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…
It is one of the most notorious and secret places in Iran.
Somewhere foreign journalists are never allowed to visit or film. The prison where dissidents and critics of Iran’s government disappear – some never to be seen again.
But we went there today, invited by Iranian authorities eager to show the damage done there by Israel.
Evin Prison was hit by Israeli airstrikes the day before a ceasefire ended a 12-day war with Iran. The damage is much greater than thought at the time.
We walked through what’s left of its gates, now a mass of rubble and twisted metal, among just a handful of foreign news media allowed in.
A few hundred yards in, we were shown a building Iranians say was the prison’s hospital.
Behind iron bars, every one of the building’s windows had been blown in. Medical equipment and hospital beds had been ripped apart and shredded.
Image: Debris scattered across what Iran says was the prison hospital
It felt eerie being somewhere normally shut off to the outside world.
On the hill above us, untouched by the airstrikes, the buildings where inmates are incarcerated in reportedly horrific conditions, ominous watch towers silhouetted against the sky.
Evin felt rundown and neglected. There was something ineffably sad and oppressive about the atmosphere as we wandered through the compound.
The Iranians had their reasons to bring us here. The authorities say at least 71 people were killed in the air strikes, some of them inmates, but also visiting family members.
Image: Authorities say this building was the visitor centre
Iran says this is evidence that Israel was not just targeting military or nuclear sites but civilian locations too.
But the press visit highlighted the prison’s notoriety too.
Iran’s critics and human rights groups say Evin is synonymous with the brutal oppression of political prisoners and opponents, and its practice of hostage diplomacy too.
British dual nationals, including Nazanin Zaghari-Ratcliffe were held here for years before being released in 2022 in exchange for concessions from the UK.
Image: Inmates are held in building on a hill above, which has been untouched by airstrikes
Interviewed about the Israeli airstrikes at the time, Ms Zaghari-Ratcliffe showed only characteristic empathy with her former fellow inmates. Trapped in their cells, she said they must have been terrified.
The Israelis have not fully explained why they put Evin on their target list, but on the same day, the Israeli military said it was “attacking regime targets and government repression bodies in the heart of Tehran”.
Follow The World
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
The locus of their strikes were the prison’s two entrances. If they were trying to enable a jailbreak, they failed. No one is reported to have escaped, several inmates are thought to have died.
The breaches the Israeli missiles made in the jail’s perimeter are being closed again quickly. We filmed as a team of masons worked to shut off the outside world again, brick by brick.
A new Tesla prototype was spotted again, reigniting speculation among Tesla shareholders, even though it’s likely just a Model Y, potentially a bit smaller, and the upcoming stripped-down, cheaper version.
It sparked a lot of speculation about it being the new “affordable” compact Tesla vehicle.
There’s confusion in the Tesla community around Tesla’s upcoming “affordable” vehicles because CEO Elon Musk falsely denied a report last year about Tesla’s “$25,000” EV model being canceled.
Advertisement – scroll for more content
The facts are that Musk canceled two cheaper vehicles that Tesla was working on, commonly referred as “the $25,000 Tesla” in early 2024. Those vehicles were codenamed NV91 and NV92, and they were based on the new vehicle platform that Tesla is now reserving for the Cybercab.
Instead, Musk noticed that Tesla’s Model 3 and Model Y production lines were starting to be underutilized as the Company faced demand issues. Therefore, Tesla canceled the vehicles program based on the new platform and decided to build new vehicles on Model 3/Y platform using the same production lines.
We previously reported that these electric vehicles will likely look very similar to Model 3 and Model Y.
In recent months, several other media reports reinforced this, and Tesla all but confirmed it during its latest earnings call, when it stated that it is “limited in how different vehicles can be when built on the same production lines.”
Now, the same Tesla prototype has been spotted over the last few days, and it sent the Tesla shareholders community into a frenzy of speculations:
Electrek’s Take
As we have repeatedly reported over the last year, the new “affordable” Tesla “models” coming are basically only stripped-down Model 3 and Model Y vehicles.
They might end up being a little smaller by a few inches, and Tesla may use different model names, but they will be extremely similar.
If this is it, which is possible, you can see it looks almost exactly like a Model Y.
It’s hard to confirm if it’s indeed smaller because of the angle of the vehicle compared to the other Model Ys, but it’s not impossible that the wheelbase is a bit smaller – although it’s hard to confirm.
Either way, the most significant changes for these stripped-down, more affordable “models” are expected to be cheaper interior materials, like textile seats instead of vegan leather, no heated or ventilated seats standard, no rear screen, maybe even no double-panned acoustic glass and a lesser audio system.
As previously stated, the real goal of these new variants, or models, is to lower the average sale price in order to combat decreasing demand and maintain or increase the utilization rate of Tesla’s current production lines, which have been throttled down in the last few years to now about 60% utilization.
If this trend continues, Tesla would find itself in trouble and may even have to close its factories.
FTC: We use income earning auto affiliate links.More.