Apr 18, 2025 - Business
Webull highlights new SPAC parade
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SPACs are back, and so is the volatility.
Driving the news: Stock-trading app Webull began trading this week, more than a year after agreeing to go public via a merger with a blank-check company sponsored by South Korean conglomerate SK.
- Shares surged nearly 375% on its first day of trading, but since have fallen below orbit. The current market cap is just over $12 billion, compared to the $7.5 billion deSPAC value and its last VC valuation of $3.6 billion.
By the numbers: SPACs have raised over $4 billion in IPOs so far this year, rushing in to fill the traditional issuer void, while there were six new filings this week that aim to raise more than $1 billion in aggregate.
Go deeper: What's a SPAC?
