Webull (BULL) CEO Anquan Wang reports large indirect and incentive holdings

Rhea-AI Filing Summary

Webull Corp’s Chief Executive Officer Anquan Wang filed an initial ownership report showing substantial indirect control of the company’s shares. Through Water Castle Az Inc., he indirectly holds 100,158,736 Class B Ordinary Shares, each convertible into one Class A Ordinary Share with no expiration date, plus 200,000 Class A Ordinary Shares.

The filing also describes significant equity incentives. Wang has 5,433,243 restricted Class B share units, of which 301,846 are already vested and the remainder vest in 34 equal monthly installments beginning on March 31, 2026, subject to continued service. He also holds 10,866,488 performance restricted Class B share units that vest in 25% increments when the 60-day volume-weighted average trading price of Webull’s Class A Ordinary Shares reaches $15, $20, $25, and $30, respectively, with any unvested performance units expiring on February 24, 2031.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Wang Anquan

(Last) (First) (Middle)

200 CARILLON PARKWAY

(Street)

ST. PETERSBURG FL 33716

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Webull Corp [ BULL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Ordinary Shares	200,000	I	By Water Castle Az Inc.(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Ordinary Shares	(2)	(2)	Class A Ordinary Shares	100,158,736(3)	$0	I	By Water Castle Az Inc.(1)

Explanation of Responses:

1. The securities reported herein are held of record by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., which is wholly-owned by the Reporting Person.

2. Each Class B Ordinary Share is convertible into one Class A Ordinary Share at the option of the Reporting Person and has no expiration date.

3. The reported securities include (a) 5,433,243 restricted Class B share units granted to the Reporting Person, of which 301,846 are vested and the remainder vest in 34 equal monthly installments beginning on March 31, 2026, subject to the Reporting Person's continued service through the applicable vesting date, and (b) 10,866,488 performance restricted Class B share units ("Performance RSUs") granted to the Reporting Person that vest in 25% increments as and when the 60-day volume-weighted average trading price of the Issuer's Class A Ordinary Shares reaches each of $15, $20, $25, and $30, respectively, with any unvested Performance RSUs expiring on February 24, 2031.

	/s/ Liwei Cao, attorney-in-fact	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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