BULLW

Webull Corporation Warrants represent the right to purchase shares of Webull common stock at a predetermined exercise price during a specified time period. These warrants were issued as part of the SPAC merger transaction that brought Webull public and provide holders with leveraged exposure to Webull's prospects in the online brokerage and fintech sectors. The warrants trade separately from the common stock and appeal to investors seeking amplified participation in potential share price appreciation as the company grows its trading platform and user base. As derivative securities, these warrants' value derives from the underlying Webull common stock price. When the stock price rises above the warrant's exercise price, the warrants gain intrinsic value. Additionally, warrants possess time value based on the remaining exercise period and expected stock volatility. This leverage characteristic enables warrants to deliver larger percentage returns than the underlying stock during appreciation periods, though they also carry higher risk, potentially declining more sharply during downturns and expiring worthless if the stock price remains below the exercise price at expiration. Webull operates a commission-free trading platform serving retail investors, generating revenue through payment for order flow, margin interest, securities lending, cryptocurrency trading, and premium subscriptions. The company's performance depends on growing active users, increasing assets under management, expanding revenue per user, maintaining competitive platform features, and navigating regulatory environment. Positive developments such as accelerating user growth, increasing trading volumes, successful product launches, international expansion, improved monetization, or achieving profitability could drive stock price appreciation benefiting warrant holders. These instruments suit investors with higher risk tolerance who believe in continued retail trading growth and Webull's competitive positioning versus established brokers. However, warrant holders face risks including intense competition, regulatory uncertainties affecting revenue models (particularly payment for order flow), user retention challenges, and the company's need to achieve sustainable profitability in competitive markets. The warrant investment thesis depends on Webull successfully capturing and retaining market share in the large online brokerage market while building sustainable economics.