SK Growth Opportunities Corp. Reports $3.2M Net Income for 2024, Signs Business Combination Agreement with Webull

SK Growth Opportunities Corp. (SKGR), a Cayman Islands-based blank check company, reported a net income of $3.2 million for the year ended December 31, 2024, compared to $8.1 million in 2023. This change reflects a decrease in income from investments held in the trust account, from $10.6 million to $5.6 million, partially offset by a slight reduction in general and administrative expenses. The company's general and administrative expenses for 2024 totaled $2.4 million, while 2023 expenses were $2.2 million. As of December 31, 2024, the company held approximately $112.7 million in its trust account (excluding deferred underwriting fees), and $169,659 in cash outside the trust account.

Significant developments during the year included the signing of a business combination agreement with Webull Corporation on February 27, 2024, and an amendment to that agreement on December 5, 2024. The agreement outlines a complex restructuring of Webull's capital and a subsequent merger, subject to shareholder approvals and other conditions. Shareholder redemption rights were exercised in connection with two prior extensions of the deadline to complete a business combination, resulting in net redemptions of approximately $122.3 million. As of March 21, 2025, there were 9,732,960 Class A and 5,240,000 Class B ordinary shares outstanding.

The company's primary focus is on acquiring a sustainable business with a strong emphasis on environmental, social, and governance (ESG) metrics. SKGR intends to leverage its management team's relationships with SK Inc., a leading global conglomerate, to source and execute business combinations. The company's acquisition criteria include strong ESG alignment, portfolio optionality, potential synergies with the SK platform, and a sustainable standalone business model. The company's areas of interest include new energy, electrification, clean solutions, sustainable food, carbon management, and other high-growth sectors.

Key operational developments include the extension of the deadline to complete an initial business combination three times, most recently to June 22, 2025. The company's management team consists of two officers, Richard Chin (CEO) and Derek Jensen (CFO), and five directors. The company has no full-time employees prior to the completion of its initial business combination. The company's financial statements are prepared in accordance with U.S. GAAP, and it has elected to utilize the extended transition period for complying with new or revised accounting standards afforded to emerging growth companies.

The company's outlook is contingent upon the successful completion of its business combination with Webull. The filing highlights numerous risks associated with the business combination, including the possibility of shareholder redemptions exceeding available funds, regulatory hurdles, and potential conflicts of interest. If the business combination is not completed by the extended deadline, the company will liquidate and redeem public shares for a pro rata portion of the funds held in the trust account.