Form 4: SK Growth Opportunities Corp Completes Business Combination with Webull, Announces Share Transactions

SK Growth Opportunities Corp finalized its business combination with Webull on April 10, 2025, resulting in several share transactions and conversions.

Summary

• SK Growth Opportunities Corp completed its business combination with Webull on April 10, 2025.
• As part of the business combination, each Class B ordinary share was converted into Class A ordinary shares on a one-to-one basis.
• 2,279,536 Class B ordinary shares were surrendered and cancelled.
• A $5,240,000 loan from Auxo to the Issuer was converted into Class A ordinary shares at $10.00 per share, resulting in 3,394,464 shares.
• Auxo Capital Managers LLC distributed Class A ordinary shares to its parties.
• Richard Chin and Derek Jensen, as managers of Auxo, may be deemed to have shared beneficial ownership of shares held by Auxo.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The document primarily describes the completion of a business combination and related transactions, which are generally viewed positively. There are no explicit negative aspects mentioned.

Positives

• The completion of the business combination with Webull marks a significant milestone for SK Growth Opportunities Corp.

Future Outlook

The document does not contain specific forward-looking statements beyond the completion of the business combination.

Industry Context

This announcement reflects a common transaction structure for SPACs (Special Purpose Acquisition Companies) completing mergers, involving share conversions, loan settlements, and related party transactions.

Comparison to Industry Standards

• SPAC mergers frequently involve the conversion of founder shares and the settlement of loans through equity.
• The $10.00 conversion price for the Overfunding Loan is typical for SPAC transactions, as it often reflects the initial IPO price per share.
• Similar transactions can be seen in other SPAC deals, such as the merger of Digital World Acquisition Corp. with Trump Media & Technology Group, where various share classes and warrants were converted or adjusted.

Related Party Transactions

• The conversion of the $5,240,000 Overfunding Loan from Auxo to the Issuer into Class A ordinary shares is a related party transaction.
• Richard Chin and Derek Jensen, as managers of Auxo, have voting and investment discretion of the shares held of record by Auxo and may be deemed to have shared beneficial ownership of such shares.

Stakeholder Impact

• Shareholders are impacted by the conversion of share classes and the dilution resulting from the conversion of the Overfunding Loan.
• The completion of the business combination affects the ownership structure of the company.

Key Dates

Keywords

Business Combination, Webull, SK Growth Opportunities Corp, Share Transactions, Class A Ordinary Shares, Class B Ordinary Shares, Conversion, Auxo Capital Managers LLC