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Digital investment brokerage Webull Corporation faced significant obstacles in its quest to go public, largely attributed to its cryptocurrency offerings, as disclosed by the companys U.S. CEO on Wednesday.

The online brokerage, aiming for a U.S. listing through a merger with special purpose acquisition company (SPAC) SK Growth Opportunities Corp. SKGR , has seen its journey marked by regulatory challenges and strategic shifts, particularly around its crypto operations.

The proposed merger, valuing the combined entity at approximately $7.3 billion, is set to elevate Webull onto the Nasdaq, contingent upon approval from shareholders and regulators.

This development followed several thwarted attempts at an initial public offering, with Anthony Denier, Webulls U.S. CEO, citing various impediments, including the platforms exposure to cryptocurrency, as significant obstacles.

The SEC has not been friendly, which is widely known, Denier remarked in an interview with Bloomberg News.Webull Steers Away From Crypto To Secure Nasdaq Listing

Founded by Wang Anquan, an alumnus of Alibaba Group Holding Ltd. BABA and Xiaomi Corp., Webull ventured into crypto trading in 2020, aiming to compete with platforms like Robinhood Markets Inc. HOOD .

However, the regulatory landscape concerning crypto trading prompted Webull to divest its digital asset business and eliminate cryptocurrency trading from its offerings globally by the end of the third quarter, as stated by Denier. This decision underscored the regulatory ambiguities faced by registered broker dealers in the crypto space, leading to a cautious retreat from these offerings.

Despite these challenges, Webull maintained crypto- and forex-related information on its website, providing market data and educational content for informational purposes only, without offering actual trading in these products, as specified by the company.

Webull has a robust 20 million registered users across 15 regions worldwide and manages $370 billion in equity notional volumes. Recently, the broker announced a partnership with the NBA's Brooklyn Nets and the WNBA's New York Liberty as the official basketball jersey patch partner.

Now Read: Webull To Go Public With SPAC Merger: What Investors Need To KnowLoading… Loading…

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Ovechkin plans to return to Caps for 21st season

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Ovechkin plans to return to Caps for 21st season

ARLINGTON, Va. — Alex Ovechkin said Saturday that he intends to return to the Washington Capitals for his 21st NHL season after breaking Wayne Gretzky’s career goal-scoring record earlier this spring.

Ovechkin joked about joining the minor league Hershey Bears for their playoff run and indicated the question wasn’t whether he would be back but rather whether he had what it takes to earn a spot.

“First of all, [I have] to make a roster at 40 years old,” Ovechkin quipped on locker cleanout day, less than 48 hours after he and the Capitals were eliminated in the second round by the Carolina Hurricanes.

Ovechkin, who turns 40 in September, has one season left on the five-year, $47.5 million contract he signed in 2021. He said he is approaching the summer like any other, planning to train the same way in the offseason and see where things go.

“I’m going to use those couple months [in the offseason] to rest, enjoy my life, then back to work,” Ovechkin said. “Me and [trainer Pavel Burlachenko are] going do our job to get ready for the season and just do my best.”

Ovechkin is coming off a whirlwind season in which he overcame a broken leg to score 44 goals — the third most in the league — and pass Gretzky’s career mark of 894 that long seemed unapproachable. The Russian superstar has 897.

“For him to come back this year and play the way that he did, chase down this record, the start that he had, breaking his leg, coming back from that, and just continuing to not only do things he did individually, statistically, but lead our team — that’s part of the story that will be a minor part of it, but it’s a big part of it,” coach Spencer Carbery said after the Game 5 loss to the Hurricanes on Thursday night. “He did what he came back this year to prove and show, and he did it in the playoffs as well. I tip my cap to ‘O’ and the season that he had and as our captain leading the way.”

Ovechkin led the team with five goals in 10 games this postseason but had just one goal in the second round as he and the team fell short of the Eastern Conference finals for the 15th time in 16 appearances during his career. The other time was their Stanley Cup run in 2018, when Ovechkin won the Conn Smythe Trophy as playoff MVP.

Going into next season, Ovechkin wants to work toward chasing a second championship.

“I’m looking forward for next year,” Ovechkin said. “I’m going to try to do my best to play, and my team is going to help me too. … I just want to come back next year and see the team who’s capable of winning the Stanley Cup.”

Beyond that, he’s not sure what the future holds when his contract comes to an end.

“I haven’t thought about it yet, but we’ll see what’s going to happen,” Ovechkin said. “I’m going to try to do my best to be able to do well next year, and we’ll see.”

Longtime teammate Tom Wilson, guesses “900 and beyond” on the goal counter is coming next for Ovechkin.

“At no point am I thinking in my head that there’s ever going to be a day without Ovi on the Caps,” Wilson said. “He’s still flying out there. He had an incredible season. I think he probably exceeded expectations and beyond. You can never count that guy out. He’s such a tremendous leader. I’m sure he’s going to keep buzzing.”

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Eichel, Knights seek ‘common ground’ on new deal

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Eichel, Knights seek 'common ground' on new deal

As the Vegas Golden Knights absorb being knocked out in the second round of the NHL playoffs by the Edmonton Oilers, they don’t have to wait long before planning for their future. Jack Eichel, who has one season left on his eight-year, $80 million contract, is eligible for an extension beginning July 1.

“He’s one of the top guys in the NHL,” general manager Kelly McCrimmon said. “He’s got great character, great leadership. You see night in, night out what he does for our team, so that will be a really important piece of business for us. We certainly hope to keep Jack in our organization. Jack loves it here, so I would hope we could find common ground.”

Eichel, 28, comes off the best season of his 10-year career, the past four with the Golden Knights. He set career highs with 66 assists and 94 points to go with 28 goals as the center on the team’s top line. He also skated for Team USA in the 4 Nations Face-Off, where his club finished second to Canada.

“Can’t say enough about my teammates and the people in this building and the people that make this organization what it is,” Eichel said. “I’m super proud to be part of this organization and the city and represent the Vegas Golden Knights. Contractually, I think things kind of take care of itself. I’ll just worry about trying to prepare for next season this offseason and go from there.”

Management, which is not known for sitting on its hands, will have other significant decisions to make as well on the team’s direction after the Golden Knights were eliminated in the second round for the second year in a row.

“I like our team,” coach Bruce Cassidy said. “I don’t have a problem with any player in that room. I think every one of them is a great teammate. They care about one another. Are there areas of our game we could complement better? Probably. We’ll evaluate that.

“All the guys that were up, their contracts, they were all good players for us. All good players. No disappointments at all. We’ll probably have to look at areas because we’re not the last team standing. Usually, you think, ‘Where can we upgrade? Where can I upgrade what I do?'”

McCrimmon offered a similar assessment.

“I feel our team was good enough to win,” McCrimmon said.

The Golden Knights won the Stanley Cup two years ago and thought they had another contender this season after capturing the Pacific Division and securing the Western Conference’s second-best record. But Vegas had to rally from a 2-1 series deficit to beat Minnesota in the opening round, winning twice in overtime. Then the Golden Knights lost two overtime games in the 4-1 series loss to the Edmonton Oilers.

“I didn’t walk away from Edmonton saying, ‘We had no chance. They’re just better,'” Cassidy said. “I didn’t feel that way. I felt we needed to execute better in a few of the games and we could be the team moving on.”

Forward William Karlsson said losing to the Oilers made it “a wasted season.” McCrimmon wasn’t as blunt, instead labeling the loss as “a missed opportunity.”

Change will come, but at least given the tenor of the comments by Cassidy and McCrimmon, the Golden Knights will largely return their roster intact next season.

“I think we have a great organization,” goaltender Adin Hill said. “Best management I’ve been under. I think they’re going to do the things that they see fit for [the] roster, whether it’s keeping it the same or whether it’s changing up a few things. I don’t know. That’s their decision, above my paygrade, but it will be exciting to see. We know that we’re going to be contenders every year.”

Forward Reilly Smith made it clear he wants to return. An original Golden Knight, Smith was traded to the Pittsburgh Penguins after winning the Stanley Cup and then sent to the New York Rangers a year later. The Golden Knights reacquired the 34-year-old on March 6.

Smith made a smooth transition back into the lineup with three goals and eight assists in 21 games. Then he delivered the play of the postseason for the Golden Knights, scoring with 0.4 seconds left to beat the Oilers in Game 3, and finished with three goals and an assist in 11 playoff games.

“Probably the best hockey I’ve played in my career has been wearing this jersey,” Smith said. “It’s a fun group to be a part of and a fun place to call home. My family loves it here, so if there’s a way to make it work, it’d be great. At the end of the day, it’s a business. My contract negotiations, I probably know as little as [the media does] right now.”

The Associated Press contributed to this report.

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Mexican navy training vessel hits New York’s Brooklyn Bridge – as reports say three injured

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Mexican navy training vessel hits New York's Brooklyn Bridge - as reports say three injured

A Mexican navy ship has hit the Brooklyn Bridge during a promotional tour in New York City.

The New York Fire Department said authorities were responding to injuries but had no details about how many people might have been hurt or whether they were on the vessel or on the bridge.

Sky’s US partner network NBC News reports that at least three people were seriously injured in the incident.

The Mexican navy said in a post on X that the Cuauhtemoc, an academy training vessel, was damaged in the accident, which has prevented it from continuing its voyage.

Eyewitness video of the collision posted online showed the mast of the ship, which was flying a large Mexican flag, scraping the underneath of the bridge.

Pic: AP
Image:
Pic: AP

The vessel then drifted toward the edge of the river as onlookers scrambled away from shore.

The Mexican navy said the status of personnel and material was under review by naval and local authorities, which were providing assistance.

More on New York City

The Cuauhtemoc is about 297ft long and 40ft wide, according to the Mexican navy. It sailed for the first time in 1982.

A New York Police Department harbour unit prepares to board the Cuauhtemoc. Pic: AP
Image:
Pic: AP

Each year, it sets out at the end of classes at the naval military school to finish cadets’ training.

It left the Mexican port of Acapulco, on the Pacific coast, on 6 April with 277 people onboard, the navy said at the time.

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