St. Petersburg-headquartered Webull completed its approximately $100 million acquisition of nearly all of Thai brokerage Pi Securities, paying $80 million in stock and about $20 million in cash.
Webull acquired 99.36% of Pi in two transactions that closed Aug. 31, according to a registration statement filed Tuesday with the U.S. Securities and Exchange Commission. Most of the purchase came from Country Group Holdings, which received 7.09 million Webull Class A shares and another 2.36 million shares placed in escrow.
Webull registered as many as 12.29 million shares for resale by Country Group, including additional shares that could be issued under the deal. The maximum represents approximately 2.7% of Webull’s 456.6 million Class A shares outstanding, though some of those shares may never be issued.
Country Group can sell the shares, although the purchase agreement limits its sales each day to 20% of Webull’s total trading volume. The acquisition shares were valued at $8.4605 each. Webull closed Aug. 31 at $9.48, a $1.02 difference that the company said could encourage Country Group to sell even if the stock falls from that level.
Webull had $653.2 million in cash and cash equivalents as of June 30, before the $20 million in acquisition payments. Yet it financed most of Pi with stock after spending approximately $11 million to repurchase and retire 1.82 million of its own shares under a $100 million buyback authorized in April.