Webull Stock Is Sliding After The Close: What's Going On?

Webull Corp BULL shares are moving lower after the company announced a $1 billion standby equity agreement Thursday after the market close.

What Happened: Webull announced that it secured a financing option through a standby equity purchase agreement with YA II PN, an investment fund managed by Yorkville Advisors.

The agreement gives the company an option to issue up to $1 billion in Class A ordinary shares to Yorkville over a three-year period. Yorkville will pay a 2.5% discount to the market price for any shares issued under the purchase agreement.

Webull said it intends to strategically use the purchase agreement to raise and deploy capital as it needs.

“With access to capital available through the Purchase Agreement, Webull is well positioned to pursue new growth opportunities, such as product expansion, new asset classes, and geographic expansion,” said Anthony Denier, group president and U.S. CEO of Webull.

“As we survey the evolving market landscape and consider next-generation technologies in the space such as stable coins and real-world asset tokenization, access to capital will be critical to our ability to innovate and compete on the cutting edge going forward.”

BULL Price Action: Webull shares were down 4.27% in after-hours, trading at $13.69 at the time of publication Thursday, according to Benzinga Pro.

Read Next:

• Robinhood Stock Pulls Back From All-Time Highs: What’s Going On?

Photo: gguy/Shutterstock.com