Webull (BULL) Registration filing summary

Company overview and business model

• Operates a global digital investment platform focused on retail investors, offering a mobile-first interface, zero-commission trading in the U.S., and a broad suite of investment products and analytics across 14 markets worldwide.

• Revenue is primarily generated through payment for order flow in the U.S. and commissions in other markets.

• As of December 31, 2024, the platform had over 23.3 million registered users and a 98% quarterly retention rate.

• Holds 11 broker-dealer licenses across North America, Asia Pacific, Europe, and Africa.

Financial performance and metrics

• Pro forma combined revenue for 2024 was $390.2 million, with a net loss attributable to ordinary shareholders of $538.6 million.

• As of December 31, 2024, pro forma cash and cash equivalents were $271.3 million, and total equity was $500.0 million.

• Pro forma net tangible book value per share as of the closing date was $0.89, with potential dilution to $1.77 per share if all warrants are exercised.

Use of proceeds and capital allocation

• Will not receive proceeds from secondary sales by selling securityholders; proceeds from warrant exercises (up to $407.8 million if fully exercised) will be used for general corporate purposes.

• Up to 6,792,000 private warrants may be exercised on a cashless basis, reducing potential cash proceeds.