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SK Growth Opportunities Corp (NASDAQ:SKGR), a blank check company with a market capitalization of $168.75 million, announced today that it has amended its non-redemption agreements with several investors in anticipation of its upcoming business combination with Webull Corporation. According to InvestingPro data, the company's shares currently trade at $13.70, near their 52-week low. The company, which had previously disclosed the agreements on March 31, 2025, stated that it expects to enter into additional non-redemption agreements before the business combination is finalized.
Under the amended agreements, investors who agree not to redeem their Class A ordinary shares, or who rescind any redemption requests in connection with the business combination, will receive one additional Class A ordinary share for every two shares they hold. This amendment aims to incentivize shareholders to support the proposed business combination with Webull Corporation by offering additional shares at no extra cost. InvestingPro analysis indicates the company maintains a weak financial health score, with current obligations exceeding liquid assets.
The non-redemption agreements are part of SK Growth Opportunities Corp's strategy to secure the necessary shareholder approval for the business combination, which is a critical step towards completing the merger. The company has provided a detailed description of the non-redemption agreement in its previous filing with the Securities and Exchange Commission (SEC) on March 31, 2025.
SK Growth Opportunities Corp, incorporated in the Cayman Islands with executive offices in New York, is traded on The Nasdaq Stock Market under the symbols SKGR for its Class A ordinary shares and SKGRW for its redeemable warrants. With a P/E ratio of 56.36 and a beta of -0.03, the stock shows minimal correlation with broader market movements. The company emphasizes that the information disclosed is based on a press release statement and encourages investors to consult the SEC filing for the complete terms of the non-redemption agreements. For deeper insights and additional financial metrics, investors can access comprehensive analysis through InvestingPro.
In other recent news, SK Growth Opportunities Corp has amended its existing Business Combination Agreement to extend the deadline for completing its merger with Webull Corporation. The new deadline is now April 15, 2025, following shareholder approval during a vote. This extension allows the company additional time to finalize the merger, which involves a two-step acquisition process with Webull subsidiaries. Additionally, SK Growth Opportunities amended its Investment Management Trust Agreement to extend the liquidation date of its trust account to June 22, 2025, unless an earlier date is decided by the board. Shareholders showed strong support for the merger and related proposals, with significant approval percentages. At an extraordinary general meeting, 10,745,487 votes were cast in favor, while 1,053,217 were against the Business Combination and Merger Proposals. The meeting also saw approval for the Advisory Organizational Documents Proposals, negating the need to adjourn. These developments were confirmed through a press release statement from SK Growth Opportunities Corp.
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