK Growth Opportunities with additional time to finalize the two-step acquisition process with Webull Corporation.
Additionally, SK Growth Opportunities amended its Investment Management Trust Agreement, extending the trust account liquidation date to June 22, 2025, unless decided otherwise by the board. Shareholder meetings reflected strong support for the merger, with significant approval percentages for the Business Combination and Merger Proposals. These developments are part of the company’s strategic efforts to complete the merger successfully.
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