If You Invested in Webull (BULLZ)

BULLZ is the Nasdaq trading symbol for the incentive warrants of Webull Corporation, which are referred to as the Incentive Warrants (Nasdaq: BULLZ). These Incentive Warrants were issued in connection with the closing of Webull Corporation's business combination under a Warrant Agreement between the company and Continental Stock Transfer & Trust Company, acting as warrant agent.

According to Webull Corporation, it owns and operates Webull, a digital investment platform built on what the company describes as next-generation global infrastructure. Through a global network of licensed brokerages, Webull offers investment services in multiple markets across North America, Asia Pacific, Europe, and Latin America. The platform is designed for retail investors, providing access to global financial markets and integrating market data, a user community, and investor education resources within its trading environment.

The Incentive Warrants represented the right to purchase Webull Corporation's Class A ordinary shares, with each warrant exercisable for a Class A ordinary share at a specified exercise price under the terms of the Warrant Agreement. Webull Corporation announced that it had the right to redeem all outstanding Incentive Warrants if certain trading price conditions for its Class A ordinary shares were met over a defined trading period.

On June 30, 2025, Webull Corporation redeemed all of its outstanding Incentive Warrants. Prior to the redemption, a substantial number of Incentive Warrants were exercised for Class A ordinary shares, and the remaining Incentive Warrants that were not exercised by the deadline were redeemed for a cash redemption price per warrant. Following this process, Webull Corporation reported that no Incentive Warrants remained issued or outstanding as of July 1, 2025.

In parallel with the completion of the Incentive Warrant redemption, Webull Corporation entered into a standby equity purchase agreement with YA II PN, Ltd. (Yorkville). Under this agreement, Webull Corporation obtained the right, but not the obligation, to issue its Class A ordinary shares to Yorkville up to a defined aggregate commitment amount over a multi-year commitment period, subject to conditions and limitations described in the agreement. The pricing of shares issued under this arrangement is tied to a percentage of the volume weighted average trading price of Webull's Class A ordinary shares on the Nasdaq Stock Market during specified trading periods, and the agreement includes ownership and issuance caps, as well as other customary terms.

Webull Corporation has highlighted that its business involves trading-related income and that it operates as a regulated financial services company. The company notes in its filings that its platform and systems rely on technical software and applications, that it conducts global operations and expansion, and that it is subject to various political, regulatory, economic, and market-related risks. These include reliance on a limited number of market makers and liquidity providers, exposure to fluctuations in interest rates and trading volumes, and the need to maintain effective compliance and risk management infrastructures and required capital levels.

In addition to its core securities trading services, Webull Corporation has disclosed the launch of cryptocurrency trading in the United States and has noted that disruptions in the cryptocurrency market or changes in cryptocurrency governance and regulation can affect user engagement with cryptocurrency trading on its platform. The company has also reported the launch of brokerage services in the Netherlands as part of its ongoing global operations.

Because the Incentive Warrants represented by the BULLZ symbol have been fully redeemed and are no longer outstanding, the BULLZ listing itself has been removed from the Nasdaq Stock Market. A Form 25 filed with the U.S. Securities and Exchange Commission indicates that Nasdaq Stock Market LLC struck the Incentive Warrants from listing and registration under Section 12(b) of the Securities Exchange Act of 1934, following the completion of the redemption process.

Investors researching BULLZ are therefore primarily examining the historical characteristics of Webull Corporation's Incentive Warrants and their role in the company's capital structure around the time of its business combination and subsequent financing activities. For ongoing information about Webull Corporation as an operating company, investors would typically look to the trading symbol for its Class A ordinary shares on Nasdaq and to the company's continuing disclosures filed with the SEC, including reports on Form 6-K, annual reports on Form 20-F, and registration statements.