<SEC-DOCUMENT>0001213900-25-066798.txt : 20250723
<SEC-HEADER>0001213900-25-066798.hdr.sgml : 20250723
<ACCEPTANCE-DATETIME>20250723060402
ACCESSION NUMBER:		0001213900-25-066798
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		10
FILED AS OF DATE:		20250723
DATE AS OF CHANGE:		20250723

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Webull Corp
		CENTRAL INDEX KEY:			0001866364
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-288787
		FILM NUMBER:		251141553

	BUSINESS ADDRESS:	
		STREET 1:		200 CARILLON PARKWAY
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33716
		BUSINESS PHONE:		917-725-2448

	MAIL ADDRESS:	
		STREET 1:		200 CARILLON PARKWAY
		CITY:			ST. PETERSBURG
		STATE:			FL
		ZIP:			33716
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>ea0249935-424b3_webull.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><b>Filed Pursuant to Rule
424(b)(3)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><b>Registration No. 333-288787</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="background-color: white"><b><font style="background-color: white">FINAL</font> PROSPECTUS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b><img src="image_001.jpg" alt=""></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Webull Corporation</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Up to 75,159,236 Webull Class A Ordinary Shares</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the offer and sale from time to time by YA II PN, LTD., a Cayman Islands exempt limited company (such entity, including the pledgees,
donees, transferees, assignees, successors, designees, and others who later come to hold any of YA II PN, LTD.&rsquo;s interest in the
Webull Class A Ordinary Shares (as defined herein) other than through a public sale, the &ldquo;Selling Securityholder&rdquo; or &ldquo;Yorkville&rdquo;),
as the Selling Securityholder named in this prospectus, of up to (a) 159,236 Webull Class A Ordinary Shares issued pursuant to the Purchase
Agreement (as defined below) to the Selling Securityholder as Commitment Shares (as defined below) at a deemed $12.56 purchase price per
share, and (b) 75,000,000 Webull Class A Ordinary Shares that Webull may, in its discretion, elect to issue and sell to the Selling Securityholder,
from time to time, pursuant to a standby equity purchase agreement that Webull entered into with the Selling Securityholder on July 1,
2025 (the &ldquo;Purchase Agreement&rdquo;). Pursuant to the Purchase Agreement, the Selling Securityholder has committed to purchase
from Webull, at Webull&rsquo;s direction, up to $1,000,000,000 (the &ldquo;Commitment Amount&rdquo;) of Webull Class A Ordinary Shares,
subject to terms and conditions specified in the Purchase Agreement. As consideration for the Selling Securityholder&rsquo;s irrevocable
commitment to purchase Webull Class A Ordinary Shares at Webull&rsquo;s election and in Webull&rsquo;s discretion from time to time from
the date of the Purchase Agreement until 36 months following the date of the Purchase Agreement, upon the terms and subject to the satisfaction
of the conditions set forth in the Purchase Agreement, Webull has issued to the Selling Securityholder 159,236 Webull Class A Ordinary
Shares pursuant to the terms of the Purchase Agreement (the &ldquo;Commitment Shares&rdquo;). The Commitment Shares reflect a number of
Ordinary Shares that is equal to 0.20% of the Commitment Amount divided by the last closing price of the Webull Class A Ordinary Shares
as of the date of signing of the Purchase Agreement (on July 1, 2025, the last reported price of the Webull Class A Ordinary Shares, as
reported on the Nasdaq, was $12.56). The prospectus also covers any additional securities that may become issuable by reason of share
splits, share dividends or similar transactions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless (i) Webull obtains
shareholder approval pursuant to Nasdaq Rule 5635(d) to issue Webull Class A Ordinary Shares in excess of the Exchange Cap (as defined
below), or (ii) takes actions required pursuant to Nasdaq Rule 5615(a)(3) to duly and validly rely on an exemption for foreign private
issuers from applicable rules and regulations of Nasdaq (as defined herein) by adopting a home country practice that allows Webull to
issue Webull Class A Ordinary Shares to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations
imposed by Nasdaq Rule 5635(d), Webull may not effect any sales under the Purchase Agreement to the extent that after giving effect to
such sales, the aggregate number of Webull Class A Ordinary Shares issued under the Purchase Agreement, together with any Webull Ordinary
Shares (as defined herein) issued in connection with any other transactions that may be considered part of the same series of transactions,
would exceed 96,891,594 Webull Ordinary Shares, i.e. the number of shares representing 19.99% of Webull&rsquo;s outstanding Webull Ordinary
Shares (including Webull Class A Ordinary Shares and Webull Class B Ordinary Shares (as defined herein) on an as converted basis) as of
the date of execution of the Purchase Agreement (the &ldquo;Exchange Cap&rdquo;), subject to certain limited exceptions. If Webull obtains
shareholder approval to issue Webull Class A Ordinary Shares in excess of the Exchange Cap or takes actions to adopt a home country practice
that would allow Webull to issue Webull Class A Ordinary Shares to the Selling Securityholder in connection with the Purchase Agreement
without regard to the limitations imposed by Nasdaq Rule 5635(d), in each case as described above, Webull may register the resale by the
Selling Securityholder of additional Webull Class A Ordinary Shares sold by Webull to the Selling Securityholder pursuant to the Purchase
Agreement by filing a post-effective amendment to the registration statement of which this prospectus forms a part or by filing one or
more additional registration statements. Therefore, the 75,159,236 Webull Class A Ordinary Shares registered for resale under this prospectus
are not all of the Webull Class A Ordinary Shares that may be sold pursuant to the Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the resale
of the Webull Class A Ordinary Shares covered by this prospectus pursuant to the registration requirements under the Purchase Agreement.
We will not receive any proceeds from the sale of the securities by the Selling Securityholder. However, any Webull Class A Ordinary Shares
sold by Webull to the Selling Securityholder pursuant to the terms of the Purchase Agreement and issued pursuant to an exemption from
registration contained in Section&nbsp;4(a)(2) of the Securities Act will be sold to the Selling Securityholder at a variable price determined
pursuant to the terms of the Purchase Agreement (the &ldquo;Purchase Price&rdquo;). The Purchase Price will be calculated pursuant to
the Purchase Agreement by multiplying the Market Price (as defined below) by 97.50%, and will in any event be no less than the $0.00001
par value per Webull Class A Ordinary Share. The &ldquo;Market Price&rdquo; will be determined pursuant to the Purchase Agreement and
will be equal to the volume weighted average price of the Webull Class A Ordinary Shares as reported by Bloomberg L.P. through its &ldquo;AQR&rdquo;
function (the &ldquo;VWAP&rdquo;) of the Webull Class A Ordinary Shares during the relevant Pricing Period (as defined below). &ldquo;Pricing
Period&rdquo; means the period on an applicable date commencing with the receipt by Webull of written confirmation that the Selling Securityholder
has received a written notice by Webull setting forth the number of Webull Class A Ordinary Shares that Webull desires to issue and sell
to the Selling Securityholder, and ending at 4:00 p.m. New York City time on the same trading day (unless otherwise agreed by Webull and
the Selling Securityholder, or such a Pricing Period is terminated pursuant to the terms of the Purchase Agreement), <i>provided however</i>,
the Selling Securityholder may delay the commencement of such Pricing Period until such time that the Selling Securityholder has received
confirmation that the transfer agent of Webull has credited the Selling Securityholder&rsquo;s account (or its designee&rsquo;s account)
at DTC (as defined below) through its Deposit Withdrawal at Custodian System (or by such other means of delivery as may be mutually agreed
upon by the parties to the Purchase Agreement) with a number of Webull Class A Ordinary Shares equal to the number of Webull Class A Ordinary
Shares that Webull elects to sell to the Selling Securityholder, in which case such Pricing Period shall commence upon receipt by Webull
of written confirmation (which may be by e-mail) of receipt of such Webull Class A Ordinary Shares by the Selling Securityholder. As a
result, investors who purchase shares from the Selling Securityholder in this offering at different times will likely pay different prices
for those shares, and so may experience different levels of dilution, and in some cases substantial dilution and different outcomes in
their investment results. Investors may experience a decline in the value of the shares they purchase from the Selling Securityholder
in this offering as a result of future sales made by us to the Selling Securityholder at prices lower than the prices such investors paid
for their shares. In addition, if we sell a substantial number of shares to the Selling Securityholder under the Purchase Agreement, or
if investors expect that we will do so, the actual sales of shares or the mere existence of the Purchase Agreement arrangement with the
Selling Securityholder may make it more difficult for us to sell equity or equity-related securities in the future at a desirable time
and price. Please see the section of this prospectus entitled &ldquo;<i>Committed Equity Financing</i>&rdquo; for more information on
the Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Securityholder for the shares that we may elect to sell to the Selling Securityholder under the Purchase
Agreement, if any, will fluctuate based on the market price of our Webull Class A Ordinary Shares during the applicable Pricing Period,
as of the date of this prospectus, we cannot reliably predict the number of Webull Class A Ordinary Shares that we will sell to the Selling
Securityholder under the Purchase Agreement, the actual purchase price per Webull Class A Ordinary Share to be paid by the Selling Securityholder
for those shares, or the actual gross proceeds to be raised by us from those sales, if any.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Though we have been advised
by Yorkville, and Yorkville represents in the Purchase Agreement, that Yorkville is purchasing the Webull Class A Ordinary Shares for
its own account, for investment purposes in which it takes investment risk (including, without limitation, the risk of loss), and without
any view or intention to distribute such shares in violation of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;),
or any other applicable securities laws, Yorkville is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities
Act and any profits on the sales of shares of the Webull Class A Ordinary Shares by Yorkville, and any discounts, commissions or concessions
received by Yorkville are deemed to be underwriting discounts and commissions under the Securities Act. Please see the section of this
prospectus entitled &ldquo;<i>Committed Equity Financing</i>&rdquo; for a description of the Purchase Agreement and the section entitled
&ldquo;<i>Selling Securityholder</i>&rdquo; for additional information regarding the Selling Securityholder.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we have agreed to
indemnify the Selling Securityholder in connection with any resales pursuant to this prospectus, as described in more detail in &ldquo;<i>Plan
of Distribution</i>.&rdquo; We may amend or supplement this prospectus from time to time by filing amendments or supplements as required.
You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary Shares offered for resale pursuant to this
prospectus represent a substantial percentage of our total issued and outstanding securities and our public float. In fact, the Webull
Ordinary Shares offered for resale pursuant to this prospectus represent approximately 15.50% of the Webull Ordinary Shares issued and
outstanding as of the date of this prospectus. If and when we do elect to sell Webull Class A Ordinary Shares to the Selling Securityholder
pursuant to the Purchase Agreement, the Selling Securityholder may resell all, some or none of such shares in its discretion and at different
prices subject to the terms of the Purchase Agreement. We do not know when or in what amount the Selling Securityholder will sell its
securities hereunder following the effective date of the registration statement of which this prospectus forms a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of the Webull Class A Ordinary Shares being offered pursuant
to this prospectus, or the perception that these sales could occur, could result in a significant decline in the public trading price
of our securities and could impair our ability to raise capital through the sale of additional securities. Despite a potential decline
in the public trading price of our securities, the Selling Securityholder may still experience a positive rate of return on the securities
they purchased and may have an incentive to sell due to the differences in the purchase prices for the Webull Class A Ordinary Shares
and the public trading price of our Webull Class A Ordinary Shares. Our public securityholders may not experience a similar rate of return
on the securities they purchased due to differences in their purchase prices and the current trading price. The Selling Securityholder
is deemed to have purchased the Commitment Shares at $12.56 per share and therefore, upon a sale, based on the last reported trading price
of the Webull Class A Ordinary Shares on July 21, 2025 of $14.62, the Selling Securityholder may experience a potential profit of approximately
$2.087 per Commitment Share it holds. Further, as described in more detail above, Webull will be selling Webull Class A Ordinary Shares
to the Selling Securityholder pursuant to the Purchase Agreement at variable prices and at a 2.5% discount to the Market Price. The frequency
of sales by the Selling Securityholder could also cause the market price of our securities to decline or increase the volatility in the
market price of our securities. Sales of shares of our Webull Class A Ordinary Shares, if any, to the Selling Securityholder under the
Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to the
Selling Securityholder all, some or none of the shares of our Webull Class A Ordinary Shares that may be available to sell to the Selling
Securityholder pursuant to the Purchase Agreement. For more information also see &ldquo;<i>Committed Equity Financing</i>&mdash;<i>Effect
of Sales of Webull Class A Ordinary Shares under the Purchase Agreement on Securityholders.</i>&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide more information
about how the Selling Securityholder may sell or otherwise dispose of the Webull Class A Ordinary Shares offered for resale pursuant to
this prospectus in the section entitled &ldquo;<i>Plan of Distribution</i>.&rdquo; We will bear all costs, expenses, and fees in connection
with the registration of the Webull Class A Ordinary Shares offered hereby. The Selling Securityholder will receive all commissions and
discounts, if any, attributable to its sales of the Webull Class A Ordinary Shares offered hereby.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary Shares and Webull Warrants began trading
on April 11, 2025 on the Nasdaq Stock Market LLC (&ldquo;Nasdaq&rdquo;) under the symbols &ldquo;BULL&rdquo; and &ldquo;BULLW&rdquo;,
respectively. On July 21, 2025, the last reported prices of the Webull Class A Ordinary Shares and Webull Warrants, as reported on the
Nasdaq, were $14.62 and $5.92, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>As of the date of this
prospectus, Webull had (i) 401,758,855 Webull Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and outstanding,
and (ii) 9,675,386 Webull Warrants issued and outstanding. Webull also has 44,400,984 Webull Class A Ordinary Shares reserved for issuance
pursuant to its Global Plan (as defined herein).</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Potential sales by our
significant shareholders could also have a significant negative impact on the market price of our securities while sales to and by the
Selling Securityholder under the Purchase Agreement occur. Immediately following the consummation of the Business Combination (as defined
herein), 455,599,003 Webull Ordinary Shares (including 82,988,016 Webull Class B Ordinary Shares) were held by the Existing Webull Shareholders
and were subject to the transfer restrictions in the Webull Articles and 3,892,884 Webull Ordinary Shares were held by the Initial SKGR
Shareholders and certain non-redemption agreement investors and were subject to the transfer restrictions in the Auxo Support Agreement.
However, certain lock-up restrictions entered into in connection with the Business Combination will expire one year after the Closing
Date (as defined herein) (with respect to the Webull Ordinary Shares held by the Initial SKGR Shareholders and certain non-redemption
agreement investors) and one hundred eighty days after the Closing Date (with respect to Webull Ordinary Shares held by Existing Webull
Shareholders). The lock-up restrictions described in the foregoing are subject to specified exceptions that may result in earlier transfers
or releases of such securities. For instance, the release of Webull Class A Ordinary Shares from the transfer restrictions may occur if
the Webull Class A Ordinary Shares trade above $12.00 for twenty (20) trading days within a thirty (30)-trading day period. For more information
on securities eligible for future sale, including securities not covered by this resale prospectus and the different resale options that
certain of our shareholders may have with respect to the securities that are currently subject to transfer restrictions as described in
the foregoing, see the section entitled &ldquo;Securities Eligible for Future Sale&rdquo; and &ldquo;Risk Factors&rdquo; in this prospectus.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Moreover, Webull qualifies as a &ldquo;controlled company&rdquo; as
defined under the corporate governance rules of the Nasdaq, because Mr. Anquan Wang, one of the founders of Webull, beneficially owns
all of our issued and outstanding Webull Class B Ordinary Shares, or approximately 80.5% of the total voting power of all issued and outstanding
Webull Ordinary Shares, as of the date of this prospectus. For so long as Webull remains a controlled company under that definition, it
is permitted to elect to rely, and may rely, on certain exemptions from Nasdaq corporate governance rules. As a foreign private issuer
and a &ldquo;controlled company,&rdquo; Webull is permitted to elect to rely, and may rely, on certain exemptions from corporate governance
rules, including (i) an exemption from the rule that a majority of our board of directors must be independent directors; (ii) an exemption
from the rule that director nominees must be selected or recommended solely by independent directors; (iii) an exemption from the rule
that the compensation committee must be comprised solely of independent directors; and (iv) an exemption from the requirement that an
audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A). Webull has decided to rely on all of the foregoing
exemptions available to foreign private issuers and &ldquo;controlled companies.&rdquo; Accordingly, our securityholders do not have the
same protection afforded to securityholders of companies that are subject to all of the Nasdaq corporate governance standards, and the
ability of our independent directors to influence our business policies and affairs may be reduced. Webull may rely on additional exemptions
available to foreign private issuers in the future.</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Webull is an &ldquo;emerging
growth company&rdquo; under applicable U.S. federal securities laws and, as further described in this prospectus, Webull has elected to
take advantage of the benefits of an extended transition period for complying with new or revised accounting standards as required when
they are adopted for public companies. As a result, Webull&rsquo;s operating results and financial statements may not be comparable to
the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><b>Investing in our
securities involves risks. See &ldquo;Risk Factors&rdquo; beginning on page 11 of this prospectus. Neither the U.S. Securities and
Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this
prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>The date of this prospectus is&nbsp;July 22,
2025.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="text-transform: uppercase"><b>&nbsp;</b></font></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="b_001" title="Toc"></a><font style="text-transform: uppercase"><b><u>TABLE
OF CONTENTS</u></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>



<table cellpadding="0" cellspacing="0" style="font-family: Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; width: 92%; text-align: left"><a href="#a_001">FREQUENTLY USED TERMS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; width: 8%; text-align: center; padding-top: 0in; padding-bottom: 0in">iii</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_002">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">vi</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_003">SUMMARY</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_004">THE OFFERING</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">9</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_005">RISK FACTORS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">11</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_006">USE OF PROCEEDS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">61</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_007">CAPITALIZATION AND INDEBTEDNESS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">62</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_008">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION&nbsp; AND RESULTS OF OPERATIONS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; padding-left: 0in; text-align: center; padding-top: 0in; padding-bottom: 0in">63</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_009">UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">93</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_010">DIVIDEND POLICY</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">106</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_011">DILUTION</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">107</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_012">BUSINESS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">108</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_013">DIRECTORS AND MANAGEMENT</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">146</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_014">MATERIAL CONTRACTS AND RELATED PARTY TRANSACTIONS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">154</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_015">COMMITTED EQUITY FINANCING</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">159</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_016">DESCRIPTION OF SECURITIES AND ARTICLES OF ASSOCIATION</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">165</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_017">MATERIAL TAX CONSIDERATIONS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">172</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_018">BENFICIAL OWNERSHIP</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">178</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_019">SELLING SECURITYHOLDER</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">181</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_020">PLAN OF DISTRIBUTION</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">185</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_021">SECURITIES ELIGIBLE FOR FUTURE SALE</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">189</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_022">EXPENSES OF THE OFFERING</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">192</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_023">LEGAL MATTERS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">193</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_024">EXPERTS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">193</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_025">ENFORCEMENT OF CIVIL LIABILITIES UNDER U.S. SECURITIES LAWS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">194</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_027">WHERE YOU CAN FIND MORE INFORMATION</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">195</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font-family: Times New Roman, Times, Serif; text-align: left"><a href="#a_026">INDEX TO FINANCIAL STATEMENTS</a></td>
    <td style="vertical-align: bottom; font-family: Times New Roman, Times, Serif; text-align: center; padding-top: 0in; padding-bottom: 0in">F-1</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Neither Webull nor the Selling
Securityholder has authorized anyone to provide any information or to make any representations other than the information contained in
this prospectus, any amendment or supplement to this prospectus or in any free writing prospectus prepared by or on behalf of us or to
which we may have referred you. We and the Selling Securityholder take no responsibility for, and can provide no assurance as to the reliability
of, any other information that others may give you. We and the Selling Securityholder have not authorized any other person to provide
you with different or additional information. Neither we nor the Selling Securityholder is making an offer to sell the securities covered
by this prospectus in any jurisdiction where the offer or sale is not permitted. This offering is being made in the United States and
elsewhere solely on the basis of the information contained in this prospectus. You should assume that the information appearing in this
prospectus is accurate only as of the date on the front cover of this prospectus, regardless of the time of delivery of this prospectus
or any sale of the securities covered by this prospectus. Our business, financial condition, results of operations and prospects may have
changed since the date on the front cover of this prospectus. This prospectus is not an offer to sell or the solicitation of an offer
to buy our securities in any circumstances under which such offer or solicitation is unlawful.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For investors outside the
United States: Neither Webull nor the Selling Securityholder has done anything that would permit this offering or the possession or distribution
of this prospectus in any jurisdiction where action for those purposes is required, other than in the United States. Persons outside the
United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, this
offering of securities covered by this prospectus and the distribution of this prospectus outside the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Company is incorporated
in the Cayman Islands, and we are a &ldquo;foreign private issuer&rdquo; under the rules of the SEC. As a foreign private issuer, we are
not required to file periodic reports and financial statements with the SEC as frequently or as promptly as domestic registrants whose
securities are registered under the Exchange Act. Moreover, a number of our directors and executive officers are not residents of the
United States, and all or a substantial portion of the assets of such persons are located outside the United States. As a result, it may
not be possible for investors to effect service of process within the United States upon us or upon such persons or to enforce against
them judgments obtained in U.S. courts, including judgments in actions predicated upon the civil liability provisions of the federal or
state securities laws of the United States. We have been advised by our legal counsel in the Cayman Islands that it is uncertain as to
whether the courts in the Cayman Islands would entertain original actions based on U.S. federal or state securities laws or enforce judgments
from U.S. courts against us or our officers and directors which originated from actions alleging civil liability under U.S. federal or
state securities laws. See &ldquo;<i>Enforcement of Civil Liabilities under U.S. Securities Laws</i>&rdquo; for additional information.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">PRESENTATION OF FINANCIAL AND OTHER INFORMATION</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Financial Statements</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain our books and
records in US Dollar and prepare our consolidated financial statements in accordance with the accounting principles generally accepted
in the United States (&ldquo;US GAAP&rdquo;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Corporation&rsquo;s
audited consolidated financial statements prepared in accordance with U.S. GAAP have been audited by KPMG LLP, as stated in their report
included in this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our fiscal year ends December
31. Our financial information included within the &ldquo;<i>Unaudited Pro Forma Condensed Combined Financial Information&rdquo;</i> section
of this prospectus should be read in conjunction with the section entitled &ldquo;<i>Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations</i>&rdquo; in this prospectus and our consolidated financial statements, including the notes thereto,
that are also included in this prospectus.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basis of Consolidation</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying consolidated
financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated
in consolidation.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rounding</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have made rounding adjustments
to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic
aggregation of the figures that preceded them. With respect to financial information set out in this prospectus, a dash (&ldquo;&mdash;&rdquo;)
signifies that the relevant figure is not available or not applicable, while a zero (&ldquo;0.0&rdquo;) signifies that the relevant figure
is available but is or has been rounded to zero.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">INDUSTRY AND MARKET DATA</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
information contained in this prospectus regarding Webull&rsquo;s industry and the regions in which it operates, including Webull&rsquo;s
general expectations and market position, market size, market opportunity, market share and other management estimates, is based on information
obtained from industry publications and reports and forecasts provided to Webull by third-party sources. In some cases, Webull does not
expressly refer to the sources from which this information is derived. This information is subject to significant uncertainties and limitations
and is based on assumptions and estimates that may prove to be inaccurate. Neither we nor the Selling Securityholder can guarantee the
accuracy or completeness of any such information contained in this prospectus. You are therefore cautioned not to give undue weight to
this information.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull has not independently
verified the accuracy or completeness of any such information. Similarly, internal surveys, industry forecasts and market research, which
Webull believes to be reliable based upon its management&rsquo;s knowledge of the industry, have not been independently verified. While
Webull believes that the market data, industry forecasts and similar information included in this prospectus are generally reliable, such
information is inherently imprecise. In addition, assumptions and estimates of Webull&rsquo;s future performance and growth objectives
and the future performance of its industry and the markets in which it operates are necessarily subject to a high degree of uncertainty
and risk due to a variety of factors, including those discussed under the headings &ldquo;<i>Risk factors</i>,&rdquo; &ldquo;<i>Cautionary
Note Regarding Forward-Looking Statements</i>,&rdquo; and &ldquo;<i>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations</i>&rdquo; in this prospectus supplement.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">TRADEMARKS AND TRADE NAMES</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We own or have rights to various
trademarks, trade names or service marks that we use in connection with our business, including, among others, &ldquo;Webull&rdquo; and
our other registered and common law trade names, trademarks and service marks, including our corporate logo. Solely for convenience, some
of the trademarks, service marks and trade names referred to in this prospectus are listed without the TM and &reg; symbols, but we will
assert, to the fullest extent under applicable law, rights to such trademarks, service marks and trade names.</p>




<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_001"></a>FREQUENTLY USED TERMS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>Unless otherwise stated
in this prospectus or the context otherwise requires, references to:</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>API</i>&rdquo; means
application programming interface, a tool that allows computer programmers to access the functionality of published software modules and
services on the web, which plays an important role in app development and network programming;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Auxo</i>&rdquo;
means Auxo Capital Managers LLC, a Delaware limited liability company established for the purpose of forming and managing SKGR, and its
permitted transferees;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Business Combination
Agreement</i>&rdquo; means the business combination agreement, dated as of February 27, 2024, as amended on December 5, 2024 and as amended
on March 31, 2025, by and among SKGR, Webull, Merger Sub I and Merger Sub II;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Business Combination</i>&rdquo;
means the transactions contemplated by the Business Combination Agreement, including the Mergers, and the other transactions contemplated
by the other transaction documents contemplated by the Business Combination Agreement;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Cayman Companies
Act</i>&rdquo; means the Companies Act (As Revised) of the Cayman Islands;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Closing</i>&rdquo;
means the closing of the Business Combination contemplated by the Business Combination Agreement;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Closing Date</i>&rdquo;
means April 10, 2025;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Code</i>&rdquo;
means the Internal Revenue Code of 1986, as amended;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Company</i>&rdquo;
means Webull Corporation, a Cayman Islands exempted company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>customer(s)</i>&rdquo;
means registered users who have opened a brokerage account through any of our licensed broker-dealers;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>customer assets</i>&rdquo;
means the sum of the fair value of all equities, ETFs, options, warrants, futures, and cash held by customers in their Webull brokerage
accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations
of customers&rsquo; investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase
in trading volumes and revenue;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>DARTs</i>&rdquo;
means daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of&nbsp;trading&nbsp;days
in that period (DARTs provide us information on how active our customers trade; a limitation of this metric is that it does not capture
the size of the trade and revenue per trade varies significantly depending on size and type of trades);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>equities notional
volume</i>&rdquo; means the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period
of time (Equities notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers&rsquo;
equities trades based on a percentage of notional value. However, equities notional volume is highly sensitive to market conditions in
the short-term, which makes predicting our equity trading revenue with precision difficult);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Existing Webull
Shareholders</i>&rdquo; mean the shareholders of Webull immediately prior to the consummation of the Business Combination;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>First Merger</i>&rdquo;
means the merger whereby Merger Sub I merged with and into SKGR, with SKGR being the surviving company as a wholly-owned subsidiary of
Webull;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>funded account</i>&rdquo;
means a Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account
balance (which is measured as the fair value of assets in the customer&rsquo;s account less the amount due from the customer) has not
dropped to or below zero&nbsp;for 45 consecutive calendar&nbsp;days as of the record date (funded accounts reflect unique customers, and
multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to
the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated
with, but are not determinative, of customer assets, trading volumes, and revenue);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Lock-Up Period</i>&rdquo;
means a period commencing on the Closing Date and ending on the date that is one hundred and eighty (180) days from the Closing Date;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Lock-Up Shares</i>&rdquo;
means any Webull Class A Ordinary Shares held by the Lock-Up Shareholders on the Closing Date and any Ordinary Shares acquired by the
Lock-Up Shareholders upon the vesting or exercise of equity awards granted pursuant to the Company&rsquo;s equity incentive plans;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Lock-Up Shareholders</i>&rdquo;
means the Members set forth on Schedule A attached to the Webull Articles (and any other person to whom such person may transfer any Lock-Up
Shares as permitted under clauses (a) through (h) of Article 6.9 of the Webull Articles);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Initial SKGR Shareholders</i>&rdquo;
means collectively, Auxo, the independent directors of SKGR immediately prior to the consummation of the Business Combination, and any
of their permitted transferees;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Mergers</i>&rdquo;
means, collectively, the First Merger and the Second Merger;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Nasdaq</i>&rdquo;
means the Nasdaq Stock Market LLC;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>options contracts
volume</i>&rdquo; means the total number of options contracts bought or sold over a specified period of time (Options contracts volume
directly drives our options trading revenue, as we earn payment for order flow or commissions for customers&rsquo; options trades on a
per contract basis. However, options contracts volume is highly sensitive to market conditions in the short-term, which makes predicting
our options trading revenue with precision difficult);</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Other Registration
Statement</i>&rdquo; means the registration statement on Form F-1 that Webull filed with the SEC and that was declared effective on May
9, 2025, as it may be amended or supplemented, and pursuant to which Webull registered, among others, (a) for resale up to 147,445,012
Webull Class A Ordinary Shares and (b) the issuance and sale of up to 17,271,990 Webull Class A Ordinary Shares issuable upon exercise
of the 17,271,990 Webull Warrants that were issued and outstanding as of the closing of the Business Combination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>quarterly churn
rate</i>&rdquo; means the ratio of (i) churned accounts during the current quarter to (ii) the sum of total funded accounts at the end
of the preceding quarter and new funded accounts acquired during the current quarter;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>quarterly retention
rate</i>&rdquo; means one minus the quarterly churn rate;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Registered users</i>&rdquo;
means those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers
(Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered
users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding
a brokerage account with us );</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Second Merger</i>&rdquo;
means the merger whereby SKGR (as the surviving entity of the First Merger) merged with and into Merger Sub II, with Merger Sub II being
the surviving company and remaining as a wholly-owned subsidiary of Webull;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR</i>&rdquo;
means SK Growth Opportunities Corporation, formerly a blank check company incorporated as a Cayman Islands exempted company for the purpose
of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more
businesses or entities;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Class A Ordinary
Shares</i>&rdquo; means the Class A ordinary shares of SKGR, par value $0.0001 per share;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Class B Ordinary
Shares</i>&rdquo; means the Class B ordinary shares of SKGR, par value $0.0001 per share;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR IPO</i>&rdquo;
means the initial public offering of SKGR that was consummated on June 23, 2022;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Ordinary Shares</i>&rdquo;
means the ordinary shares of SKGR, par value $0.0001 per share, consisting of SKGR Class A Ordinary Shares and SKGR Class B Ordinary Shares;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Private Warrants</i>&rdquo;
means the non-redeemable warrants sold to Auxo in the private placement consummated concurrently with the SKGR IPO, each entitling Auxo
to purchase one SKGR Class A Ordinary Share on a cashless basis or at an exercise price of $11.50 per share, subject to adjustment;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Public Warrants</i>&rdquo;
means the redeemable warrants issued in the SKGR IPO, each entitling its holder to purchase one SKGR Class A Ordinary Share at an exercise
price of $11.50 per share, subject to adjustment;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Shareholders</i>&rdquo;
means the holders of SKGR Ordinary Shares;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>SKGR Warrants</i>&rdquo;
means collectively, the SKGR Private Warrants and the SKGR Public Warrants;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull</i>&rdquo;
means Webull Corporation, a Cayman Islands exempted company;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Articles</i>&rdquo;
means the fifth amended and restated memorandum and articles of association of Webull, which was adopted and became effective immediately
prior to the effective time of the First Merger;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Class A Ordinary
Shares</i>&rdquo; means the Class A ordinary shares of Webull, par value US$0.00001 per share, each entitling the holder thereof to one
vote;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Class B Ordinary
Shares</i>&rdquo; means the Class B ordinary shares of Webull, par value US$0.00001 per share, each entitling the holder thereof to 20
votes;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Financial</i>&rdquo;
means Webull Financial LLC, a limited liability company incorporated under the laws of the State of Delaware;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Webull <i>Incentive
Warrants</i>&rdquo; means, collectively, each redeemable warrant to purchase one Webull Class A Ordinary Share pursuant to the terms of
the Incentive Warrant Agreement and the outstanding of which were redeemed on June 30, 2025 pursuant to the terms of the Incentive Warrant
Agreement;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Ordinary
Shares</i>&rdquo; means ordinary shares of Webull, par value US$0.00001 per share, consisting of Webull Class A Ordinary Shares and Webull
Class B Ordinary Shares;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Private Warrants</i>&rdquo;
means the warrants into which the SKGR Private Warrants converted at the effective time of the First Merger and which are otherwise identical
to the Webull Public Warrants, except that, as long as they are held by Auxo, they are non-redeemable and may be exercised to purchase
one Webull Class A Ordinary Share on a cashless basis;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Public Warrants</i>&rdquo;
means the redeemable warrants into which the SKGR Public Warrants converted at the effective time of the First Merger, each entitling
its holder to purchase one Webull Class A Ordinary Share at a price of US$11.50 per share, subject to adjustment, and any Webull Private
Warrants that became Webull Public Warrants because they ceased to be held by Auxo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Securities</i>&rdquo;
means collectively, the Webull Class Ordinary Shares, the Webull Private Warrants, the Webull Public Warrants and the Webull Incentive
Warrants;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Securityholders&rdquo;
</i>means, collectively, holders of Webull Securities;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Shareholders</i>&rdquo;
means holders of Webull Ordinary Shares; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;<i>Webull Warrants</i>&rdquo;
means, collectively, the Webull Private Warrants and the Webull Public Warrants.</p>




<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_002"></a>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains statements
that express the Company&rsquo;s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events
or future results and therefore are, or may be deemed to be, &ldquo;forward-looking statements&rdquo; as defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks
and uncertainties. These forward-looking statements can generally be identified by the use of forward-looking terminology, including the
terms &ldquo;anticipates,&rdquo; &ldquo;believes,&rdquo; &ldquo;continues,&rdquo; &ldquo;could,&rdquo; &ldquo;estimates,&rdquo; &ldquo;forecasts,&rdquo;
&ldquo;intends,&rdquo; &ldquo;expects,&rdquo; &ldquo;may,&rdquo; &ldquo;plans,&rdquo; &ldquo;predicts,&rdquo; &ldquo;projects,&rdquo;
&ldquo;proposes,&rdquo; &ldquo;seeks,&rdquo; &ldquo;should,&rdquo; &ldquo;targets&rdquo; or &ldquo;will&rdquo; or, in each case, their
negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such forward-looking statements
are based on available current market information and the current expectations of the Company including beliefs and forecasts concerning
future developments and the potential effects of such developments on the Company. Factors that may impact such forward-looking statements
include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement
with users, customers and suppliers, and retain its management and key employees;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the reliance of key functions of the Company&rsquo;s business on third-parties and the risk that the Company&rsquo;s
platform and systems rely on software and applications that are highly technical and may contain undetected errors that could result in
unexpected network interruptions. failures, security breaches, or computer virus attacks;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the risks associated with the Company&rsquo;s global operations and continued global expansion, including,
but not limited to, the risks related to complex or constantly evolving political or regulatory environments that may result in substantial
costs or require adverse changes to the Company&rsquo;s business practices;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the Company&rsquo;s estimates of expenses, costs, of profitability or of other operational and financial
metrics as well as the Company&rsquo;s expectations regarding demand for and market acceptance of its products and service;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the Company&rsquo;s reliance on trading related income, including payment for order flow (&ldquo;PFOF&rdquo;),
and the risk of new regulation or bans on PFOF and similar practices;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the Company&rsquo;s exposure to fluctuations in interest rates, rapidly changing interest rate environments,
volatile prices of securities and digital assets and their respective trading volumes;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the Company&rsquo;s reliance on a limited number of market makers and liquidity providers to generate
a large portion of its revenues, and the negative impact of the loss of any of those market makers or liquidity providers;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the effects of competition in the Company&rsquo;s industry and the Company&rsquo;s need to constantly
innovate and invest in new markets, products, technologies or services to retain, attract and deepen engagement with users;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><font style="background-color: white">changes in international trade policies and trade disputes that
could result in tariffs, taxes or other protectionist measures adversely affecting our business;</font></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risks related to general political, economic and business conditions globally and in jurisdictions where
the Company operates;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risk of further actions taken by various government bodies in the United States that have made the Company
the subject of inquiries and investigations relating to concerns about our connections to China;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the risk that the failure to protect customer data and privacy or to prevent security breaches relating
to the Company&rsquo;s platform could result in economic loss, damage to its reputation, deter customers from using its products and services,
and expose it to legal penalties and liability;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risks related to the Company&rsquo;s need as a regulated financial services company to develop and maintain
effective compliance and risk management infrastructures as well as to maintain capital levels required by regulators and self-regulatory
organizations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the ability to meet, or continue to meet, stock exchange listing standards;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the possibility of adverse developments in pending or new litigation and regulatory investigations;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risks related to the Company&rsquo;s securities and its status as a foreign private issuer and the fact
that the information the Company is required to file with or furnish to the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
may be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risks related to the offer and resale of Webull Class A Ordinary Shares pursuant to this prospectus, or
risks related to the issuance, offer or resale of other securities that we previously registered on the Other Registration Statement,
such as dilution from the issuance of additional Webull Class A Ordinary Shares under the Purchase Agreement or upon exercise of the Webull
Warrants, and increased volatility, or significant declines, in the price of our securities based on increased trading activity and the
perception that sales of our securities may occur;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">our ability to meet conditions precedents to issue Webull Class A Ordinary Shares to the Selling Securityholder
under the Purchase Agreement and the fact that there can be no guarantee of how many Webull Class A Ordinary Shares will be sold under
the Purchase Agreement, if any at all;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">risks related to significant disruptions in the cryptocurrency market that negatively impacts user engagement
with cryptocurrency trading on our platform;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">political, regulatory or economic changes that affect cryptocurrencies, including changes in the governance
of a cryptocurrency; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the other risks and uncertainties included in this prospectus under &ldquo;<i>Risk Factors</i>.&rdquo;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that future developments affecting the Company will be those that the Company has anticipated. Undue reliance should not be placed upon
any forward-looking statements made by the Company and any forward-looking statements made involve a number of risks, uncertainties (some
of which are beyond the Company&rsquo;s control) or other assumptions that may cause actual results or performance to be materially different
from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those
factors described above and under &ldquo;<i>Risk Factors</i>&rdquo; in this prospectus. Reported results should not be considered an indication
of future performance. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect,
actual results may vary in material respects from those projected in these forward-looking statements. The Company will not undertake
any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise,
except as may be required under applicable securities laws.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<div style="padding: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>




<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_003"></a>SUMMARY</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>This summary highlights
information contained elsewhere in this prospectus. This summary may not contain all the information that may be important to you, and
we urge you to read this entire prospectus carefully, including the sections entitled &ldquo;Risk Factors,&rdquo; &ldquo;Cautionary Note
Regarding Forward-Looking Statements,&rdquo; &ldquo;Business,&rdquo; &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&rdquo; and our consolidated financial statements and notes to those consolidated financial statements, before
deciding to invest in our securities.</i></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Who We Are</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is a leading digital
investment platform built upon a next-generation global infrastructure. We strive to be the platform of choice for a new generation of
investors by building an efficient, low-cost, and easy-to-use global investment platform. We distinguish ourselves from other investment
service providers by offering a mobile-first user experience, a broad range of investment products and extensive functionality constructed
to help our customers build wealth over time. We arm each customer with the tools they need to develop into what we refer to as an <i>informed
investor</i> &mdash; one who understands the market and has the confidence to succeed as an investor. The Webull platform originally provided
users free access to market data and analytical tools, but expanded to offer financial products when we launched brokerage services in
the United States in May 2018. Since then, we have expanded to offer services in 14 markets across North America, Asia Pacific, Europe
and Latin America, and today, the Webull App has been downloaded more than 50 million times and has over 23.3 million registered users
globally.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our goal is to make the tools,
products, data, and analytics that have historically been accessible only to professional investors available to the retail investing
community, and to deliver those tools through the retail investors&rsquo; preferred medium of trading &mdash; mobile. We built our platform
to target the retail investor customer base. Legacy providers, despite having invested significantly in their technology, offer limited
mobile functionality and are better suited for investors that prefer trading behind a computer. Digitally-native online investment platforms,
meanwhile, provide a simplified mobile-based user experience but may not have the product depth or analytical tools to support informed
investing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull&rsquo;s platform solves
these pain points. We believe all investors, not just professional investors that can afford to pay for expensive subscriptions, should
have access to advanced, real-time market data and news. We also recognize that investing decisions are based on insights and not information
alone, so we provide tools to help users translate observations into actionable trade ideas. We also provide an open digital community
fostering learning and the sharing of ideas, creating a virtual trading floor experience. Finally, we know today&rsquo;s <i>informed investors
</i>are not always trading from behind a desk, so we have enhanced the experience with a digital platform that fits elegantly on a mobile
device, where customers can expertly research ideas, analyze data, execute trades and monitor their portfolios &mdash; the same as professional
investors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe Webull represents
the future of retail investing and that we have differentiated ourselves from other offerings in the market. Our platform today is a venue
where experienced and novice investors alike can develop the confidence and access the tools to grow their personal wealth. We offer the
following features:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><b><i>Mobile-First Interface and Competitive Pricing</i></b>: We offer our brokerage services with competitive
pricing in every market where we operate, including zero-commission trading on U.S. equities and options for United States clients and
low trading <font style="background-color: white">commissions</font> in markets outside the United States, via an intuitive mobile-first
interface.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><b><i>Product Depth</i></b>: We provide a full suite of products tailored to the needs and preferences
of both self-directed and passive investors. We support multiple asset classes, extended trading <font style="background-color: white">sessions</font>,
and global market access. We also developed wealth management offerings such as cash management, robo-advisor, and managed retirement
accounts for those customers who prefer a more passive investment solution.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><b><i>In-Depth Data and Analytic Tools</i></b>: We provide wide-ranging, in-depth market data and advanced
analytical tools that allow users <font style="background-color: white">to</font> make informed investing decisions.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><b><i>Connected Webull Community</i></b>: Through our online Webull Community, we provide our users with
a real-time direct connection to other investors, companies, and opinion leaders to facilitate learning, investing, and sharing.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify"><b><i>Multi-Platform Interoperability</i></b>: Webull offers seamless interoperability to clients investing
via mobile, tablet, web-based, and desktop devices. Our platform allows users to consolidate watchlists, conduct analyses, place orders,
and manage positions across devices using the same Webull account.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers are generally
working professionals in their 30&rsquo;s with some prior experience in investing. As of December 31, 2024, approximately 38% of our customers
had &ldquo;good&rdquo; or &ldquo;extensive&rdquo; investing experience, and approximately 39% had &ldquo;limited&rdquo; experience, as
self-reported by customers with funded accounts. Regardless of experience, we allow anyone to create a free account on Webull and access
the information and analytical tools that will help them develop their investing abilities and grow their wealth. Our customers are loyal
as demonstrated by an approximately 98% quarterly retention rate in the fourth quarter of 2024. We think of our customers as long-term
partners, because our success depends on theirs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We launched our broker-dealer
services in the United States in May 2018. We chose the United States as a launching point because of the depth and complexity of its
capital markets and the magnitude of its opportunity. The United States also allows us to anchor our &ldquo;global but localized&rdquo;
value proposition given the connectivity of the markets. Within approximately two and a half years of launch, we grew to over one million
funded accounts and $100 billion in cumulative trading volume. We subsequently expanded into a number of global markets, including Canada,
Hong Kong, Singapore, Australia, Japan, and the United Kingdom, and are preparing to launch our business in additional markets in Europe
and Latin America. We currently hold eleven broker-dealer licenses, approvals and/or registrations across the United States, Canada, Asia
Pacific, Europe, and Africa.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We principally generate revenue
from our brokerage business in the United States through an industry-standard process called payment for order flow, or PFOF, whereby
a brokerage firm receives payments for directing orders to different wholesale market makers and exchange partners for trade execution,
rather than from brokerage commissions charged to customers. In markets outside of the United States, we typically charge commissions
directly to our retail customers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For more information on our
business, our strength and strategies, our corporate structure, recent financial results, our directors and executive officers, material
contracts, share ownership, related party transactions, please see the sections entitled &ldquo;<i>Management&rsquo;s Discussion and Analysis
of Financial Condition and Results of Operation,</i>&rdquo; &ldquo;<i>Business,</i>&rdquo; &ldquo;<i>Directors and Management</i>,&rdquo;
&ldquo;<i>Material Contracts and Related Party Transactions</i>&rdquo; and &ldquo;<i>Beneficial Ownership</i>&rdquo; in this prospectus.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recent Developments</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">In February 2025, Webull partnered with Kalshi, the first CFTC-regulated exchange with prediction markets, to offer its users the
ability to trade binary event contracts on the Webull platform. Webull initially offered S&amp;P 500 and Nasdaq hourly binary contracts.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">In March 2025, Webull successfully launched Webull Premium, a subscription-based membership service that unifies Webull&rsquo;s best-in-class
products and offers an elevated investing experience for users. As of May 15, 2025, Webull Premium had approximately 40,000 users, representing
nearly $2.0 billion in customer assets.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">Subsequent to the close of the first quarter ended March 31, 2025, Webull consummated its previously announced business combination
and the Webull Class A ordinary shares, Webull Warrants and Webull Incentive Warrants began trading on Nasdaq.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">In May 2025, Webull enhanced the Webull Advisors platform by partnering with BlackRock to offer model portfolios. Webull Advisors
now delivers intelligent, automated wealth management tools to its U.S.-based customers. Investors can now access a range of professionally
managed, diversified portfolios across various asset classes, including alternatives and digital assets.</td></tr></table>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">Effective on June 8, 2025, the board of directors of Webull appointed Walter Bishop as an independent director of the Company and
a member of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. In connection with his appointment,
Webull entered into an independent director agreement and an indemnification agreement with Mr. Bishop in the same form as the independent
director agreements and indemnification agreements it executed with Mr. Houlihan. Mr. Bishop has no family relationships with any of the
executive officers or directors of the Company. Except for the independent director agreement as stated above, there is no other employment
agreement between the Company and Mr. Bishop, nor are there any arrangements or plans in which the Company will provide compensation,
bonus, pension, retirement, or similar benefits to Mr. Bishop. Mr. Bishop has not engaged in any transaction that would be reportable
as a related party transaction.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">On June 30, 2025, Webull completed the redemption of all of the issued and outstanding Webull Incentive Warrants pursuant to the terms
of the Incentive Warrant Agreement. Prior to the redemption, a total of 20,453,945 Webull Incentive Warrants were exercised and each converted
into one Webull Class A Ordinary Share at an exercise price of $10.00 per share, resulting in aggregate gross proceeds to Webull of approximately
$204.5 million. The remaining 459,144 Webull Incentive Warrants that were not exercised on or prior to June 30, 2025 were redeemed at
$0.01 per warrant. Following the redemption deadline, no Webull Incentive Warrants are issued and outstanding.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.25in"> &#9679;</td><td style="text-align: justify; font-family: Times New Roman, Times, Serif">On July 1, 2025, Webull executed the Purchase Agreement with the Selling Securityholder. For more information on the Purchase Agreement,
see &ldquo;<i>Committed Equity Financing.</i>&rdquo;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b></b></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 11, 2025, Webull entered into a business combination agreement with Feather Sound II Inc., a direct wholly owned subsidiary of the Company and Webull Pay Inc., pursuant to which Webull Pay Inc. will merge with and into Feather Sound II Inc., with Webull Pay Inc. surviving as a direct wholly owned subsidiary of Webull. This transaction is part of Webull&rsquo;s plan to reintroduce crypto trading to its global customers. For more information, see &ldquo;<i>Related Party Transactions &mdash; Webull Pay Business Combination</i>.&rdquo;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Unaudited results for the quarter ended March
31, 2025</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>On May 22, 2025, Webull
announced financial and operational results for the quarter ended March 31, 2025. The financial information below has been prepared by,
and is the responsibility of, our management. The unaudited financial information included below does not necessarily indicate results
expected for any future period. The financial information included below does not reflect the closing of the previously announced Business
Combination that occurred on April 10, 2025.</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>First Quarter Business and Financial Highlights</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Total revenues&nbsp;</b>increased 32% year-over-year to $117.4 million.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Trading-related revenue&nbsp;</b>increased 52% year-over-year to $81.7 million.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Total operating expenses</b>&nbsp;decreased 2.0% year-over-year to $96.8 million.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Adjusted operating expenses&nbsp;</b>increased 2.4% year-over-year to $88.7 million.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><b>Income before income taxes&nbsp;</b>increased $29.3 million year-over-year from a loss of $9.8 million to income of $19.5 million.</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif">&#9679;</td>
    <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><b>Interest-related income&nbsp;</b>decreased 4.3% year-over-year to $31.1 million, mainly due to decrease in interest on client and corporate cash, partially offset by increase in margin financing income.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><b>Net income attributable to the Company&nbsp;</b>increased $25.5 million year-over-year from a loss of $12.4 million to income of $13.1 million.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><b>Adjusted operating profit&nbsp;</b>totaled $28.7 million for the quarter, representing an increase of $26.4 million year-over-year and a 22 percentage point improvement in operating margin to 24.4%.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="text-align: justify; font-family: Times New Roman, Times, Serif"><b>Customer assets&nbsp;</b>totaled $12.6 billion, representing 45% year-over-year growth, driven by strong net deposits, which grew 66% year-over-year.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Registered users</b>&nbsp;increased 17% year-over-year to 24.1 million users.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
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    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Funded accounts</b>&nbsp;increased to 4.7 million, representing 10% year-over-year growth.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Equities notional volume&nbsp;</b>grew to $128 billion, a 15% year-over-year increase.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>Options contracts volume</b>&nbsp;grew to 121 million, an 8% year-over-year increase.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</td>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font-family: Times New Roman, Times, Serif"><b>DARTs&nbsp;</b>increased to 924 thousand, representing a 44% year-over-year growth.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><i>&nbsp;</i></p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><i></i></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<div style="padding: 5.4pt; border: Black 1.5pt solid">

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Unaudited Condensed Consolidated Statements of Financial Position</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31,<BR> 2025</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2024</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(Unaudited)</td><td style="font-weight: bold">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Assets</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 10pt">Cash and cash equivalents</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">297,480,490</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">270,728,008</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Cash and cash equivalents segregated under federal and foreign requirements</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">906,742,825</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">939,232,153</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Receivables from brokers, dealers, and clearing organizations</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">219,258,173</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">262,093,040</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Receivables from customers, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">299,765,984</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">301,107,428</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Prepaid expenses and other current assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">61,313,557</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">50,344,836</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">Customer-held fractional shares</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">105,839,019</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">108,252,531</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total current assets</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,890,400,048</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,931,757,996</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Right-of-use assets</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">64,604,135</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">66,293,751</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Property and equipment, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">33,204,229</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">33,629,770</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Intangible assets, net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">19,937,282</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">19,415,963</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Goodwill</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5,197,438</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5,197,438</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Deferred tax assets</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">10,159,867</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,374,499</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">133,102,951</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">136,911,421</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total assets</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,023,502,999</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,068,669,417</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Liabilities, mezzanine equity, and shareholders&rsquo; equity</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Payables due to customers</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,312,281,169</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,378,625,130</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Payables due to brokers, dealers, and clearing organizations</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5,684,067</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,490,537</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Lease liabilities - current portion</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">3,384,966</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4,969,959</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Accounts payable and other accrued expenses</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">56,827,363</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">61,079,799</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total current liabilities</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,378,177,565</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,446,165,425</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Lease liabilities - non-current portion</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,318,113</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">10,438,555</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Deferred tax liabilities</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,484,358</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,292,255</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total non-current liabilities</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,802,471</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">15,730,810</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 20pt">Total liabilities</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,393,980,036</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,461,896,235</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Commitments and Contingencies</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Mezzanine equity</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Convertible redeemable preferred shares (aggregate liquidation preference of $644,274,805 and $644,132,365 as of March 31, 2025 and December 31, 2024, respectively; and aggregate redemption value of $2,883,451,470 and $2,861,748,733 as of March 31, 2025 and December 31, 2024, respectively)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,883,451,470</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,861,748,733</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total mezzanine equity</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,883,451,470</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2,861,748,733</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Shareholders&rsquo; deficit</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt">Class A ordinary shares ($0.0001 par value; 4,000,000,000 shares authorized, 143,531,581 and 139,307,244 shares issued and outstanding, respectively, as of March 31, 2025 and December 31, 2024)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">13,931</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">13,931</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -10pt; padding-left: 20pt">Class B ordinary shares ($0.0001 par value, 1,000,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively;)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -10pt; padding-left: 20pt">Treasury shares (4,224,356 shares as of March 31, 2025 and December 31, 2024)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid in capital</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&ndash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,241,614,509</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,241,066,624</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive loss</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(13,426,170</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,195,946</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Total shareholders&rsquo; deficit</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,255,026,748</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,256,248,639</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Noncontrolling interest</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,098,241</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,273,088</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total deficit</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,253,928,507</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,254,975,551</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total liabilities, mezzanine equity, and total deficit</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,023,502,999</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,068,669,417</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<div style="padding: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Unaudited Condensed Consolidated Statements of Operations and Comprehensive
Income (Loss)</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Three Months Ended<BR> March 31,</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold">Revenues</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left; padding-left: 10pt">Equity and option order flow rebates</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">64,111,182</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">43,912,117</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Interest related income</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">31,140,064</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">32,497,629</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Handling charge income</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">17,547,010</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9,704,509</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Other revenues</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,570,579</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,821,465</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total revenues</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">117,368,835</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">88,935,720</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Operating expenses</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Brokerage and transaction</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">23,245,456</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">17,932,844</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Technology and development</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">16,924,892</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">14,890,082</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Marketing and branding</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">22,991,038</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">34,014,065</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">General and administrative</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">33,620,720</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">31,908,841</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total operating expenses</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">96,782,106</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">98,745,832</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Other expense, net</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,089,417</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">26,492</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Income (loss) before income taxes</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">19,497,312</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(9,836,604</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Provision for income taxes</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,558,225</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,715,461</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net income (loss)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">12,939,087</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(12,552,065</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Less net loss attributable to noncontrolling interest</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(146,720</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(121,820</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Net income (loss) attributable to the Company</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">13,085,807</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(12,430,245</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">Preferred shares redemption value accretion</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,702,737</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,087,707,813</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Net loss attributable to ordinary shareholders</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(8,616,930</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,100,138,058</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss per share attributable to ordinary shareholders</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(0.06</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(7.98</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted-average shares outstanding</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; text-align: right">139,307,224</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">&nbsp;</td><td style="border-bottom: Black 4pt double; text-align: right">137,814,433</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net income (loss)</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">12,939,087</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(12,552,065</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Other comprehensive loss, net of tax:</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Change in cumulative foreign currency translation adjustment</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,741,649</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,772,734</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Other comprehensive income (loss)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,741,649</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(2,772,734</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Comprehensive income (loss)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">14,680,736</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(15,324,799</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Less comprehensive loss attributable to noncontrolling interest</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(146,720</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(121,820</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Less foreign currency translation adjustment attributable to noncontrolling interest</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(28,127</td><td style="text-align: left">)</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">(10,435</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt">Preferred shares redemption value accretion</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(21,702,737</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(1,087,707,813</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 4pt">Comprehensive loss attributable to ordinary shareholders</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(6,847,154</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,102,900,357</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<div style="padding: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Unaudited Reconciliation of Non-GAAP and GAAP Financial Measures</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Adjusted Operating Expenses Reconciliation</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Unaudited)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;Three&nbsp;Months&nbsp;Ended<BR> March 31,</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Total operating expenses (GAAP)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">96,782,106</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">98,745,832</td><td style="width: 1%; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Less:&nbsp;&nbsp;Share-based compensation</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,069,045</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,136,815</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Adjusted operating expenses (Non-GAAP)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">88,713,061</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">86,609,017</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Adjusted Operating Profit Reconciliation</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Unaudited)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For&nbsp;the&nbsp;Three&nbsp;Months&nbsp;Ended<BR> March 31,</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Income (loss) before income taxes (GAAP)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">19,497,312</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(9,836,604</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Add: Other expense (income), net</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1,089,417</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">26,492</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Add: Share-based compensation</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,069,045</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">12,136,815</td><td style="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 4pt">Adjusted operating profit (Non-GAAP)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">28,655,774</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,326,703</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Use of Non-GAAP Financial Measures</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; text-align: justify; margin: 0pt 0">We use adjusted operating profit and adjusted operating expenses, both
non-GAAP financial measures, to evaluate our operating results and for financial and operational decision-making purposes. Adjusted operating
profit represents income (loss) from continuing operations, before income taxes, excluding share-based compensation expenses, and other
expense (income), net. Adjusted operating expenses represent total operating expenses, excluding share-based compensation expenses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">We believe that both adjusted operating profit and adjusted operating
expenses help identify underlying trends in our business that could otherwise be distorted by the effect of certain expenses that we include
in income from continuing operations, before income taxes, and total operating expenses. We believe that adjusted operating profit and
adjusted operating expenses provide useful information about our operating results, enhances the overall understanding of our past performance
and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational
decision-making.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Adjusted operating profit and adjusted operating expenses should not
be considered in isolation or construed as an alternative to income from continuing operations, before income taxes, and total operating
expenses or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to compare the
historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating profit and adjusted operating
expenses presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate
similarly titled measures differently, limiting their usefulness as comparative measures to our data. We encourage investors and others
to review our financial information in its entirety and not rely on a single financial measure.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Contra Revenue Impact</u></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Most of our platform users are not considered customers under ASC 606,&nbsp;<i>Revenues
from Contracts with Customers&nbsp;</i>(&ldquo;ASC 606&rdquo;), and promotional payments made to these platform users are accounted for
as a marketing and branding expense<i>.</i>&nbsp;Conversely, for our platform users who have been determined to be customers under ASC
606, we account for these promotional payments as a reduction in revenue. The following presents how contra revenue impacted our trade
related revenues.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">For the Three Months Ended March 31,</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2025</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2024</td><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: center">(unaudited)</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: center">(unaudited)</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td>Contra revenue impact on:</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 76%; text-align: left">Option handling fees</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(118,541</td><td style="width: 1%; text-align: left">)</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">(120,892</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Platform and trading fees</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(2,709,988</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&nbsp;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(956,392</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 4pt">Total contra revenue</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(2,828,529</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 4pt">&nbsp;</td>
    <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">(1,077,284</td><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate Information</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The legal name of the Company
is &ldquo;Webull Corporation&rdquo;. The Company was incorporated under the laws of the Cayman Islands on September 2, 2019. The address
of the principal executive office of the Company is 200 Carillon Parkway, St. Petersburg, Florida 33716, and the telephone number of the
Company is (917) 725-2448. Our registered offices are located at VISTRA (CAYMAN) LIMITED, P. O. Box 31119 Grand Pavilion, Hibiscus Way,
802 West Bay Road, Grand Cayman, KY1 &ndash; 1205 Cayman Islands. Our principal website is www.webullcorp.com. The information contained
on, or that can be accessed through, our website is not incorporated by reference into, and is not a part of, this prospectus or the registration
statement of which it forms a part.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Emerging Growth Company</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is an &ldquo;emerging
growth company,&rdquo; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the &ldquo;JOBS Act&rdquo;). As such, Webull is be eligible to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo; including, but not limited to, an exemption
from the provisions of Section 404 of the Sarbanes-Oxley Act of 2002 (the &ldquo;Sarbanes-Oxley Act&rdquo;) requiring that our independent
registered public accounting firm provide an attestation on the effectiveness of our internal control over financial reporting and reduced
disclosure obligations regarding executive compensation. If some investors find Webull&rsquo;s securities less attractive as a result,
there may be a less active trading market for Webull&rsquo;s securities and the prices of Webull&rsquo;s securities may be more volatile.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The JOBS Act also provides
that an emerging growth company does not need to comply with any new or revised financial accounting standards until such date that a
private company is otherwise required to comply with such new or revised accounting standards. Pursuant to the JOBS Act, Webull has elected
to take advantage of the benefits of this extended transition period for complying with new or revised accounting standards as required
when they are adopted for public companies. As a result, Webull&rsquo;s operating results and financial statements may not be comparable
to the operating results and financial statements of other companies who have adopted the new or revised accounting standards.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

</div>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<div style="padding: 5.4pt; border: Black 1.5pt solid">

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull will remain an emerging
growth company until the earlier of: (i) the last day of the fiscal year (a) following the fifth anniversary of the Closing, (b) in which
Webull has total annual gross revenue of at least US$1.235 billion, or (c) in which Webull is deemed to be a large accelerated filer,
which means the market value of Webull&rsquo;s common equity that is held by non-affiliates exceeds US$700 million as of the last business
day of its most recently completed second fiscal quarter; and (ii) the date on which Webull has issued more than US$1.00 billion in non-convertible
debt securities during the prior three-year period. References herein to &ldquo;emerging growth company&rdquo; have the meaning associated
with it in the JOBS Act.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Private Issuer</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is a foreign private
issuer within the meaning of the rules under the Exchange Act and, as such, Webull is permitted to follow the corporate governance practices
of its home country, the Cayman Islands, in lieu of the corporate governance standards of Nasdaq applicable to U.S. domestic companies.
For example, Webull is not required to have a majority of the board consisting of independent directors nor have a compensation committee
or a nominating and corporate governance committee consisting entirely of independent directors under Cayman Islands law.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we report under the Exchange Act as a non-U.S. company with foreign private issuer status &ndash; this means that we are, among others,
subject to reduced and less timely disclosure requirements and are exempt from certain provisions of the U.S. securities rules and regulations
applicable to U.S. domestic issuers, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.5in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in
respect of a security registered under the Exchange Act;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.5in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the sections of the Exchange Act requiring insiders to file public reports of their share ownership and
trading activities and liability for insiders who profit from trades made in a short period of time;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.5in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing
unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events;
and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
<td style="font-family: Times New Roman, Times, Serif; width: 0.5in"></td><td style="font-family: Times New Roman, Times, Serif; width: 0.5in"> &#9679;</td><td style="font-family: Times New Roman, Times, Serif; text-align: justify">the selective disclosure rules by issuers of material non-public information under Regulation FD.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we currently
rely on certain foreign private issuer exemptions from Nasdaq listing standards, including an exemption from the requirement that an audit
committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A) and certain phase-in exemptions with respect to compliance
with the audit committee requirements set forth in Nasdaq Rule 5605(c)(2) and Rule 10A-3 under the Exchange Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may take advantage of these
exemptions until such time as we are no longer a foreign private issuer. We would cease to be a foreign private issuer at such time as
more than 50% of our outstanding voting securities become directly or indirectly held of record by U.S. holders and any of the following
three circumstances applies: (i) the majority of our executive officers or directors are U.S. citizens or residents, (ii) more than 50%
of our assets are located in the United States or (iii) our business is administered principally in the United States.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
Webull&rsquo;s shareholders may not have the same protection afforded to shareholders of U.S. domestic companies that are subject to Nasdaq
corporate governance requirements. In this prospectus, we have taken advantage of certain of the reduced reporting requirements as a result
of being a foreign private issuer. Accordingly, the information contained herein may be different than the information you receive from
other public companies in which you hold equity securities.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Controlled Company</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By virtue of being a controlled
company under Nasdaq listing rules, Webull may elect not to comply with certain Nasdaq corporate governance requirements, including that:
a majority of board of directors must be independent directors; the compensation and nominating committees composed solely of independent
directors; the compensation of executive officers determined by a majority of the independent directors or a compensation committee composed
solely of independent directors; and director nominees selected or recommended to the board of directors for selection, either by a majority
of the independent directors, or a nominating committee composed solely of independent directors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull intends to rely on
all of the foregoing exemptions available to a &ldquo;controlled company.&rdquo; As a result, its shareholders will not have the same
protections afforded to shareholders of companies that are subject to all of Nasdaq&rsquo;s corporate governance requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

</div>

<p style="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<DIV STYLE="border: Black 1.5pt solid; padding: 5.4pt">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_004"></a>THE OFFERING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
information presented in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all the information
you should consider before investing in our securities. You should carefully read this entire prospectus before investing in our securities,
including the sections entitled &ldquo;Risk Factors&rdquo; and &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; in this
prospectus, and our consolidated financial statements and notes to those consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities being registered for resale by the Selling Securityholder</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 59%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to (a) 159,236 Webull Class A Ordinary Shares issued pursuant to the Purchase Agreement to the Selling Securityholder as Commitment Shares at a deemed $12.56 purchase price per share, and (b) 75,000,000 Webull Class A Ordinary Shares that Webull may, in its discretion, elect to issue and sell to the Selling Securityholder, from time to time, pursuant to the Purchase Agreement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>Offering prices for resales</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Selling Securityholder will determine when and how they will dispose of the Webull Class A Ordinary Shares registered under this prospectus for resale.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Webull Class A Ordinary Shares issued and outstanding prior to this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">401,758,855 Webull Class A Ordinary Shares.</p></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Webull Class A Ordinary Shares issued and outstanding after this offering</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">476,758,855 Webull Class A Ordinary Shares, assuming the sale by us
of a total of 75,159,236 Webull Class A Ordinary Shares pursuant to the Purchase Agreement and accounting for the Commitment Shares, which
together represents the total number of Webull Class A Ordinary Shares registered for resale pursuant to this prospectus.</p></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This prospectus relates to Webull Class A Ordinary Shares that may be offered for resale from time to time by the Selling Securityholder. All of the Webull Class A Ordinary Shares offered for resale by the Selling Securityholder pursuant to this prospectus will be sold by the Selling Securityholder for its own account, and we will not receive any proceeds from such resales. However, we may receive up to $1,000,000,000 of gross proceeds under the Purchase Agreement from any sales we make to the Selling Securityholder pursuant to the Purchase Agreement. We will pay certain expenses associated with the registration of the Webull Class A Ordinary Shares covered by this prospectus and the execution of the Purchase Agreement (including a $25,000 structing fee and the Commitment Shares), as described in the section entitled &ldquo;<I>Plan of Distribution</I>.&rdquo; We expect to use any proceeds that we receive from sales, if any, under the Purchase Agreement, for working capital and general corporate purposes. For more information, see &ldquo;<I>Use of Proceeds</I>.&rdquo;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting rights of Webull Ordinary Shares</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each outstanding Webull Class A Ordinary Share is entitled to one vote on all matters submitted to a vote of shareholders. Each outstanding Webull Class B Ordinary Share, all of which are held by our founder Anquan Wang, is entitled to twenty votes on all matters submitted to a vote of shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I>&nbsp;</P>

</DIV>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; width: 40%"><B>Market for our securities</B></TD>
    <TD STYLE="text-align: justify; width: 60%">The Webull Class A Ordinary Shares and Webull Warrants began trading on April 11, 2025
    on Nasdaq under the symbols &ldquo;BULL&rdquo; and &ldquo;BULLW,&rdquo; respectively.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><B>Dividend policy</B></TD>
    <TD STYLE="text-align: justify">We have never declared or paid cash dividends on our Webull Ordinary Shares. We currently intend to retain all available funds and future earnings, if any, to fund the development and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future. Any future decisions regarding the declaration and payment of dividends will be at the discretion of our board of directors and will depend on then-existing conditions, including our financial condition, results of operation, contractual restrictions, capital requirements, business prospects and other factors our board of directors may deem relevant.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in"><B>Risk factors</B></TD>
    <TD STYLE="text-align: justify">See the section entitled &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus (including the summary of the risk factors included therein) and the other information included in this prospectus for a discussion of factors you should consider before deciding to invest in our securities.</TD></TR>
  </TABLE>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of Webull Class A Ordinary Shares to be outstanding after
this offering as shown above is based on 401,758,855 Webull Class A Ordinary Shares issued and outstanding as of July 22, 2025 and excludes
as of that date:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 48px"></TD><td style="width: 24px; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">any Webull Warrants that may have been exercised on the date
of this prospectus and for which Webull Class A Ordinary Shares are in the process of being issued;</TD>
</TR></TABLE>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,675,386 Webull Class A Ordinary Shares issuable upon exercise of Webull Warrants that remain unexercised as of the date of this prospectus or may have been exercised on the date of this prospectus;</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">82,988,016 Webull Class B Ordinary Shares that may be converted
into 82,988,016 Webull Class A Ordinary Shares;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">44,400,984
Webull Class A Ordinary Shares reserved for issuance pursuant to the Global Plan; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">any additional Webull Class A Ordinary Shares that may be
sold by Webull to the Selling Securityholder pursuant to the Purchase Agreement, as further described immediately below, and that may
be registered for resale on a post-effective amendment to the registration statement of which this prospectus forms a part or by filing
one or more additional registration statements.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 75,159,236 Webull Class
A Ordinary Shares registered for resale under this prospectus are not all of the Webull Class A Ordinary Shares that may be sold pursuant
to the Purchase Agreement. Pursuant to the Purchase Agreement the Selling Securityholder has committed to purchase from Webull, at Webull&rsquo;s
direction, up to $1,000,000,000 of Webull Class A Ordinary Shares, subject to terms and conditions specified in the Purchase Agreement.
Unless (i) Webull obtains shareholder approval pursuant to Nasdaq Rule 5635(d) to issue Webull Class A Ordinary Shares in excess of the
Exchange Cap, or (ii) takes actions required pursuant to Nasdaq Rule 5615(a)(3) to duly and validly rely on an exemption for foreign private
issuers from applicable rules and regulations of Nasdaq (as defined herein) by adopting a home country practice that allows Webull to
issue Webull Class A Ordinary Shares to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations
imposed by Nasdaq Rule 5635(d), Webull may not effect any sales under the Purchase Agreement to the extent that after giving effect to
such sales the aggregate number of Webull Class A Ordinary Shares issued under the Purchase Agreement together with any Webull Ordinary
Shares issued in connection with any other transactions that may be considered part of the same series of transactions, where the number
of shares issued would exceed 96,891,594 Webull Ordinary Shares, i.e. the number of shares representing 19.99% of Webull&rsquo;s outstanding
Webull Ordinary Shares (including Webull Class A Ordinary Shares and Webull Class B Ordinary Shares on an as converted basis) as of the
date of execution of the Purchase Agreement, subject to certain limited exceptions. If Webull obtains shareholder approval to issue Webull
Class A Ordinary Shares in excess of the Exchange Cap or takes actions to adopt a home country practice that would allow Webull to issue
Webull Class A Ordinary Shares to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations
imposed by Nasdaq Rule 5635(d), in each case as described above, Webull may register the resale by the Selling Securityholder of additional
Webull Class A Ordinary Shares sold by Webull to the Selling Securityholder pursuant to the Purchase Agreement by filing a post-effective
amendment to the registration statement of which this prospectus forms a part or by filing one or more additional registration statements.
Therefore, the 75,159,236 Webull Class A Ordinary Shares registered for resale under this prospectus are not all of the Webull Class A
Ordinary Shares that may be sold pursuant to the Purchase Agreement. For more information, also see &ldquo;<I>Risk Factors</I> &mdash;
<I>Risks Relating to Ownership of Securities of Webull and this Offering &mdash; It is not possible to predict the actual number of Webull
Class A Ordinary Shares that we will sell to the Selling Securityholder under the Purchase Agreement, or the actual gross proceeds or
dilution resulting from those sales. We may not have access to the full Commitment Amount available under the Purchase Agreement.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

</DIV>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_005"></a>RISK FACTORS<SUP></SUP></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Summary of Risk Factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Our business faces significant
risks and uncertainties. You should carefully consider all of the information set forth in this prospectus and in other documents we file
with or furnish to the SEC, including the risk factors following this risk factor summary, before deciding to invest in or to maintain
an investment in our securities. Our business, as well as our reputation, financial condition, results of operations and price of our
securities, could be materially adversely affected by any of these risks, as well as other risks and uncertainties not currently known
to us or not currently considered material. You could lose all or part of your investment. This prospectus also contains forward-looking
statements that involve risks and uncertainties. See &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo; The risks facing
our Company and its securities include, among others, the following:</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We have a limited operating history and our historical operating
and financial results are not necessarily indicative of future performance, which makes it difficult to predict our future business prospects
and financial performance.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We incurred net losses in the past, and we may not maintain net
income in the future.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We face risks associated with our global operations and continued
global expansion.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We face intense competition, and we may not compete effectively.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Our business is heavily reliant on trading related income; if there
is a sustained slowdown in securities trading, our results of operations and business prospects may be adversely affected.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">A majority of our trading-related income is derived from payment
for order flow, or PFOF.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We are directly and indirectly exposed to fluctuations in interest
rates, and rapidly changing interest rate environments could reduce our interest related income and adversely affect our results of operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We may not be able to successfully execute our strategies and effectively
manage our growth and the increasing complexity of our business.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Regulations Applicable to our Industry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We are subject to extensive regulatory requirements in the jurisdictions
where we operate.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">The regulatory environments that we operate in are constantly evolving,
which may cause us to incur substantial costs or require us to change our business practices in ways that are adverse to our business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We may be involved in regulatory investigations, actions, and settlements
during our course of business, such as the $3 million fine we paid to FINRA in February 2023.</FONT></TD></TR></TABLE>

<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Attracting, Retaining and Engaging Customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We may be unable to retain existing customers or attract new customers,
or fail to offer a positive trading experience to our customers and address their needs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We cannot guarantee the profitability of our customers&rsquo; investments
or ensure that our customers will exercise rational judgment with respect to their investments.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Platform, Systems and Technology</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Our platform and internal systems rely on software and applications
that are highly technical and may contain undetected errors.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">An increase in volume on the systems we use or other errors or events
could cause them to malfunction.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We may experience unexpected network interruptions, security breaches,
or computer virus attacks and failures in our information technology systems.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Products and Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Our PFOF practices may potentially create a misalignment of interest.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We rely on a limited number of market makers and liquidity providers
to generate a large portion of our revenues. A loss of any of those market makers or liquidity providers could negatively affect our business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We historically provided our customers access to digital assets
trading via our Webull App, which may subject us to risks.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Cybersecurity, Data Privacy, and Intellectual
Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Failure to protect customer data and privacy or to prevent security
breaches relating to our platform could result in economic loss, damage our reputation, deter customers from using our products and services,
and expose us to legal penalties and liability.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Laws and regulations regarding cybersecurity and data privacy are
complex and evolving.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Ownership of Securities of Webull and this Offering</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">The securities that may be offered for resale by the Selling Securityholder
with this prospectus following sales to the Selling Securityholder by us pursuant to the Purchase Agreement and the securities that may
be offered for resale pursuant to the prospectus that is included in the Other Registration Statement, in each case, represent a substantial
percentage of our total issued and outstanding securities and our public float. Future sales of our securities in the public market, or
the perception that these sales might occur, could cause the market price of our securities to decline significantly.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">It is not possible to predict the actual number of Webull Class A Ordinary Shares that we will sell to
the Selling Securityholder under the Purchase Agreement, or the actual gross proceeds or dilution resulting from those sales. We may not
have access to the full Commitment Amount available under the Purchase Agreement, and dilution to our existing shareholders may be significant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Failure to meet Nasdaq&rsquo;s continued listing requirements could
result in the delisting of our securities, negatively impact the price of our securities and negatively impact our ability to raise additional
capital.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">Our management team has limited experience managing a public company,
which may result in difficulty adequately operating and growing our business. The requirements of being a public company may also strain
our resources and distract our management, which could make it difficult to manage our business.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">We are a &ldquo;controlled company&rdquo; and a foreign private
issuer within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United
States domestic public companies. As a result, our shareholders may not have the same protections afforded to shareholders of companies
that are subject to all Nasdaq corporate governance requirements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">If we fail to maintain an effective system of internal control over
financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose
confidence in our financial and other public reporting, which would harm our business and the trading price of our securities.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Business</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have a limited operating history
and our historical operating and financial results are not necessarily indicative of future performance, which makes it difficult to predict
our future business prospects and financial performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a limited operating
history, which makes it difficult to evaluate our future prospects and ability to make profit. We launched our digital trading platform
in May 2018, and have experienced a period of significant growth since then. We expect our business expansion to continue as we further
grow our customer base, increase customer engagement and explore new market opportunities. However, due to our limited operating history,
our historical growth rates and past revenues may not be indicative of our future performance. There is no assurance that our growth rate
will continue in future periods and you should not rely on the revenue growth of any given prior quarterly or annual period as an indication
of our future performance. If our growth rate were to decline significantly or become negative, it could adversely affect our operating
results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot assure you that
we can successfully implement our business model. As the market and our business develop, we may modify our platform, products, and services.
These changes may not achieve expected results and may have a material and adverse impact on our results of operations and financial condition.
Rather than relying on our historical operating and financial results to evaluate us, you should consider our business prospects in light
of the risks and difficulties we may encounter as an early-stage company operating in a rapidly evolving and highly competitive market.
We may not be able to successfully address these risks and difficulties, which could significantly harm our business, results of operations,
and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We incurred net losses attributable
to ordinary shareholders in the past, and we may not achieve net income attributable to ordinary shareholders in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We incurred net losses attributable
to ordinary shareholders in the past. We incurred net losses attributable to ordinary shareholders of $334.0 million and $517.8 million
in 2023 and 2024, respectively, after recognizing the effects of preferred share redemption value accretion. We cannot assure you that
we will be able to achieve net income attributable to ordinary shareholders in the future. Any failure to increase our revenue or to manage
our operating expenses could prevent us from achieving net income attributable to ordinary shareholders. Our ability to generate net income
will depend on factors such as growth of our customer base, our ability to engage and monetize our customers, our ability to expand globally,
optimization of our operating expenses, and macro-environment and conditions. There can be no assurance that we will be able to generate
net income consistently.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face risks associated with our
global operations and continued global expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have businesses in diverse
global markets and are subject to risks associated with doing business across the globe and in differing economic and regulatory environments.
Our business, financial condition, and results of operations may be influenced to a significant degree by macro-economic and social conditions
globally and in our markets. A general slowdown or volatility in the global economy, including recession, inflation, or a tightening of
capital markets, could adversely affect our business, financial condition, and results of operations. Changes in retail investors&rsquo;
behavior due to adverse economic conditions may also adversely impact us as such developments could lead to a decrease in trading volume
and reduction in demand for our products and services, which may adversely affect our business, financial condition, results of operations,
or competitive position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continue to expand our
operations into additional international markets. However, offering our products and services in a new geographical area involves numerous
risks and challenges. As we enter into countries and markets that are new to us, we must tailor our services and business model to the
unique circumstances of such countries and markets, which can be complex, difficult, and costly, and could divert management and personnel
resources. In addition, we may face competition in other countries from companies that may have more experience with operations in those
countries or with global operations in general. Laws and business practices that favor local competitors or prohibit or limit foreign
ownership of certain businesses, or our failure to adapt our practices, systems, processes, and business models effectively to the customer
preferences of each country into which we expand, could slow down our growth. Certain markets in which we operate have, or certain new
markets in which we may operate in the future may have, lower margins than our more mature markets, which could have a negative impact
on our overall margins as our revenues from these markets grow over time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the above,
continued operations and expansion around the world exposes us to other risks such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">exposure to local economic or social instability, threatened or
actual acts of terrorism and security concerns in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">difficulties in achieving market acceptance of our products and
services in different geographic markets with different preferences;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">difficulties in managing international operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">evolving local government regulation on securities trading activities
and foreign investment;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">potentially more stringent bodies of law regulating our industry,
intellectual property, tax, privacy, or data protection;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">barriers to entry of local markets; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">exchange rate fluctuations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of these risks,
we may find it difficult or prohibitively expensive to operate on a global scale or to enter into additional markets. Entry into foreign
markets could be delayed, which could hinder our ability to grow our business. There can be no assurance that our global operations or
expansion plan will proceed as planned or succeed at all. Unsuccessful global operations or expansion may incur significant expenses and
divert management&rsquo;s attention, which in turn may adversely affect our business, financial condition, and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face intense competition, and we
may not compete effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market for digital trading
and investing services is rapidly evolving and intensely competitive. We expect competition to continue and intensify in the future. We
face competition from traditional retail brokerage firms and digital trading platforms in various markets where we operate our businesses.
In an effort to satisfy the demands of investors for next-generation electronic trading systems, universal access to markets, smart routing,
better trading tools, and lower financing rates, our competitors have embarked upon building such systems and service enhancements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect competition to increase
in the future as current competitors diversify and improve their product and service offerings and as new participants enter the market.
We cannot assure you that we will be able to compete effectively or efficiently with current or future competitors. They may be acquired
by, receive investment from or enter into strategic relationships with, established and well-financed companies or investors, which would
help enhance their competitiveness. Furthermore, the current competitors and new entrants in the digital trading and investing industry
may also seek to develop new service offerings, technologies, or capabilities which could render some of the services that we offer obsolete
or less competitive. Some of them may adopt more aggressive pricing policies or devote greater resources to marketing and promotional
campaigns than we do. The occurrence of any of these circumstances may hinder our growth and reduce our market share, and thus our business,
results of operations, financial condition, and prospects would be materially and adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business is heavily reliant on
trading related income; if there is a sustained slowdown in securities trading, our results of operations and business prospects may be
adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Like other digital trading
firms, our business and profitability are directly affected by factors that are beyond our control, such as economic conditions, broad
trends in business and finance, investor sentiment in capital markets, changes in the volume of securities and derivative transactions,
changes in the markets in which such transactions occur, and changes in how such transactions are processed. Weakness in the equity markets,
such as a slowdown causing a reduction in trading volume in U.S. or foreign-listed securities, derivatives, and other financial instruments,
may result in reduced transaction revenues and would have a material adverse effect on our business, financial condition, and results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenues depend substantially
on our customers&rsquo; trading volume, which is influenced by the general trading activities in the securities trading market. Declines
in trading volumes generally result in lower revenues from securities trading activities. Declines in market values of securities or other
financial instruments can also result in illiquid markets, which can also result in lower revenues and profitability from securities trading
activities. Additionally, securities trading faces competition from other investment products, such as passive investment products and
other innovative investment instruments. These alternative investment products may divert investors from or reduce their activity levels
in securities trading. Any of the foregoing factors could have a material adverse effect on our business, financial condition, results
of operations, and cash flows.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A majority of our trading-related
income is derived from payment for order flow.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We derived a significant percentage
of our revenues via payments from our market makers and liquidity providers, a practice known as payment for order flow, or PFOF. Revenue
generated from equity and option order flow income amounted to $192.2 million in 2023 and $197.1 million in 2024, representing 49.3% and
50.5% of our total revenues during the same period, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The practice of PFOF has drawn
heightened scrutiny from the U.S. Congress, the SEC, state regulators and other regulatory and legislative authorities. For example, regulators
have brought enforcement actions against a similarly situated broker-dealer for matters relating to its receipt of PFOF, which resulted
in material fines and censures. We cannot assure you that lawmakers and regulators will not bring a similar action against us or impose
restrictions on the practice of PFOF in the future, including, but not limited to, requirements to provide additional disclosure on best
execution, or impose maximum payment rates and limitations on trading volume applicable to PFOF or ban the practice entirely. For example,
in December 2022, the SEC proposed four separate equity market structure rules related to (i) best execution; (ii) order competition,
including requiring certain retail equity orders to be exposed in auctions before being internalized; (iii) order execution disclosure;
and (iv) order tick size and fee caps. Although these proposed rules related to market structure design do not outright ban PFOF, they
introduce new requirements around &ldquo;conflicted transactions,&rdquo; and if adopted as proposed, they would have the indirect effect
of making PFOF more difficult or impossible to earn and compressing the revenues we could theoretically earn. Any new or heightened PFOF
regulation, including the abovementioned proposed rules if adopted as proposed, could have a material and adverse effect on our business
operations and we may experience pressure and disruption to our current business operations. In addition, as a broker-dealer facilitating
the trading of national market system stocks, we are subject to the disclosure obligations of Rules 605 and 606 of Regulation NMS, which
were adopted in 2000 to help the public compare and evaluate execution quality at different market centers. In March 2024, Rule 605 was
amended to increase the disclosure obligations of brokerages subject to Rule 605. Compliance with these amendments may require us to make
additional disclosures about our execution practices, some of which could cause certain of our customers or potential customers to not
use our investing platform. We may incur significant compliance costs in an effort to comply with any such laws and regulations. Because
some of our competitors either do not engage in PFOF or derive a lower percentage of their revenues from PFOF than we do, any such heightened
regulation or a ban of PFOF could have an outsized impact on our results of operations. Furthermore, depending on the nature of any new
requirements, heightened regulation could also increase our risk of potential regulatory violations and civil litigation, which could
result in fines or other penalties, as well as negative publicity.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are directly and indirectly exposed
to fluctuations in interest rates, and rapidly changing interest rate environments could reduce our interest related income and adversely
affect our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A large portion of our revenue
comes from interest related income earned from our stock lending services, margin financing services as well as interest income from customers&rsquo;
and our own bank deposits. Interest rates are the key driver of our interest related income and are subject to many factors beyond our
control. Reductions in interest rates and a return to a low interest rate environment would adversely affect our revenues and net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Higher interest rates also
lead to higher payment obligations by our customers to us and to their creditors under mortgage, credit card, and other consumer and merchant
loans, which might reduce our customers&rsquo; ability to satisfy their obligations to us, including failing to pay for securities purchased,
deliver securities sold, or meet margin calls, and therefore lead to increased delinquencies, charge-offs, and allowances for loan and
interest receivables, which could have an adverse effect on our revenues and net income. Fluctuations in interest rates could adversely
impact our customers&rsquo; general spending levels and ability and willingness to invest through our platform.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to successfully
execute our strategies and effectively manage our growth and the increasing complexity of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We continue to experience
significant growth and expansion in our business, which will continue to place demands on our management, operational, compliance, and
financial resources. We may encounter difficulties as we execute our strategies and expand our operations, data and technology, marketing
and branding, general and administrative and compliance functions. To effectively manage and capitalize on our growth, we must continue
to expand our information technology and financial, operating, administrative and compliance systems and controls, and continue to manage
headcount, capital, and processes efficiently. Our continued growth could strain our existing resources, and we could experience ongoing
operating and compliance difficulties in managing our business as it expands across multiple jurisdictions, including difficulties in
hiring, training, and managing a diverse and growing employee base. Failure to scale and preserve our company culture with growth could
harm our future success, including our ability to retain and recruit personnel and to effectively focus on and pursue our corporate objectives.
If we do not adapt to meet these evolving challenges, or if our management team does not effectively scale with our growth, we may experience
erosion to our brand, the quality of our products and services may suffer, and our company culture may be harmed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Successful implementation
of our growth strategy will also require significant expenditures before any substantial associated revenue is generated and we cannot
guarantee that these increased investments will result in corresponding and offsetting revenue growth. Because we have a limited history
operating our business at its current scale, it is difficult to evaluate our current business and future prospects, including our ability
to plan for and model future growth. Our limited operating experience at this scale and other economic factors beyond our control reduce
our ability to accurately forecast quarterly or annual revenue. Failure to manage our future growth effectively could have an adverse
effect on our business, operating results, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New lines of business or new services
may subject us to additional risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
implement new lines of business or offer new services within existing lines of business. There are substantial risks and uncertainties
associated with these efforts, particularly in instances where the markets are not fully developed. For example, during the second quarter
of 2023 we began offering investment advisory services through Webull Advisors LLC, and during the first quarter of 2024 we began offering
futures products through Webull Financial LLC, in each case exposing us to new rules and regulations relevant to that new line of business.
We may also invest significant time and resources in developing and marketing other new lines of business and/or new services. Initial
timetables for the introduction and development of new lines of business and/or new services may not be achieved and profitability targets
may not prove feasible. External factors such as compliance with regulations, competition, and shifting market preferences may also impact
the successful implementation of a new line of business or a new service. Our personnel and technology systems may fail to adapt to the
changes in such new areas, and we may fail to effectively integrate new services into our existing operation. We may also lack experience
in managing new lines of business or new services. In addition, we may be unable to proceed with our operation as planned or compete effectively
due to different competitive landscapes in these new areas. Furthermore, any new line of business and/or new service could place significant
challenges on the effectiveness of our internal control system. Failure to successfully manage these risks in the development and implementation
of new lines of business or new services could have a material adverse effect on our business, results of operations, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business depends on our strong
brand. We may fail to protect or promote our brand and reputation, or be subject to negative media coverage of our company, our business
partners, or our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have developed a strong
brand that we believe has contributed significantly to the success of our business. Maintaining, protecting, and enhancing the &ldquo;Webull&rdquo;
brand is critical to expanding our customer base, and depends largely on our ability to continue to develop and provide reliable and satisfactory
experiences for our customers and to attract other business partners to work with us. Our brand and reputation could be harmed if we fail
to achieve these objectives or if our public image were to be tarnished by negative publicity, misinformation, unexpected events, or actions
by third parties. Unfavorable publicity regarding, for example, our product changes, product quality, litigation or regulatory activity,
privacy practices, terms of service, employment matters, the use of our products and services for illicit or objectionable ends, the actions
of our customers, or the actions of other companies that provide similar services to ours, regardless of the truthfulness of such publicity,
has in the past, and could in the future, adversely affect our reputation. Further, we have in the past, and may in the future, be the
target of social media campaigns criticizing actual or perceived actions or inactions that are disfavored by our customers, employees,
or society at-large; these campaigns could materially impact our customers&rsquo; decisions to trade on our platform. Any such negative
publicity could have an adverse effect on the size, activity, and loyalty of our customers and result in a decrease in revenue, which
could adversely affect our business, operating results, and financial condition. Our brand may also be impaired by a number of other factors,
including any failure to keep pace with technological advances, a decline in execution efficiency, failure to protect our intellectual
property rights, or alleged violations by us of law and regulations or public policy.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. Congress and various executive
agencies, including the Department of Commerce and the Department of Defense, have become increasingly concerned about companies with
connections to China, and continued inquiries and investigations relating to concerns about our connections to China may materially and
adversely affect our business, financial condition, and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. Government has in
recent years taken several measures directed at companies with connections to the People&rsquo;s Republic of China. For example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">the Holding Foreign Companies Accountable Act, which was passed
in 2020, requires foreign companies listed on U.S. stock exchanges to comply with U.S. auditing standards. Companies that fail to allow
the Public Company Accounting Oversight Board, or PCAOB, to inspect their audits for three consecutive years face delisting, and on December
16, 2021, the PCAOB determined that it was unable to inspect or investigate completely registered public accounting firms headquartered
in mainland China and Hong Kong, though it vacated that determination one year later;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">in February 2024, then U.S. President Biden issued Executive Order
14117, calling for the Department of Justice, or DOJ, to promulgate regulations to prevent the large-scale transfer of sensitive personal
data and U.S. Government-related data to &ldquo;countries of concern,&rdquo; including China. The DOJ issued a final rule implementing
this executive order on December 27, 2024;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">in April 24, 2024, the Protecting Americans from Foreign Adversary
Controlled Applications Act became law, prohibiting the distribution, maintenance, or provision of internet hosting services for social
media companies that are controlled by, among others, a foreign adversary (which is defined to include China) and has been determined
by the President to present a significant threat to national security;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">in October 2024, the U.S. Commerce Department introduced a new export
license regime restricting the sale of advanced artificial intelligence chips to China;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">in January 2025, the U.S. Department of Defense added several prominent
Chinese companies to its list of &ldquo;Chinese military companies,&rdquo; alleging such companies have ties to China&rsquo;s military;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">beginning in April 2025, members of Congress as well as senior members
of the Trump administration have mentioned potentially delisting companies with connections to China as a tactic that could be deployed
in a trade war with China.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we do not fall within the scope of these or other laws,
rules, or regulations targeting companies with connections to China. This view is based primarily on the facts that (1) we are regulated
as broker-dealers in 12 major markets globally; (2) our principal business operations are based in the U.S.; (3) of the six members of
our current board of directors and senior management teams, four are U.S. citizens and based in the U.S. (namely Messrs. Denier, H.C.
Wang, James, Lu, and Mr. Bishop); (4) our auditor, KPMG LLP (&ldquo;KPMG&rdquo;), is based in the U.S.; (5) all of the personally identifiable
information of the customers of Webull Financial, our U.S. broker-dealer, is stored in servers located in the United States and cannot
be transmitted outside of the United States or accessed by our non-U.S. employees without permission and oversight from our U.S. personnel;
and (6) our operations in mainland China are limited to research and development and technical support functions. However, our founder
and chief executive officer, Mr. Anquan Wang, is a citizen of the People&rsquo;s Republic of China, owns approximately 17.1% of the outstanding
Webull Ordinary Shares and all of the outstanding Webull Class B Ordinary Shares, representing approximately 80.5% of Webull&rsquo;s total
voting power as of the date of this prospectus. In addition, our mainland China subsidiary, Hunan Weibu Information Technology Co., Ltd.,
employs 731 employees, representing 61% of our employees as of December 31, 2024, and is subject to the jurisdiction of the People&rsquo;s
Republic of China. We cannot be certain that future laws, rules, or regulations will not be drafted in a way that brings us within their
scope and that such laws will not materially and adversely affect our business, financial condition, and results of operations.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have also been the subject
of inquiries and investigations from various government bodies in the United States relating to concerns about our connections to China.
For example, in April 2024, the attorneys general from 14 different U.S. states posted a letter on a social media platform in which they
raised concerns about our treatment of the sensitive personal and financial data and alleged that such data could potentially be exposed
to the Chinese Communist Party, or CCP. Further, on December 5, 2024, the Select Committee on the Strategic Competition Between the United
States and the Chinese Communist Party of the U.S. House of Representatives (the &ldquo;Select Committee&rdquo;) delivered a letter to
the chief executive officer of Webull Financial requesting information concerning the relationship between Webull Financial and our operations
in China, and the security of sensitive customer data. We believe the claims and allegations in both letters were largely based on outdated
and inaccurate information about us, and we are cooperating with both the state attorneys general and the Select Committee to address
the concerns raised in their respective letters. However, we cannot be certain that we will be able to resolve all of their concerns and
that the result of their inquiries will not lead to further action on their part, which may materially and adversely affect our business,
financial condition, and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adverse economic conditions may adversely
affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our performance is subject
to general economic conditions and their impact on the securities markets and our customers. The United States and other key international
economies have experienced cyclical downturns from time to time in which economic activity declined resulting in lower consumption rates,
restricted credit, reduced profitability, weaknesses in financial markets, bankruptcies, and overall uncertainty with respect to the economy.
Trade wars, sanctions, and foreign exchange limitations can also increase the severity and levels of unpredictability in economies globally
and increase the volatility of global financial markets. To the extent that general economic conditions and securities markets materially
deteriorate, our ability to attract and retain customers may suffer.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We depend on our senior management
and highly skilled personnel and our ability to attract, retain, and motivate them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our future
success depends significantly on our continuing ability to attract, develop, motivate, and retain our senior management and a sufficient
number of experienced and skilled employees. Qualified individuals are in high demand and we may have to incur significant costs to attract
and retain them. Additionally, we use share-based awards to attract talented employees, and if our share price declines in value, we may
have difficulties recruiting and retaining qualified employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In particular, we cannot ensure
that we will be able to retain the services of our senior management and key executive officers. The loss of any key management or executive
could be highly disruptive and may adversely affect our business operations and future growth. The loss of even a few qualified employees,
or an inability to attract, retain, and motivate additional highly skilled employees required for the planned expansion of our business
could adversely impact our operating results and impair our ability to grow. Moreover, if any of these individuals joins a competitor
or forms a competing business, we may lose crucial business secrets, technological know-how, and other valuable resources. Although our
senior management and executive officers have non-compete agreements with us, we cannot assure you that they will comply with such agreements
or that we will be able to effectively enforce them.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to obtain additional
capital when desired, on favorable terms or at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may make investments from
time to time in technologies, facilities, equipment, hardware, software, and other projects to remain competitive. If we are not able
to achieve or maintain positive cash flow from operations, our business may be adversely impacted and we may require additional financing.
Due to the unpredictable nature of the capital markets and our industry, there can be no assurance that we will be able to raise additional
capital on terms favorable to us, or at all, if and when required, especially if we experience disappointing results of operations. In
addition, our financing activities, including the sales pursuant to the Purchase Agreement, may also have a dilutive effect on our shareholders.
If adequate capital is not available to us as required, our ability to fund our operations, take advantage of business opportunities,
develop or enhance our infrastructure, or respond to competitive pressures could be significantly limited. If we do raise additional funds
through the issuance of equity or convertible debt securities, the ownership interests of our shareholders could be significantly diluted
or the newly issued securities may have rights, preferences, or privileges senior to those of existing shareholders. The dilution created
by the sale of Webull Class A Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement as well as the potential
exercise of the Webull Warrants and the fact that we already registered for resale with the Other Registration Statement a significant
number of Webull Ordinary Shares that are held by the Webull Existing Shareholders, our founder, the Initial SKGR Shareholders and certain
investors party to Non-Redemption Agreement and Additional Non-Redemption Agreements, may make it more difficult for us to raise additional
financing through the sale of equity securities at a price that management deems appropriate. For more information, also see &ldquo;<I>&mdash;
Risks Relating to Ownership of Securities of Webull and this Offering &mdash; Future resales of Webull Class A Ordinary Shares issued
to Webull shareholders and other significant shareholders may cause the market price of the Webull Class A Ordinary Shares to drop significantly,
even if Webull&rsquo;s business is doing well</I>&rdquo; and &ldquo;<I>&mdash; Risks Relating to Ownership of Securities of Webull and
this Offering &mdash; Future sales of our securities in the public market, or the perception that these sales might occur, could cause
the market price of our securities to decline significantly.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For more information on the
potential exercise of our warrants, please see &ldquo;<I>&mdash;Risks Relating to Ownership of Securities of Webull and this Offering
<FONT STYLE="background-color: white">&mdash; Webull Warrants are currently exercisable for Webull Class A Ordinary Shares, which increases
the number of Webull shares eligible for future resale in the public market and may result in dilution to Webull shareholders. Further,
the terms of the Webull Warrants may be amended in a manner adverse to a holder if holders of at least 50% of the then outstanding Webull
Warrants approve of such amendment. As a result, the exercise price of such warrants could be increased, the exercise period could be
shortened and the number of shares of Webull Class A Ordinary Shares purchasable upon exercise of such warrants could be decreased, all
without your approval</FONT></I>.&rdquo; For more information on the Purchase Agreement, please see <I>&ldquo;Committed Equity Financing.&rdquo;
</I>For more information on dilution created by the issuance of shares pursuant to the Purchase Agreement, <I>see &ldquo;Dilution.&rdquo;
</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Purchase Agreement,
we may sell to Yorkville up to $1,000,000,000 of our Webull Class A Ordinary Shares, subject to certain limitations and conditions set
forth in the Purchase Agreement. We are only registering 75,159,236 Webull Class A Ordinary Shares for resale by Yorkville under this
prospectus. The number of Webull Class A Ordinary Shares ultimately offered for resale by Yorkville is dependent upon the number of shares
of our Webull Class A Ordinary Shares that we ultimately sell to Yorkville under the Purchase Agreement. See the section entitled &ldquo;<I>Committed
Equity Financing</I>&rdquo; for more information. Our inability to access a portion or the full Commitment Amount available under the
Purchase Agreement, in the absence of any other financing sources, could have a material adverse effect on our business. For more information,
also see &ldquo;<I>&mdash; Risks Relating to Ownership of Securities of Webull and this Offering &mdash; It is not possible to predict
the actual number of Webull Class A Ordinary Shares that we will sell to the Selling Securityholder under the Purchase Agreement, or the
actual gross proceeds or dilution resulting from those sales. We may not have access to the full Commitment Amount available under the
Purchase Agreement.</I>&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our business and reputation may be
harmed by the failure of our employees or business partners to perform their duties or their misconduct or errors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate in an industry
in which integrity and the confidence of our users and customers are of critical importance. During our daily operations, we are subject
to risks of errors and misconduct by our employees and business partners, which include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">engaging in misrepresentation or fraudulent activities when marketing
or performing brokerage, advisory, and other services to users and customers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">improperly using or disclosing confidential information of our users
and customers or other parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">concealing unauthorized or unsuccessful activities; or</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">otherwise not complying with applicable laws and regulations or
our internal policies or procedures.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Employee or service provider
errors, including mistakes in executing, recording, or processing transactions for customers, could expose us to the risk of material
losses even if the errors are detected. Although we have implemented processes and procedures and provide trainings to our employees and
service providers in order to reduce the likelihood of misconduct and error, these efforts may not be successful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of our employees or
business partners engages in illegal or suspicious activities or other misconduct, we could suffer serious harm to our reputation, financial
condition, customer relationships, and ability to attract new customers and even be subject to regulatory sanctions and significant legal
liability. If we were found to have not met our regulatory oversight and compliance and other obligations, we could be subject to regulatory
sanctions, financial penalties, damage to our reputation, and restrictions on our activities for failure to properly identify, monitor,
and respond to potentially problematic activity. Our employees, contractors, and agents could also commit errors that subject us to financial
claims for negligence, as well as regulatory actions, or result in financial liability. Further, allegations by regulatory authorities
of non-compliance could affect our brand and reputation. We may also be subject to negative publicity from fines and penalties that would
adversely affect our brand, public image, and reputation, as well as potential challenges, suspicions, investigations, or alleged claims
against us. It is not always possible to deter all misconduct by our employees or business partners during the ongoing operations of our
business or uncover any misconduct that occurred in their past employment, and the precautions we take to detect and prevent any misconduct
may not always be effective. Misconduct by our employees or business partners, or even unsubstantiated allegations of misconduct, could
have a material adverse effect on our reputation and business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future strategic alliances or acquisitions
may have a material and adverse effect on our business, results of operations, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may enter into strategic
alliances, including joint ventures or minority equity investments, with various third parties to further our business purpose from time
to time. These alliances could subject us to a number of risks, including risks associated with sharing proprietary information, non-performance
by the third party, and increased expenses in establishing new strategic alliances, any of which may materially and adversely affect our
business, or our investments may be subject to loss. We may have limited ability to monitor or control the actions of these third parties
and, to the extent any of these strategic third parties suffers negative publicity or harm to their reputation from events relating to
their business, we may also suffer negative publicity or harm to our reputation by virtue of our association with any such third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, when appropriate
opportunities arise, we may acquire additional assets, products, technologies, or businesses that are complementary to our existing business.
In addition to possible shareholders&rsquo; approval, we may also have to obtain approvals and licenses from relevant government authorities
for the acquisitions and comply with any applicable laws and regulations, which could result in increased delays and costs, and may derail
our business strategy if we fail to do so. Furthermore, acquisitions and the subsequent integration of new assets and businesses into
our own require significant attention from our management and could result in a diversion of resources from our existing business, which
in turn could have an adverse effect on our business operations. Acquired assets or businesses may not generate the financial results
we expect. Acquisitions could result in the use of substantial amounts of cash, potentially dilutive issuances of equity securities, the
occurrence of significant goodwill impairment charges, amortization expenses for other intangible assets, and exposure to potential unknown
liabilities of the acquired business. Moreover, the costs of identifying and consummating acquisitions may be significant.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We face risks related to health epidemics
and other outbreaks, as well as natural disasters, which could significantly disrupt our operations and adversely affect our business,
results of operations, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business could be adversely
affected by the effects of epidemics. In recent years, there have been outbreaks of epidemics globally. Our business operations could
be disrupted if one or more of our employees are suspected of having contracted COVID-19, H1N1 flu, avian flu or another epidemic, since
it could require our employees to be quarantined and/or our offices to be disinfected. Our results of operations could be adversely affected
to the extent that the outbreak has any negative impact on the global economy in general and the global mobile internet and online brokerage
industry in particular.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also vulnerable to
natural disasters and other calamities. Natural disasters or other catastrophic events may also cause damage or disruption to our operations,
and the global economy, and could have an adverse effect on our business, operating results, and financial condition. Our business operations
are subject to interruption by natural disasters, fire, power shortages, and other events beyond our control. Further, acts of terrorism,
labor activism or unrest, and other geo-political unrest could cause disruptions in our business or the businesses of our partners or
the economy as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is possible that we may
be unable to recover certain data in the event of a server failure. We cannot assure you that any backup systems will be adequate to protect
us from the effects of fire, floods, typhoons, earthquakes, power loss, telecommunications failures, sabotages, war, riots, terrorist
attacks, or similar events. In the event of a natural disaster, including a major earthquake, blizzard, or hurricane, or a catastrophic
event such as a fire, power loss, or telecommunications failure, we may be unable to continue our operations and may endure system interruptions,
reputational harm, delays in development of our platform, lengthy interruptions in service, breaches of data security, and loss of critical
data, all of which could have an adverse effect on our future operating results. Any of the foregoing events may give rise to server interruptions,
breakdowns, system failures, technology platform failures, or internet failures, which could cause the loss or corruption of data or malfunctions
of software or hardware as well as adversely affect our ability to provide services on our platform.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Regulations Applicable to our Industry</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to extensive regulatory
requirements in the jurisdictions where we operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business is subject to
a wide variety of laws, rules, regulations, policies, orders, determinations, directives, treaties, legal and regulatory interpretations
and guidance in the markets in which we operate. These local, state, federal, and international laws, regulations, and industry standards
include, among others, those governing broker-dealers, investment advisers, money transmission, privacy, data governance, data protection,
cybersecurity, risk management, fraud detection, anti-bribery, anti-money laundering, and counter-terrorist financing. The businesses
we are involved in are heavily regulated, and firms in our industry have been subject to an increasingly regulated environment over recent
years, and penalties and fines sought by regulatory authorities have increased accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to comply with
all applicable laws and rules is largely dependent on our compliance, audit, and reporting systems to ensure compliance, as well as our
ability to attract and retain qualified compliance personnel. We could be subject to disciplinary or other actions in the future due to
claimed non-compliance, including, without limitation, as it relates to obtaining necessary registrations, permits, licenses, and/or other
authorizations in a jurisdiction, or maintaining the minimum regulatory capital, which could have a material adverse effect on our business,
financial condition, and results of operations. Many of the government agencies and self-regulatory organizations that oversee our business
also engage in regular examinations of our business which may lead to identification of areas of our operations that are not in compliance
with regulatory requirements. Non-compliance with applicable laws or regulations, including, without limitation, as they relate to registration
with applicable legal authorities and the filing of required forms, notices, and other filings with applicable regulatory authorities,
could result in sanctions being levied against us, including fines and censures, suspension or expulsion from a certain jurisdiction or
market, or the revocation or limitation of licenses (or the imposition of a requirement to obtain licenses or permits).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we have implemented
policies and procedures designed to help monitor and ensure compliance with existing and new laws and regulations, there can be no assurance
that we and our employees, contractors, and agents will not violate or otherwise fail to comply with such laws and regulations. To the
extent that we or our employees, contractors, or agents are deemed or alleged to have violated or failed to comply with any laws or regulations,
including related interpretations, orders, determinations, directives, or guidance, we or they could be subject to civil, criminal, and
administrative fines, penalties, orders, and actions, including being required to suspend or terminate the offering of certain products
and services. Consequently, non-compliance with applicable laws or regulations could adversely affect our reputation, prospects, revenues,
and earnings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we continue to operate
and to expand our services internationally, we must comply with the regulatory controls of each country in which we conduct, or intend
to conduct business, the requirements of which may not be clearly defined. The varying compliance requirements of these different jurisdictions,
which are often unclear and are subject to change and reinterpretation, may increase the compliance costs of our operations and make it
more difficult to further expand internationally. There can be no assurance that we will be able to comply with all applicable regulations
in a cost-effective and timely manner, or at all. In addition, changes in current laws or regulations or in governmental policies could
adversely affect our business, financial condition, and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The complexity and the evolution
of the regulatory and enforcement regimes that we may be subject to across the globe could result in a single event prompting a large
number of overlapping investigations and legal and regulatory proceedings by multiple government authorities in different jurisdictions.
Any of the foregoing could, individually or in the aggregate, harm our reputation, damage our brands and business, and adversely affect
our results of operations and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulatory environments that we
are subject to are constantly evolving, which may cause us to incur substantial costs or require us to change our business practices in
ways that are adverse to our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Over the past few decades,
the brokerage and investment industry has experienced meaningful technological innovations and developments, including the introduction
of electronic trading, order handling, decimal pricing, mobile internet, and other advances, which have given rise to industry reforms.
However, certain legal and regulatory regimes were adopted prior to the advent of the internet, mobile technologies, and related technologies.
Therefore, these legal and regulatory regimes, including the laws, rules, and regulations thereunder, may continue to evolve and may be
modified, interpreted, and applied in a manner to keep up with the industry developments and trends, and may take a while to formalize.
As a result, substantial costs, risks, and uncertainties may arise in relation to adapting to these regulatory changes. As the laws, rules,
and regulations applicable to broker-dealers and investment advisers that provide services to retail customers, which constitute substantially
all of our business, are becoming increasingly scrutinized, we may be required to change our current business practices in a materially
adverse manner to comply with the evolving laws, regulations, or other government or regulatory scrutiny and our introduction of new products
or services, our expansion into new lines of business, and our pursuit of other business opportunities or actions may also be restricted.
Adverse changes to, or our failure to comply with, any additional laws and regulations may have an adverse effect on our reputation and
brand and our business, operating results, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be involved in regulatory investigations,
actions, and settlements during our course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate in a highly regulated
industry, and scrutiny of our industry is expected to increase the regulatory risks applicable to us and make compliance with the applicable
laws, rules, and regulations more challenging. Furthermore, laws regulating financial services, the internet, mobile technologies, and
related technologies among various markets may impose different, more specific, or even conflicting obligations on us, as well as broader
liability. There have been a number of legal and regulatory examinations and investigations conducted by the SEC, FINRA, other federal
or state regulatory agencies, as well as non-U.S. regulatory bodies, arising out of certain business practices and the operations of other
market players in our industry, which have lead to lawsuits, arbitration claims, and enforcement proceedings, as well as other actions
and claims, and resulted in injunctions, fines, penalties, and monetary settlements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to routine
regulatory oversight, examinations, and inquiries by regulatory authorities as part of the ordinary course of our business. These have
in some instances led to, and might in the future lead to, enforcement proceedings, lawsuits, arbitration claims, as well as other actions
and claims, resulting in injunctions, fines, penalties, and monetary settlements. For example, in 2022 FINRA informed Webull Financial
that it had found instances of alleged non-compliance relating to its option trading approval process and our handling of customer complaints.
Specifically, FINRA alleged that beginning at the time Webull Financial first offered options trading in December 2019 through July 2021,
Webull Financial did not exercise reasonable due diligence before approving customers to trade options as flaws in its automated, electronic
system to approve or disapprove customer accounts for options trading &mdash; and Webull Financial&rsquo;s inadequate supervision of the
system &mdash; resulted in customers being approved for options trading authority who did not satisfy its eligibility criteria or whose
accounts contained red flags that options trading might not be appropriate for them. FINRA also claimed that from May 2018 through December
2021, Webull Financial&rsquo;s supervisory system, including its written supervisory procedures, was not reasonably designed to identify
and respond to customer complaints. Finally, FINRA alleged that from December 2019 through March 2021, Webull Financial did not maintain
and keep current an options complaint log. As a result, in February 2023, we signed a letter of acceptance, waiver, and consent and paid
a $3 million fine. In addition, in 2022 the Massachusetts Securities Division, or MSD, began examining Webull Financial for allegations
that it did not dedicate sufficient resources to compliance, leading Webull Financial to eventually settle with the MSD for $500,000.
Further, the SEC found that from October 2018 through December 2022 Webull Financial filed deficient suspicious activity reports, or SARs,
with the U.S. Department of the Treasury&rsquo;s Financial Crimes Enforcement Network, in that the SARs failed to include all of the required
details of the reported suspicious transactions that Webull Financial knew or should have known in the narrative of the SARs. Webull Financial
agreed to cease and desist the filing of deficient SARs and paid a fine of $125,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that we will not be subject to any material regulatory investigations, actions, or settlements in the future. These sorts of proceedings,
inquiries, examinations, investigations, and other regulatory matters might subject us to fines, penalties, and monetary settlements,
harm our reputation and brand, require substantial management attention, result in additional compliance requirements, result in certain
of our subsidiaries having their regulatory licenses or ability to conduct business in some jurisdictions (which could, among other things,
result in statutory disqualification by FINRA and the SEC) suspended or revoked, increase regulatory scrutiny of our business, restrict
our operations or require us to change our business practices, require changes to our products and services, require changes in personnel
or management, delay planned product or service launches or development, limit our ability to acquire other complementary businesses and
technologies, or lead to the suspension or expulsion of our broker-dealer or other regulated subsidiaries or their officers or employees.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to obtain or maintain
all necessary licenses, permits, and approvals and to make all necessary registrations and filings for our business activities in multiple
jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities and derivatives
business is heavily regulated, and requires certain regulatory licenses, permits, filings, and approvals to conduct and develop business.
Currently, we have obtained broker-dealer licenses, approvals or registrations in the United States, Canada, Hong Kong, Singapore, Indonesia,
Australia, Japan, the United Kingdom, South Africa, and the Netherlands, and are in the process of securing the licenses required to commence
operations in additional markets in Latin America. For a detailed description of the licenses obtained for our business, see &ldquo;<I>Business
&mdash; Risk Management &mdash; Our Licenses and Applicable Jurisdictions</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we generally ensure
we have the requisite licenses in a new market before onboarding customers, rules relating to solicitation of customers by foreign registered
broker-dealers are sometimes unclear and subject to interpretation, therefore regulators in some jurisdictions in which we have customers
but do not have locally registered broker-dealer licenses may determine that we lack the necessary registrations, licenses, permits, or
other authorizations in order to avail our platform to those customers, which could result in fines, censures, or other penalties, including
expulsion from that jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to the uncertainties of
interpretation and implementation of existing and future laws and regulations, regulators may determine that the licenses we hold may
not be sufficient to meet the regulatory requirements of the business we conduct or otherwise plan to conduct, which may restrain our
ability to expand our business scope and subject us to fines or other regulatory actions by relevant regulators. As we further develop
and expand our business, we will likely need to obtain additional qualifications, permits, filings, approvals, or licenses. Moreover,
we may be required to obtain additional licenses or approvals for our existing business if the regulatory authorities adopt more stringent
policies or regulations for our industry.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, to expand our
business scope and explore innovative business models, we have adopted and will continue to adopt various operating strategies and measures.
Due to the uncertainties of interpretation and application of pertinent laws by government authorities, we cannot guarantee that such
strategies and measures will not be challenged under laws and regulations in the jurisdictions where we conduct our business. If so, relevant
regulatory authorities may issue warnings, order us to rectify our non-compliant operations and impose fines on us. In the case of serious
violations as determined by relevant authorities at their discretion, they may ban the relevant operations, seize our equipment in connection
with such operations, impose fines, or revoke our licenses, which may materially and adversely affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus,
we have not been subject to any material penalties from any relevant regulatory authorities for failure to obtain any regulatory licenses
for our business operations in the past. The lack of material fines and other penalties is not a guarantee that we have obtained all required
licenses, registrations or other authorizations in each jurisdiction in which we conduct our business. Further, we cannot assure you that
U.S. federal, state, and local and foreign regulatory agencies will not impose such penalties on us in the future. In addition, we may
be required to obtain additional licenses or permits, and we cannot assure you that we will be able to timely obtain, maintain, or renew
all required licenses or permits or make all necessary filings in the future. If we fail to obtain, hold, or maintain any of the required
licenses or permits or make the necessary filings on time or at all, we may be subject to various penalties, such as confiscation of the
revenues that were generated through the unlicensed activities, the imposition of fines, and the discontinuation or restriction of our
operations. Any such penalties may disrupt our business operations and materially and adversely affect our business, financial condition,
and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have been in the past and may continue
to be subject to complaints, claims, controversies, regulatory actions, and legal proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been and may continue
to be subject to or involved in various complaints, claims, controversies, regulatory actions, arbitrations and legal proceedings. Complaints,
claims, arbitration, lawsuits, litigation, and government and regulatory investigations, inquiries, actions or requests are common in
our industry, and subject to inherent uncertainties, and existing or new claims against us may develop into lawsuits or regulatory penalties
and other disciplinary actions. We have devoted considerable time and resources to dealing these issues in the past and may have to do
so from time to time in the future. Lawsuits, litigation, arbitration and regulatory actions may cause us to incur substantial costs or
fines, utilize a significant portion of our resources and divert management&rsquo;s attention from our day-to-day operations, materially
modify or suspend our business operations, or delay planned transactions, product launches or improvements, and may result in additional
compliance and licensure requirements, loss or non-renewal of existing licenses or authorizations, prohibition from or delays in obtaining
additional licenses or authorizations required for our business, and/or barring or termination of certain employees, any of which could
materially and adversely affect our financial condition, results of operations, business prospects, brand, and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Defending against litigation,
investigations, inquiries, or other claims is costly and can impose a significant burden on our management and employees, and there can
be no assurance that favorable final outcomes will be obtained in all cases. Settlements of such claims can also be costly. In addition,
there can be no assurance that we will be successful in the claims we pursue against other parties. Any resulting liability, losses or
expenses, or changes required to our businesses to reduce the risk of future liability may have a material adverse effect on our business,
financial condition, and prospects. An adverse outcome of a single claim against us in one jurisdiction may result in significant negative
publicity and heightened scrutiny by regulators and courts of our business operations in other jurisdictions, or potential penalties or
other regulatory actions against us. Any of such outcomes may cause significant disruptions to our operations and materially and adversely
affect our results of operations and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may become subject to regulatory
scrutiny relating to digital engagement practices or predictive data analytics in the future, which may require us to make significant
changes to our business model and practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 14, 2021, the SEC
issued the &ldquo;Staff Report on Equity and Options Market Structure Conditions in Early 2021.&rdquo; In its report, the SEC concluded
that &ldquo;consideration should be given to whether game-like features and celebratory animations that are likely intended to create
positive feedback from trading lead investors to trade more than they would otherwise,&rdquo; and that &ldquo;payment for order flow and
the incentives it creates may cause broker-dealers to find novel ways to increase customer trading, including through the use of digital
engagement practices.&rdquo; Additionally, on August 27, 2021, the SEC issued a request for information and comments on broker-dealer
and investment adviser digital engagement practices, or the DEPs, related tools and methods, regulatory considerations, and potential
approaches. In the SEC&rsquo;s request, DEPs referred to behavioral prompts, differential marketing, game-like features (commonly referred
to as gamification), and other design elements or features designed to engage with retail investors on digital platforms. In its request,
the SEC noted that certain practices, such as PFOF, in combination with zero commissions, create incentives for firms to use DEPs to encourage
frequent trading, and that these incentives may not be transparent to retail investors. The SEC noted that DEPs can potentially harm retail
investors if they prompt them to engage in trading activities that may not be consistent with their investment goals or risk tolerance.
Previously, on May 6, 2021, in testimony to the House Committee on Financial Services, Former Chair Gensler also discussed the use of
mobile app features such as rewards, bonuses, push notifications, and other prompts. On July 26, 2023, the SEC proposed new rules that
would impose new obligations on registered broker-dealers and investment advisers with respect to their use of certain covered technologies
when interacting with investors. If adopted as proposed, the new rules proposed in July 2023 may require us to modify, limit, or discontinue
our use of certain technologies and product features and could significantly change the way that we interact with existing and prospective
customers, which may adversely impact our business and revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any regulatory initiatives
that result from the information submitted in response to the request for comment could adversely affect our business, operating results,
and financial condition. For example, the SEC or another relevant governmental agency may impose limitations on social networking tools
and other digital engagement practices in the future. Although we have not designed our platform to encourage our users to trade more
frequently, invest in particular securities, or change their investment strategies, we cannot guarantee you that certain features on our
platform, such as the social features of the Webull Community, simulated trading competitions, use of push mobile notifications, or rewards
for using our investment education resources, will not be viewed as digital engagement practices or subjected to increased scrutiny in
the future.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to regulatory capital
requirements set by local securities regulatory authorities and agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Stringent rules with respect
to the maintenance of specific levels of net capital by broker-dealers or investment advisory firms have been adopted by many regulatory
authorities and agencies. Our business operations may cause us and our subsidiaries to be subject to regulatory capital requirements set
by local regulatory authorities and agencies. For a detailed description of the regulatory capital requirements that our operating subsidiaries
are subject to, see &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations &mdash; Liquidity
and Capital Resources &mdash; Regulatory capital requirements</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we currently are
in compliance with all capital requirements set by all applicable regulatory authorities. However, if we fail to remain in compliance
with such capital adequacy requirements, or a regulator takes an adverse action against us or our affiliates as a result of historical
non-compliance, we could be forced to suspend our business operations until such time as we have injected enough capital to comply with
applicable rules and regulations or otherwise be subject to censures, fines or other sanctions. Additionally, the regulators could suspend
or revoke our registration, expel us from membership, or impose censures, fines, or other sanctions. If the net capital requirements are
changed or expanded, or if there is an unusually large charge against net capital, then our operations that require capital could be limited.
A large operating loss or charge against net capital could have a material adverse effect on our ability to maintain or expand our business.
Further, we may from time to time incur indebtedness and other obligations which could make it more difficult to meet these capitalization
requirements or any additional regulatory requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Attracting, Retaining and Engaging Customers</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be unable to retain existing
customers or attract new customers, or fail to offer a positive trading experience to our customers and address their needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide comprehensive digital
trading and investing services and derive substantially all of our revenues from such services. Maintaining growth momentum of our platform
depends on retaining existing customers and attracting new customers. If there is insufficient demand for our products and services, we
might not be able to maintain and increase our trading volume and revenues as we expect, and our business and results of operations may
be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our success depends largely
on our ability to attract new customers and retain existing customers. Although we have been able to develop a large and growing customer
base, to continue doing so we must attract new customers by continuing to build our brand and reputation as a convenient and reliable
digital investment platform, as well as effectively market and precisely target our products and services to prospective users. To retain
and engage our user base, we must provide a superior trading and investing experience, offer quality services, introduce effective trading
and investment tools, develop engaging and informative platform features, and build and manage an active user community.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers may not continue
to place trading orders or increase the level of their trading activities on our platform if we fail to deliver satisfactory services
and experience. Failure to deliver services in a timely manner with satisfactory experience could cause our customers to lose confidence
in us and use our platform less frequently or even stop using our platform altogether, which in turn could materially and adversely affect
our business. Even if we are able to provide high-quality and satisfactory services on our platform in a timely manner, we cannot assure
you that we will be able to retain existing customers and increase trading volume when faced with events out of our control, such as changes
to our customers&rsquo; personal financial situations or the deterioration of capital markets conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we may not be
able to retain our existing customers or attract new customers in a cost-effective manner. Historically, we incurred significant expenditures
in marketing and branding expenses. However, there can be no assurance that these efforts will yield satisfactory results in retaining
our existing customers or attracting new customers. We cannot assure you that we will be able to maintain or grow our customer base in
a cost-effective way, and failure to do so may cause our business, financial condition, and results of operations to be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, to the extent any
regulatory body determines that our methods of marketing (including the use of testimonials or other endorsements of third parties) and/or
encouraging engagement on our platform (including through the provision of free stocks) violate any law, rule, or regulation, we expect
that our marketing efforts and/or the level of trading activities on our platform may be adversely affected and we may be subject to fines,
censures, or other regulatory actions in such jurisdictions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Webull Affiliate Program exposes
us to regulatory scrutiny while our control over the participants and the content that they post about us is limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Affiliate Programs
are part of a marketing strategy under which certain of our subsidiaries establish relationships with content creators who use social
media to promote the Webull platform and are compensated for referring new customers to open brokerage accounts. Our subsidiaries take
steps to ensure that the affiliate program complies with applicable laws and regulations, including by (i) conducting due diligence on
prospective participants, (ii) requiring approved participants to comply with specified policies and standards of conduct, as well as
to adhere to all applicable laws and regulations, and (iii) monitoring participants&rsquo; social media for compliance on an ongoing basis.
However, such steps may not be sufficient to prevent or significantly mitigate all risks associated with these program. Due diligence
on prospective participants is limited to their currently available, public, identifiable and disclosed social media accounts and information
that they provide to our subsidiaries, and may not take into account private social media accounts or unidentified accounts associated
with prospective participants or private content and messages. Additionally, while our subsidiaries monitor affiliate marketing program
participants&rsquo; social media, certain participants&rsquo; posts and communications may not be subject to pre-approval, and may contain
content which violates the policies and standards they agree to with us or other laws or regulations. There can be no assurance that participants
in our affiliate marketing programs will comply with all applicable laws and regulations, as required by the terms of the programs, or
that the operation of affiliate marketing programs will not result in adverse consequences to our subsidiaries that run the programs,
including investigations, regulatory enforcement actions, fines or other penalties. Further, the regulatory landscape surrounding digital
marketing, including affiliate marketing programs, is evolving, with governments and regulatory bodies increasingly scrutinizing online
advertising practices. Changes in regulations or interpretations thereof could require costly adjustments to our program, such as compliance
measures or alterations to our affiliate agreements.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We cannot guarantee the profitability
of our customers&rsquo; investments or ensure that our customers will exercise rational judgment with respect to their investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot guarantee the profitability
of the trades and investments made by customers on our platform. Substantially all of the trades on our platform are self-directed by
our customers and the profitability of our customers&rsquo; investments is directly affected by elements beyond our control, such as changes
in price and market liquidity, economic conditions, and broad trends in business and finance. We have created a social community to facilitate
the learning and sharing of financial and market information. Although these materials and commentaries contain prominent disclaimers,
our customers may seek to hold us responsible when they use such information to make trading decisions and suffer financial loss on their
trades, or if their trades are not as profitable as they had expected. Furthermore, it is possible that some customers could solely rely
on certain predictive statements made by other customers on our platform, ignoring our alert warnings that customers should make their
own investment judgments and should not predict future performance based on historical results. As a result, our customers&rsquo; trading
loss may affect our transaction volumes and revenues as customers decide to reduce trading activities. In addition, some customers who
have suffered substantial losses on our platform may blame our platform, attempt to harm our reputation, seek to recover damages from
us or bring lawsuits against us.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may fail to respond or adapt to
the rapidly evolving needs of our customers in a timely and cost-effective manner, or our new product and service offerings may not achieve
sufficient market acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we provide services in
markets that are characterized by rapid technological change, evolving industry standards, frequent new service introductions, and increasing
demand for higher levels of customer experience, we seek to stay abreast of the needs and preferences of our customers to serve their
evolving trading needs and investment demands and keep up with any technological innovations and developments. We believe our ability
to anticipate and identify the evolving needs of our users and customers and develop and introduce new service offerings to address such
needs will be a significant factor in maintaining or improving our competitive position and prospects for growth. We may also have to
incur substantial unanticipated costs to develop and deliver these service offerings, and we cannot assure you that we can obtain financing
to cover such expenditure. See <I>&ldquo;&mdash; Risks Relating to Our Business &mdash; We may not be able to obtain additional capital
when desired, on favorable terms or at all</I>.&rdquo; Our success will also depend on our ability to develop and introduce new services
and enhance existing services for our users and customers in a timely manner. Even if we introduce new and enhanced services to the market,
they may not achieve market acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we fail to offer services
that cater to our customers&rsquo; evolving investment and trading needs as well as technological innovations and developments, we may
not be able to maintain and continue to grow the trading volume on our platform, and our business and results of operations may be adversely
affected. In recent years, we have expanded our service offerings for our users and customers from information and digital trading services
to wealth management services, as well as other ancillary tools and functions, and we may expand to new service offerings in the future.
However, we may have limited experience with these new service offerings, and expansion into new service offerings may involve new risks
and challenges that we may not have experienced before. We cannot assure you that we will be able to overcome such new risks and challenges
and make our new service offerings successful. Initial timetables for the introduction and development of new service offerings may not
be achieved and profitability targets may not prove feasible. External factors, such as compliance with regulations, competition, and
shifting market preferences, may also impact the successful implementation of our new service offerings. Our personnel and technology
systems may fail to adapt to the changes in such new areas or we may fail to effectively integrate new services into our existing operation.
We may lack experience in managing our new service offerings. In addition, we may be unable to compete effectively due to different competitive
landscapes in these new areas. Even if we expand our businesses into new areas, the expansion may not yield intended profitable results.
Furthermore, any new service offerings could have a significant impact on the effectiveness of our internal control system. Failure to
successfully manage these risks in the development and implementation of new service offerings could have a material adverse effect on
our business, results of operations, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disputes with our customers could
adversely impact our brand and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we have
been, and may in the future be, subject to claims and disputes with our customers with respect to our products and services, such as regarding
the execution and settlement of trades, fraudulent or unauthorized transactions, account takeovers, deposits and withdrawals of assets,
failures or malfunctions of our systems and services, or other issues relating to our products services. Additionally, the ingenuity of
criminal fraudsters, combined with many consumers&rsquo; susceptibility to fraud, may cause our customers to be subject to ongoing unauthorized
account access and identity fraud issues. While we have taken measures to detect and reduce the risk of fraud, there is no guarantee that
they will be successful and, in any case, they require continuous improvement and optimization to be effective. There can be no guarantee
that we will be successful in preventing and resolving these disputes or defending ourselves in any of these matters, and any failure
may result in impaired relationships with our customers, damage to our brand and reputation, and substantial fines and damages. In some
cases, the measures we have implemented to detect and deter fraud have led to poor customer experiences, including indefinite account
inaccessibility for some of our customers, which increases our customer support costs and can compound damages. We could incur significant
costs in compensating our customers, such as if a transaction was unauthorized, erroneous, or fraudulent. We could also incur significant
legal expenses resolving and defending claims, even those without merit. To the extent we are found to have failed to fulfill our regulatory
obligations, we could also lose our authorizations or licenses or become subject to conditions that could make future operations more
costly, impair our ability to grow, and adversely impact our operating results. We may in the future become subject to investigation and
enforcement action by state, federal, and international consumer protection agencies, which monitor customer complaints against us and,
from time to time, escalate matters for investigation and potential enforcement against us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While certain of our customer
agreements contain arbitration provisions with class action waiver provisions that may limit our exposure to consumer class action litigation,
some federal, state, and foreign courts have refused to enforce one or more of these provisions, and there can be no assurance that we
will be successful in enforcing these arbitration provisions, including the class action waiver provisions, in the future or in any given
case. Legislative, administrative, or regulatory developments may directly or indirectly prohibit or limit the use of pre-dispute arbitration
clauses and class action waiver provisions. Any such prohibitions or limitations on or discontinuation of the use of such arbitration
or class action waiver provisions could subject us to additional lawsuits, including additional consumer class action litigation, and
significantly limit our ability to avoid exposure from consumer class action litigation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Platform, Systems and Technology</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our platform and internal systems
rely on software and applications that are highly technical and may contain undetected errors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our platform and internal
systems rely on software and applications that are highly technical and complex. In addition, our platform and internal systems depend
on the ability of the software and applications to store, retrieve, process, and manage immense amounts of data. The software and applications
on which we rely have contained, and may now or in the future contain, undetected errors or bugs. Some errors may only be discovered after
the code has been released for external or internal use. Driven by the evolvement of our product and service offerings, our platform,
internal systems, and software and applications are becoming more and more complex and the possibility of having undetected errors or
bugs may increase as a result, which in turn may expose us to greater uncertainties and risks and make higher demands for our technical
capabilities. Errors or other design defects within the software and applications on which we rely may result in a negative experience
for users and customers, delay the introduction of new features or enhancements, result in trade execution errors, or compromise our ability
to protect customer data or our intellectual property. Any errors, bugs or defects discovered in the software and applications on which
we rely could result in harm to our reputation, loss of users or financial service providers, significant expenses, or liability for damages,
any of which could adversely affect our business, results of operations, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An increase in volume on the systems
we use or other errors or events could cause them to malfunction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trade orders to buy or
sell securities or invest in other investment products that we offer are received and processed electronically. This method of trading
is heavily dependent on the integrity of the electronic systems supporting it. Heavy stress placed on the systems we use during peak trading
times or in periods of increased market volatility could cause our systems to operate at unacceptably slow speeds or fail altogether.
Any significant degradation or failure of our systems or the systems of third parties involved in the trading process, even for a short
time, could cause customers to suffer delays in trading. In addition, systems errors, including as a result of human error or traffic
overload, could occur. These delays or errors could cause substantial losses for customers and subject us to claims from these customers
for losses or other regulatory penalties or other sanctions or increased settlement disbursements. There can be no assurance that our
network structure will operate appropriately in the event of a subsystem, component or software failure or error. Furthermore, we cannot
assure you that we will be able to prevent an extended systems failure in the event of a power or telecommunications failure, terrorist
attack, epidemic or pandemic, fire, or any natural disaster. Any systems failure that causes interruptions in our operations could have
a material adverse effect on our business, financial condition, and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may experience unexpected network
interruptions, security breaches, or computer virus attacks and failures in our information technology systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our information technology
systems support all phases of our operations and are an essential part of our technology infrastructure. If our systems fail to perform,
we could experience disruptions in operations, slower response times, or decreased customer satisfaction. We must process, record, and
monitor a large number of transactions and our operations are highly dependent on the integrity of our technology systems and our ability
to make timely enhancements and additions to our systems. System interruptions, errors, or downtime can result from a variety of causes,
including unexpected interruptions to the internet infrastructure, technological failures, changes to our systems, changes in customer
usage patterns, linkages with third-party systems, and power failures. Our systems are also vulnerable to disruptions from human error,
execution errors, errors in models such as those used for risk management and compliance, employee misconduct, unauthorized trading, external
fraud, computer viruses, distributed denial of service attacks, or cyberattacks, terrorist attacks, natural disasters, power outages,
capacity constraints, software flaws, events impacting our key business partners and vendors, and other similar events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cloud-based business depends
on the performance and reliability of the cloud infrastructure. We currently host our platform and support our operations on data centers
provided by Amazon Web Services, or AWS, a third-party provider of cloud infrastructure services. We cannot assure you that the cloud
infrastructure we depend on will remain sufficiently reliable for our needs. Any failure to maintain the performance, reliability, security,
or availability of our cloud network infrastructure may cause significant damage to our ability to attract and retain users and customers.
Major risks involving our cloud network infrastructure include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="background-color: white">breakdowns or system failures resulting in a prolonged shutdown
of our servers;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify"><FONT STYLE="background-color: white">disruption or failure
in the national or regional backbone networks where our servers are located, which would make it impossible for users and customers to
access our online and mobile platforms;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify"><FONT STYLE="background-color: white">damage from natural disasters or other catastrophic events such
as typhoons, volcanic eruptions, earthquakes, floods, telecommunications failures, or other similar events; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify"><FONT STYLE="background-color: white">any infection by or spread of computer viruses or other system failures.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any network interruption or
inadequacy that causes interruptions in the availability of our online and mobile platforms or deterioration in the quality of access
to our online and mobile platforms could reduce user and customer satisfaction and result in a reduction in the activity level of our
users and customers as well as the number of customers making trading transactions on our platform. Furthermore, increases in the volume
of traffic on our online and mobile platforms could strain the capacity of our existing computer systems and bandwidth, which could lead
to slower response times or system failures. This could cause a disruption or suspension in our service delivery, which could hurt our
brand and reputation. We may need to incur additional costs to upgrade our technology infrastructure and computer systems in order to
accommodate increased demand if we anticipate that our systems cannot handle higher volumes of traffic and transactions in the future.
Implementation of new systems and technologies is complex, expensive, and time consuming, and may not be successful. If we fail to timely
and successfully implement new information systems and technologies, or make improvements or upgrades to existing information systems
and technologies, or if such systems and technologies do not operate as intended, it could have an adverse impact on our business, internal
controls (including internal controls over financial reporting), operating results, and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, it could take
an extended period of time to restore full functionality to our technology or other operating systems in the event of an unforeseen occurrence,
which could affect our ability to process customer transactions. A prolonged interruption in the availability or reduction in the availability,
speed, or functionality of our products and services could harm our business. Frequent or persistent interruptions in our services could
cause current or potential customers or partners to believe that our systems are unreliable, leading them to switch to our competitors
or to avoid or reduce the use of our products and services, and could permanently harm our reputation and brand. Moreover, to the extent
that any system failure or similar event results in damages to our customers, these customers could seek significant compensation or contractual
penalties from us for their losses, and those claims, even if unsuccessful, would likely be time-consuming and costly for us to address.
Problems with the reliability or security of our systems could harm our reputation, and damage to our reputation and the cost of remedying
these problems could negatively affect our business, operating results, and financial condition. Frequent or persistent interruptions
could also lead to regulatory scrutiny, significant fines and penalties, and mandatory and costly changes to our business practices, or
prevent or delay us from obtaining future licenses that may be required for our business. Despite our efforts to identify areas of risk,
oversee operational areas involving risks, and implement policies and procedures designed to manage these risks, there can be no assurance
that we will not suffer unexpected losses, reputational damage, or regulatory actions due to technology or other operational failures
or errors, including those of our vendors or other third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we have developed
systems and processes designed to protect the data we manage, prevent data loss and other security breaches, and effectively respond to
known and potential risks, and we expect to continue to expend significant resources to bolster these protections, there can be no assurance
that these security measures will provide absolute security or prevent breaches or attacks. We cannot assure you that there will not be
any material breaches of our security measures due to human error, system errors or vulnerabilities, or other irregularities. Unauthorized
parties have attempted, and we expect that they will continue to attempt, to gain access to our systems and facilities, as well as those
of our customers, partners, and external service providers, through various means including hacking, social engineering, phishing, and
attempting to fraudulently induce individuals (including employees, service providers, and our customers) into disclosing usernames, passwords,
or other sensitive information, which may in turn be used to access our information technology systems and customers&rsquo; assets. Threats
can come from a variety of sources, including criminal hackers, industrial espionage, and insiders. Certain attackers may be supported
by significant financial and technological resources, making them even more sophisticated and difficult to detect. As a result, our costs
and the resources we devote to protecting against these advanced threats and their consequences may continue to increase over time.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The development and use of artificial
intelligence (AI) presents risks and potential challenges to our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Integrating artificial intelligence
(AI) into our products and processes offers promising opportunities but also presents risks that require careful management. Currently,
we apply AI technologies, including machine learning, in limited areas, such as enhancing in-app support efficiency and fraud detection.
However, we plan to expand AI&rsquo;s use across more facets of our business. While these developments can strengthen our competitive
edge, they also introduce a range of business, compliance, and reputational risks that could negatively affect our operations. The rapid
evolution and expected adoption of AI technology, especially in the fintech industry, means we must constantly update our systems to stay
competitive. If we cannot keep pace with these advancements, we risk losing market share and having a negative impact on our business
performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generative AI, one of the
newer and more complex forms of AI, brings unique challenges. This technology has received significant media attention and regulatory
scrutiny due to its ability to produce content that may seem correct but can be factually inaccurate, misleading, or biased. Such unintended
results could not only dissatisfy customers but also harm our reputation and expose us to potential liability. Furthermore, the legal
and regulatory landscape for AI is developing quickly, both in the U.S. and internationally, affecting not only AI-specific regulations
but also intersecting with laws in intellectual property, privacy, consumer protection, and employment. As AI-related regulations evolve,
we may face increased compliance costs and additional non-compliance risks, which could limit our ability to use and deploy AI technologies
effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our use of AI models developed
by third parties, some of which involve open-source software and external data, presents additional challenges. If we are unable to secure
rights to use these third-party AI technologies on commercially viable terms, we may need to acquire or develop alternative solutions,
which could delay our ability to offer competitive products and raise our operational costs. Additionally, reliance on third-party data
in these models could expose us to data rights and protection risks, as we may have limited insight into how third parties train and develop
their models. This dependency could expose us to liabilities if unauthorized or infringing materials are included in their training data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finally, our historical success
has been largely attributed to our proprietary technology, which we believe gives us a competitive advantage. However, if similar technologies
become more accessible to current or future competitors, or if competitors use AI to develop superior solutions, we may need to invest
significantly in new technology to maintain our edge. In a market characterized by rapidly evolving technology and industry standards,
it will be essential to continue innovating, developing, and protecting our technologies to safeguard our business performance and financial
stability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fraudulent or illegal activities on
our platform could negatively impact our brand and reputation and cause financial loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented stringent
internal control policies, insider trading, anti-money laundering, and other anti-fraud rules and mechanisms on our platform. Nevertheless,
we remain subject to the risk of fraudulent or illegal activities both on our platform and associated with our users and customers, business
partners, and third parties handling user and customer information. Our resources, technologies, and fraud detection tools may be insufficient
to accurately and timely detect and prevent all fraudulent or illegal activities. Significant increases in fraudulent or illegal activities
could negatively impact our brand and reputation, reduce the trading volume on our platform, and therefore harm our operating and financial
results. The use of our platform for illegal or improper purposes could subject us to claims, individual and class action lawsuits, and
government and regulatory investigations, prosecutions, enforcement actions, inquiries, or requests that could result in liability and
reputational harm for us. Any misbehavior or violation of applicable laws and regulations by our customers could lead to regulatory inquiries
and investigations that involve us, which may affect our business operations and prospects. We might also incur higher costs than expected
in order to take additional steps to reduce risks related to fraudulent and illegal activities. High-profile fraudulent or illegal activities
could also lead to regulatory investigation and may divert our management&rsquo;s attention and cause us to incur additional regulatory
and litigation expenses and costs. In addition, we could suffer serious harm to our reputation, financial condition, customer relationships,
and ability to attract new customers and even be subject to regulatory sanctions and significant legal liability, if any of our employees
engage in illegal or suspicious activities or other misconduct. Although we have not experienced any material business or reputational
harm as a result of fraudulent or illegal activities in the past, we cannot rule out the possibility that any of the foregoing may occur,
causing harm to our business or reputation in the future. If any of the foregoing were to occur, our results of operations and financial
condition could be materially and adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a number of external service
providers for certain key market information and data, technology, processing and supporting functions, and any interruptions in services
provided by these external service providers may impair our ability to support our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on a number of external
service providers for certain key market information and data, technology, processing and supporting functions. Furthermore, external
content providers provide us with financial information, market news, charts, option and stock quotes, and other fundamental data that
we offer to our customers and users. Particularly, we have contracted with a number of major financial market data providers, including
Refinitiv, Nasdaq, Hong Kong Exchange, Toronto Exchange, and EuroNext, among others, to allow our customers to access real-time market
information data which is essential for our customers to make their investment decisions and take actions. These service providers face
technical, operational, and security risks of their own. These external service providers may be subject to financial, legal, regulatory,
and labor issues, cybersecurity incidents, break-ins, computer viruses, denial-of-service attacks, sabotage, acts of vandalism, privacy
breaches, service terminations, disruptions, interruptions, and other misconduct. They are also vulnerable to damage or interruption from
human error, power loss, telecommunications failures, fires, floods, earthquakes, hurricanes, tornadoes, pandemics, and similar events.
Any significant failures by them, including improper use or disclosure of our confidential customer, employee, or company information,
could interrupt our business, cause us to incur losses and harm our reputation. Any failure of such information providers to update or
deliver the data in a timely and accurate manner as provided in our agreements with them could lead to potential losses for our customers,
which would in turn affect our business operations and reputation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An interruption in or the
cessation of service by any external service provider as a result of system failures, capacity constraints, financial constraints or problems,
unanticipated trading market closures or for any other reason and our inability to make alternative arrangements in a smooth and timely
manner, if at all, could have a material adverse effect on our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, these service
providers may breach their agreements with us, disagree with our interpretation of contract terms or applicable laws and regulations,
refuse to continue or renew their agreements on commercially reasonable terms or at all, fail or refuse to provide services adequately,
take actions that degrade the functionality of our services, impose additional costs or requirements on us or our customers, or give preferential
treatment to competitors. Further, disputes might arise out of or in connection with the agreements regarding our or the service providers&rsquo;
performance of the obligations thereunder. To the extent that any service provider disagrees with us on the quality of the products or
services, terms and conditions of the payment or other provisions of such agreements, we may face claims, disputes, litigations or other
proceedings initiated by such service provider against us. We may incur substantial expenses and require significant attention of management
in defending against these claims, regardless of their merit. We could also face damages to our reputation as a result of such claims,
and our business, financial condition, results of operations and prospects could be materially and adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on mobile application distribution
channels to make our mobile application accessible to customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on third-party mobile
application distribution channels such as iOS App Store, various Android App Stores and other channels to distribute our mobile application
to users. We expect a substantial number of downloads of our mobile apps will continue to come from these distribution channels. As such,
the promotion, distribution and operation of our applications are subject to such distribution platforms&rsquo; standard terms and policies
for application developers, which are subject to the interpretation of, and frequent changes by, these distribution channels. If the iOS
App Store or any other major distribution channels interpret or change their standard terms and conditions in a manner that is detrimental
to us, or terminate their existing relationship with us, or change their economic relationship with us, our business, financial condition,
and results of operations may be materially and adversely affected. There can be no guarantee that third-party platforms will continue
to support our product offerings, or that customers will be able to continue to use our products.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on various third-party vendors
and service providers to provide integral services related to our business and our supervision of such third parties may be subject to
regulatory scrutiny.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on certain third parties
to provide services that are integral to the proper operation of our business and provision of uninterrupted services to our customers.
To the extent any of these third-party service providers suffers an interruption or failure of its systems or otherwise fails to provide
its respective services in a manner adequate to satisfy the needs of ours and our customers and satisfy applicable legal and regulatory
requirements, our business operations could be materially and adversely impacted. Further, certain regulators, including FINRA, have indicated
that, while a broker-dealer may delegate certain functions to third parties, it remains ultimately responsible for the proper execution
of such services and must maintain and implement supervisory procedures that are reasonably designed to ensure such services are being
provided in a manner that complies with applicable legal and regulatory requirements. If one of our third-party service providers suffers
an interruption or failure of its systems or otherwise fails to provide its services in accordance with applicable legal and regulatory
requirements, we may not be able to find alternative or replacement vendors or service providers in a timely manner or on favorable terms,
and we could be found to have failed to satisfy our duty of supervision. Any such finding could result in fines, censures, or other enforcement
actions from the applicable regulatory authority and could materially and adversely impact our business operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may be held liable for information
or content displayed on, retrieved from or linked to our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We embed social media tools
and user-generated content into our platform to create an active community of investors, companies, analysts, the media, and opinion leaders,
also known as our Webull Community. Our Webull Community complements the investing tools, education, market data, and research we provide
and drives customer education, engagement, and retention. Because we may not have timely or sufficient control over the activities conducted
within our Webull Community, our platform may be misused by others to engage in illegal or inappropriate activities, or other activities
that require permits, licenses or approval from governmental authorities. If any illegal, inappropriate or unauthorized activities are
found on or linked to our platform, we as the service provider may be held liable for such activities under applicable laws and regulations.
The government may impose other legal sanctions against us, including, in serious cases, suspending our Webull Community platform or revoking
the licenses needed to operate our platform.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Our Products and Services</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our PFOF practices may potentially
create a misalignment of interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Registered broker-dealers
are subject to &ldquo;best execution&rdquo; requirements under the applicable regulatory regime, which require them to obtain the best
reasonably available terms for customer orders. Pursuant to such requirements, broker-dealers should use reasonable diligence so that
the price to the customer is as favorable as possible under prevailing market conditions, taking into account, among other things, the
character of the market for the security, the size and type of the transaction, the number of markets checked, accessibility of quotations
and the terms and conditions of the order as communicated by the broker-dealer&rsquo;s customer. Although a broker-dealer is not required
to examine every customer order individually for compliance with its duty of best execution, it must undertake regular and rigorous reviews
of the quality of its customer order executions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">PFOF practices may give rise
to potential misalignment of interests between a broker and its customers in terms of best execution, as the brokers may be incentivized
to route customer orders to the highest bidder rather than to the market makers or trading venues offering the best prices and fastest
execution. We have implemented a series of conflict management procedures and arrangements to ensure that our PFOF practices do not damage
the interests of our customers, taking into account our overall duty to act in the best interests of our customers and our duty to achieve
the best possible result when executing orders for our customers. For example, we maintain the same PFOF rates for all our wholesale market
makers, so they compete only on execution quality. In addition, the quality of our order execution may be negatively impacted by the fact
that we rely on a limited number of market makers and liquidity providers to execute orders. Reliance on a limited number of market makers
and liquidity providers may reduce competition for orders, which in turn may adversely affect order execution quality. Also, our payment
arrangements with market makers and liquidity providers are not contingent on us allocating to them minimum order flow volumes or other
similar requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been subject to examinations
by regulatory authorities, including the SEC, regarding our best execution and PFOF practices with respect to whether we had conducted
a regular and rigorous review of our execution quality to ensure we had fulfilled our duty to seek best execution. Such investigations
did not result in any material fines or penalties borne by us. However, there can be no assurance that we will not face additional investigations
in the future and we cannot guarantee that we will not face fines or penalties in the future in connection with allegations about our
best execution practices. If we fail to manage such potential misalignment of interests, our duty to provide best execution and execution
quality may be impaired and we may be subject to scrutiny and penalties by regulatory authorities, which may materially and adversely
affect our business prospects, financial position and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</p>

<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We rely on a limited number of market
makers and liquidity providers to generate a large portion of our revenues. A loss of any of those market makers or liquidity providers
could negatively affect our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on a limited number
of wholesale market makers and liquidity providers to generate a large portion of our revenues. During 2023 and 2024, 23.3% and 33.6%
of our consolidated revenue was from our top market maker and liquidity provider, respectively. See &ldquo;<I>Business &mdash; Business
Overview &mdash; Investing through the Webull Platform</I>&rdquo; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no assurance that
business relationships with our market makers or liquidity providers can be maintained in the future. Any interruption of the operations
of those market makers or liquidity providers, any failure on their part to accommodate our business growth, any termination or suspension
of our cooperation with those parties, any change of terms in our agreements, or the deterioration of relationship with them may materially
and adversely affect our results of operations. In the event that the key market makers and liquidity providers that we work with experience
any operational difficulties, including system breakdowns, security breaches, violation of applicable laws and regulations, labor strikes
or shortages, natural disasters, health epidemics, or other problems, such difficulties may cause significant interruption to our business
operations, as we may not be able to address such difficulties or find replacement market makers or liquidity providers in a timely or
cost-effective manner. We may have disputes with these business partners, which may result in litigation expenses, divert our management&rsquo;s
attention and cause us operational difficulties. In addition, we may not be able to renew contracts with these business partners or identify
or enter into new agreements with them for additional services or on favorable terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any failure of such market
makers or liquidity providers to perform effectively or efficiently may have a material negative impact on our business and results of
operations. In addition, market makers and liquidity providers may be required to maintain various approvals, licenses, and permits to
operate their business. There can be no assurance that they can maintain their requisite approvals, licenses, or permits applicable to
their business at all times or obtain such approvals, licenses, or permits at all. In the event that they are not in compliance with such
approvals, licenses, or permits requirements, they may not be able to rectify such incompliance in a timely manner or at all, which may
adversely affect the execution of the order flow we direct to them. As a result, our business, results of operations, and financial condition
may be materially and adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A substantial portion of our business
currently relies on collaboration with our clearing partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently rely on Apex
Clearing Corporation, or Apex Clearing, to hold the Webull brokerage accounts where certain of our customers&rsquo; funds and securities
are deposited and to settle and clear all stock and securities trades in the United States. Apex Clearing is indirectly owned by PEAK6
Investments LLC, which also owns 100% of the equity interests in PEAK6 Group LLC, which is a minority shareholder of Webull Corporation.
Our agreements with Apex Clearing are non-exclusive and do not prohibit it from working with our competitors or from offering competing
services. Apex Clearing currently provides execution and clearing services for other online brokerage platforms and other alternative
brokers, and it could decide to offer better terms to our competitors. In addition, our clearing partner may not perform as expected under
our agreements for a variety of reasons, including commercial decisions made at their own discretion, or they may be unable to accommodate
our projected growth in customer base, trading volume, and technological upgrades. We cannot assure you that trading will be available
or processed at all times during market hours. For example, on January 28, 2021, we had to halt purchases of stocks of GameStop, AMC,
and Koss Corporation on our platform for approximately one and a half hours because Apex Clearing halted purchases of these stocks on
their end. Some customers claimed that they suffered significant economic loss because of the halt and brought class action lawsuits against
us. There can be no assurance that similar incidents will not happen again. Also, the ability of Apex Clearing to manage and accurately
safeguard the funds and securities deposited in the Webull brokerage accounts requires a high level of internal controls. In the event
our clearing partner fails to perform as expected, our business operations and reputation may be materially and adversely affected. We
may in the future have disagreements or disputes with our clearing partner, which could negatively impact our working relationship with
it and in turn adversely impact our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the growth and
success of our margin financing business depends on the availability of adequate funding to meet our customer demand for loans on our
platform. In the United States, our fully disclosed margin accounts are funded by our clearing partner, for which we earn service fees.
To the extent there is insufficient funding from our clearing partner, the funds available for our margin financing business might be
limited and our ability to provide margin financing services to our customers to address their demand for loans would be adversely impacted.
If we cannot continue to maintain our relationship with our clearing partner and obtain adequate funding at reasonable costs, we may not
be able to continue to offer or grow our margin financing business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to margin fees
we earn from our clearing partner, we receive a portion of the interest income that our clearing partner earns on the uninvested cash
balances of our fully disclosed brokerage accounts and receive a portion of the fully paid lending fees our clearing partner earns on
our brokerage accounts that participate in our clearing partner&rsquo;s fully paid stock lending program. If we cannot continue to maintain
our relationship with our clearing partner, our interest related income could be negatively impacted. For the years ended December 31,
2023 and 2024, 32.2% and 16.2% of our total revenues were attributable to payments from our clearing partner for interest related income,
respectively. Beginning in 2023 and continuing through 2024, we have undertaken efforts to migrate our platform users&rsquo; brokerage
accounts from a fully disclosed basis to an omnibus basis with our clearing partner, which has reduced our reliance on our clearing partner
for margin financing and interest related income. If we cannot continue to migrate our platform users&rsquo; brokerage accounts to an
omnibus basis, then we may not be able to further lower our reliance on our clearing partner for margin funding and interest related income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our clearing partner is subject
to oversight by the SEC, FINRA, and other regulatory authorities in the United States and other jurisdictions and must comply with complex
rules, regulations, and licensing and examination requirements. Failure to comply with those rules and regulations as well as licensing
and examination requirements may subject our clearing partner to investigations, penalties, and legal proceedings, which may in turn materially
and adversely affect its performance. In the event that our clearing partner cannot perform as expected due to its own non-compliance
with applicable laws, rules, and regulations, which is beyond our control, our business, reputation, results of operations, and financial
condition may be materially and adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event we need to enter
into alternative arrangements with a different clearing partner to replace our existing arrangements, such transition may be time-consuming
and affect our users&rsquo; experience or, if our platform becomes inoperable, may result in our inability to facilitate trades through
our platform. We would also need to comply with applicable rules and regulations regarding execution and clearing services, which would
be costly and time-consuming.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We historically provided our customers
access to digital assets trading via our Webull App, which may subject us to risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We historically provided our
customers access to digital assets trading via our Webull App through a collaboration between Webull Pay LLC, a then wholly-owned subsidiary
of ours, and a third-party digital assets platform. In July 2023, we restructured to spin-off Webull Pay LLC, together with its digital
assets business, into a separate entity outside of the Webull Corporation group, of which Mr. Anquan Wang is the sole director. Pursuant
to the spin-off, we ceased providing customers with access to services relating to digital assets trading through our Webull App. As a
result, since July 2023, we have ceased to consolidate the financial results of Webull Pay LLC in our financial statements. The historical
financial results of Webull Pay LLC, to the extent applicable, are reflected in our consolidated financial statements as discontinued
operations. On July 11, 2025, Webull entered into a business combination agreement with Feather Sound II Inc., a direct wholly owned subsidiary
of Webull and Webull Pay Inc., the parent company of Webull Pay LLC, pursuant to which Webull Pay Inc. will merge with and into Feather
Sound II Inc., with Webull Pay Inc. surviving as a direct wholly owned subsidiary of Webull. For more information, see &ldquo;<i>Related
Party Transactions &mdash; Webull Pay Business Combination.</i>&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Digital assets laws, regulations
and accounting standards are often difficult to interpret and may continue to develop in ways that are difficult to predict. U.S. and
foreign regulators and governments have recently increasingly focused on the regulation of digital assets. Even though we have spun off
the digital assets business, there can be no assurance that our historical digital assets operation would not subject us to inquiry, investigation
or penalties, including such inquiries, investigations or penalties in relation to potential violations of state and/or federal securities
laws. The legal test for determining whether any given digital asset is a security is a highly complex, fact-driven analysis, and the
outcome is difficult to predict. The SEC staff has indicated that the determination of whether or not a digital asset is a security depends
on the characteristics and use of that particular asset. The SEC generally does not provide advance guidance or confirmation on the status
of any particular digital asset as a security. Occasionally, though the SEC and its staff have taken positions that certain digital asset
are &ldquo;securities&rdquo; &mdash; often in the context of enforcement actions &mdash; and it is possible that a federal or state court
may agree with a determination made by the SEC regarding the security status of any digital asset, including any digital assets that we
may have offered through our Webull App. While we believe the digital assets we historically offered were not securities, we cannot assure
you that future legislation, regulation or determination will not have an adverse effect upon us. For instance, any venue that brings
together purchasers and sellers of cryptocurrencies or other digital assets that are characterized as securities in the U.S. is generally
subject to registration as a national securities exchange, or must qualify for an exemption, such as by being operated by a registered
broker-dealer as an alternative trading system. If any of the digital assets we historically offered were subsequently determined to be
securities, we may be found to have violated applicable legislation or regulation due to a failure to comply with registration requirements
or to have operated as an unregistered securities exchange, broker, dealer, and clearing agency, and could be subject to judicial or administrative
sanctions, significant monetary penalties, censure or other actions that may have a material and adverse effect on us, including reputational
harm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, to the extent
we still need to comply with accounting standards in connection with our historical digital assets operations, the digital assets accounting
rules and regulations are complex and subject to interpretation by the Financial Accounting Standards Board, or FASB, the SEC and various
bodies formed to promulgate and interpret accounting principles. A change in these rules and regulations or interpretations could have
a significant effect on our reported financial results and financial position, and could even affect the reporting of transactions completed
before the announcement or effectiveness of a change. Further, there are a limited number of precedents for the financial accounting treatment
of digital assets (including related issues of valuation and revenue recognition). Accordingly, there remains significant uncertainty
as to the appropriate accounting for digital asset transactions, digital assets, and related revenues. Uncertainties in or changes in
regulatory or financial accounting standards could result in the need to change our accounting methods and/or restate our financial statements,
and could impair our ability to provide timely and accurate financial information, which could adversely affect our financial statements,
and result in a loss of investor confidence.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our customers may provide outdated,
inaccurate, false, or misleading information during our &ldquo;know your customer&rdquo; procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We collect personal information
during the account opening and registration process and screen this information against public databases for purposes of verifying customer
identity and detecting risks. Although we require our customers to submit documents and other information such as their address to prove
their identity and complete the account registration process, and to update such information from time to time, the information provided
by our customers may be outdated, inaccurate, false, or misleading. Though we believe we have appropriate ongoing monitoring procedures
in place to keep customer information up to date pursuant to applicable regulatory requirements, we cannot fully verify the accuracy,
up-to-date status and completeness of such information beyond reasonable effort. Under such circumstances, our provision of products and
services to certain ineligible customers could be in violation of applicable laws and regulations and we may not be aware of this violation
until we are warned by the relevant supervising authorities. We could still be subject to certain legal or regulatory sanctions, fines
or penalties, financial loss, or damage to our reputation resulting from such violations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are exposed to credit risks associated
with our margin financing services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our margin financing services
will expose us to credit risks if our customers fail to perform contractual obligations or if the value of collateral held to secure the
obligations is inadequate. We provide our margin financing services to our customers in the United States through Apex Clearing, our clearing
partner, who provides the funding for these services. Pursuant to our agreement with Apex Clearing, we indemnify and hold them harmless
from certain losses, liabilities, or claims resulting from any failure of the customers to make payments upon demand, which exposes us
to off-balance sheet risk of credit loss in the event that our customers fail to satisfy their obligations or if the value of collateral
held to secure the obligations is inadequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The risks associated with
margin credit increase during periods of heightened market volatility or in cases where collateral is concentrated and market movements
occur. During such periods, customers who utilize margin loans and who have collateralized their obligations with securities may find
that the securities have a rapidly depreciating value and may not be sufficient to cover their obligations in the event of liquidation.
We are also exposed to credit risk when our customers execute transactions, such as short sales of options and equities that can expose
them to losses beyond their invested capital. We expect this kind of exposure to increase with the growth of our overall business, and,
as a result, we may incur increasing amount of provision for contingent liabilities if we fail to manage the credit risks, which may materially
and adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to mitigate our credit
risks associated with our margin financing services, we have adopted comprehensive internal policies and procedures designed to manage
such risks. For details of such policies and procedures, see &ldquo;<I>Business &mdash; Business Overview &mdash; Risk Management &mdash;
Margin Financing Risks</I>.&rdquo; However, there can be no assurance that our internal policies and procedures will timely and effectively
mitigate our exposure to credit risks or prevent us from incurring loss in this regard. See &ldquo;&mdash; <I>Risks Relating to Our Products
and Services &mdash; Our compliance and risk management policies and procedures may not be fully effective in identifying or mitigating
risk exposure in all market environments or against all types of risks</I>.&rdquo; If we fail to address these challenges and risks, our
margin financing services may not develop as expected and our business prospects, results of operations, and financial condition may be
adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our compliance and risk management
policies and procedures may not be fully effective in identifying or mitigating risk exposure in all market environments or against all
types of risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ability to comply with
applicable complex and evolving laws, regulations, and rules is largely dependent on the establishment and maintenance of our compliance,
audit, and reporting systems, as well as our ability to attract and retain qualified compliance and other risk management personnel. We
have devoted significant resources to developing our compliance and risk management policies and procedures and will continue to do so.
Nonetheless, our policies and procedures to identify, monitor, and manage risks may not be fully effective in mitigating our risk exposure
in all market environments or against all types of risks. Our compliance and risk management policies and procedures rely on a combination
of technical and human controls and supervision that are subject to error and failure. Some of our methods for managing risk are discretionary
by nature and are based on internally developed controls and observed historical market behavior, and also involve reliance on standard
industry practices. Many of our risk management policies are based upon observed historical market behavior or statistics based on historical
models. During periods of market volatility or due to unforeseen events, the historically derived correlations upon which these methods
are based may not be valid. As a result, these methods may not predict future exposures accurately, and these exposures could be significantly
greater than what our models indicate. This could cause us to incur losses or cause our risk management strategies to be ineffective.
Other risk management methods depend upon the evaluation of information regarding markets, customers, catastrophe occurrence, or other
matters that are publicly available or otherwise accessible to us, which may not always be accurate, complete, up-to-date, or properly
evaluated. Our risk management policies and procedures may not adequately prevent losses due to technical errors if our testing and quality
control practices are not effective in preventing failures. In addition, we may elect to adjust our risk management policies and procedures
to allow for an increase in risk tolerance, which could expose us to the risk of greater losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, although we perform
due diligence on potential customers, it is possible that a regulator could determine we have not satisfied our legal and regulatory obligations,
including, for example, our obligation to ensure all investment products offered on our platform are suitable for customers. If a user
or customer does not meet the relevant qualification requirements under applicable laws but is still able to use our services, we may
be subject to regulatory actions and penalties and held liable for damages. Management of operational, legal, and regulatory risks requires,
among other things, policies and procedures to properly record and verify a large number of transactions and events, and these policies
and procedures may not be fully effective in mitigating our risk exposure in all market environments or against all types of risks. To
the extent a regulatory body determines that certain investment products on our platform (such as options trading, margin trading) are
not suitable for all customers, we would have to cease offering those products to customers for whom they are not suitable, which we would
expect to adversely impact our financial position. In the event of a regulatory action as a result of such determination, we could be
subject to fines, penalties, and censures that generally would be expected to adversely impact our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regulators periodically review
our compliance with our own policies and procedures and with a variety of laws and regulations. We have received in the past and may from
time to time receive additional examination reports citing violations of rules and regulations and inadequacies in our existing compliance
program, and requiring us to enhance certain policies, procedures, and practices with respect to such compliance program, including training,
reporting, and recordkeeping. If we fail to comply with these, or do not adequately remediate certain findings, regulators could take
a variety of actions that could impair our ability to conduct our business. In addition, regulators have broad enforcement powers to censure,
fine, issue cease-and-desist orders, or prohibit us from engaging in some of our business activities. In the case of non-compliance or
alleged non-compliance, we could be subject to investigations and proceedings that may result in substantial penalties or civil lawsuits,
including by customers, for damages, which can be significant. Any of these outcomes would adversely affect our reputation, brand, business,
operating results, and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Providing market insights and analytical
tools could subject us to additional risks if such tools are construed to be investment advice or recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide a variety of market
insights and analytical tools on our platform. While we do not consider such market information or tools to constitute investment advice
or an investment recommendation, we cannot guarantee that such services could not be construed as constituting investment advice or recommendations
by customers or regulatory agencies. If we are deemed to be providing investment advice, we will be subject to additional risks and challenges,
including those arising from how we disclose and address possible conflicts of interest, inadequate due diligence, inadequate disclosure,
human error, and fraud. New regulations, such as the SEC&rsquo;s Regulation Best Interest and certain state broker-dealer regulations,
will impose heightened conduct standards and requirements if we are deemed to provide recommendations to retail investors. In addition,
various states are considering potential regulations or have already adopted certain regulations that could impose additional standards
of conduct or other obligations on us if we provide investment advice or recommendations to our customers. Furthermore, we could be subject
to investigations by regulatory agencies if our services are construed as constituting investment advice or recommendations. To the extent
that the services we provide are construed or alleged to constitute investment advice or recommendations and we fail to satisfy regulatory
requirements, fail to know our customers, improperly advise our customers, or if the risks associated with advisory services otherwise
materialize, we could be found liable for losses suffered by those customers, or could be subject to regulatory fines, penalties, and
other actions such as business limitations, any of which could harm our reputation and business.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Cybersecurity, Data Privacy, and Intellectual
Property</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to protect customer data and
privacy or to prevent security breaches relating to our platform could result in economic loss, damage our reputation, deter customers
from using our products and services, and expose us to legal penalties and liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our computer system, the networks
we use, and the networks and online trading platforms of the exchanges and other third parties with whom we interact are potentially vulnerable
to physical or electronic computer break-ins, viruses, and similar disruptive problems or security breaches. A party that is able to circumvent
our security measures could misappropriate proprietary information or customer information, jeopardize the confidential nature of the
information we transmit over the internet and mobile networks, or cause interruptions in our operations. We or our service providers may
be required to invest significant resources to protect against the threat of security breaches or to alleviate problems caused by any
breaches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We collect, store, and process
certain personal and other sensitive data from our customers, which makes us a potential target to cyberattacks, computer viruses, physical
or electronic break-ins, or similar disruptions. Individuals who wish to create non-trading accounts on the Webull platform provide us
with their contact information, such as their email address or mobile phone number, or existing accounts they have opened with third parties,
such as Google and Facebook, so that they can log in to the Webull platform. If these users proceed to open trading accounts with our
registered broker-dealers, then in the course of providing services to them, we collect or receive identity, biometric, contact, financial
and profile data, and other information from these users, as well as usage information, geolocation data, activity date, and tracking
data. While we have taken steps to protect the confidential information that we have access to, our security measures could be breached.
Because the techniques used to sabotage or obtain unauthorized access to systems change frequently and generally are not recognized until
they are launched against a target, we may not be able to anticipate these techniques or implement adequate preventative measures. Any
accidental or willful security breaches or other unauthorized access to our system could cause confidential customer information to be
stolen and used for criminal purposes. Security breaches or unauthorized access to confidential information could also expose us to liability
related to the loss of the information, time-consuming and expensive litigation, and negative publicity. We have not been subject to any
material breaches of any of our cybersecurity measures in the past. If security measures are breached and perceived to be breached, including
because of third-party action, employee error, malfeasance, or otherwise, or if design flaws in our technology infrastructure are or are
perceived to be exposed and exploited, our relationships with customers could be severely damaged, we could incur significant liability
and our business operations could be adversely affected. Any failure or perceived failure by us to prevent information security breaches
or to comply with privacy policies or privacy-related legal obligations, or any compromise of security that results in the unauthorized
release or transfer of personally identifiable information or other customer data, could cause our customers to lose trust in us and could
expose us to legal claims.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Laws and regulations regarding cybersecurity
and data privacy are complex and evolving.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Due to our global operations,
we are subject to laws and regulations related to the protection of personal data, privacy, and information security of various jurisdictions
where we do business and/or have customers, including but not limited to the United States, Hong Kong, Singapore, and the United Kingdom.
As we further proceed with our global expansion and penetrate into additional markets, we may be subject to laws and regulations of additional
jurisdictions. These legislations and regulations govern our practices in relation to the collection, use, retention, protection, disclosure,
transfer, and processing of personal data. For example, legislation and regulations of several jurisdictions to which we are subject require
network operators to follow the principles of legitimacy in relation to the requirement of lawful and fair collection of personal data,
consent of data subjects, retention of personal data, use and disclosure of personal data, security of personal data, personal data policies
and practices, and rights to access and correction of personal data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Compliance with applicable
laws and regulations in multiple jurisdictions across the globe is challenging. Many of the data-related legislations are evolving and
vary from jurisdiction to jurisdiction. Certain concepts thereunder may also be subject to clarifications and interpretations by the regulators.
Also, there are uncertainties as to the interpretation and application of laws in one jurisdiction which may be interpreted and applied
in a manner inconsistent with another jurisdiction and may conflict with our current policies and practices or require changes to the
features of our systems. Despite our efforts to comply with applicable laws and regulations relating to cybersecurity and data privacy
in connection with our ordinary course of business, we cannot assure you that our existing user information protection systems and technical
measures will be considered sufficient or compliant under applicable laws and regulations. Any actual or perceived failure on our part
to comply with applicable laws or regulations relating to cybersecurity or data privacy, or the perception or allegation that any of the
foregoing types of failures have occurred, could damage our reputation or result in investigations, fines, suspension of our app, or other
forms of sanctions or penalties by governmental authorities and private claims or litigation, any of which could materially and adversely
affect our business, financial condition, results of operations, and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect that cybersecurity
and data privacy compliance will receive greater attention and focus from regulators across the globe as well as attract continued or
greater public scrutiny and attention going forward, which could increase our compliance costs and subject us to heightened risks and
challenges associated with cybersecurity and data privacy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may also be subject to
new laws, regulations, or standards or new interpretations of existing laws, regulations, or standards regarding cybersecurity and data
privacy, which may require us to incur additional costs and restrict our business operations. For instance, several U.S. states have enacted
new cybersecurity laws and regulations to protect the personally identifiable information of their residents, including California, Nevada,
Maine, Massachusetts, Virginia, Colorado, Delaware, Connecticut, Florida, Indiana, Iowa, Montana, Oregon, Texas, Tennessee, Utah, and
Virginia. Additionally, state legislative activity and public pressure have prompted new proposals for comprehensive federal data privacy
laws and regulations. These and other data privacy laws, and proposed laws, if enacted, may add additional complexity, variation in requirements,
restrictions and potential legal risk, require additional investment of resources in compliance programs, impact strategies and the availability
of previously useful data, and could result in increased compliance costs and/or changes in business practices and policies. Any violations
or perceived violation of these laws and regulations by our business or the third-party service providers with which we share personally
identifiable information may require us to change our business practices or operational structure, including limiting our activities in
the applicable market(s), address legal and/or regulatory investigations and claims, and sustain monetary penalties, reputational damage
and/or other harms to our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may face intellectual property
infringement claims and other claims of third-party rights, which may be expensive to defend and may disrupt our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We cannot be certain that
our operations or any aspects of our business do not or will not infringe or otherwise violate patents, copyrights or other intellectual
property rights held by third parties. We may be subject to legal proceedings and claims relating to the intellectual property rights
of others. In addition, there may be other third-party intellectual property rights that are infringed by our products and services or
other aspects of our business. There could also be existing intellectual property rights of which we are not aware that we may inadvertently
infringe. The conduct of our business including our products and services may also infringe intellectual property rights of other third
parties. Our existing intellectual property rights may be revoked, invalidated, or otherwise limited if other third parties successfully
raise challenges or claims against us. Although we have not been subject to any material intellectual property infringement claim in the
past, we cannot assure you that holders of intellectual property rights purportedly relating to some aspect of our technology or business,
if any such holders exist, would not seek to enforce such intellectual property rights against us. If we are found to have violated the
intellectual property rights of others, we may be subject to liability for our infringing activities or may be prohibited from using such
certain intellectual property or technology, and we may incur licensing fees or be forced to develop alternatives of our own. In addition,
we may incur significant expenses, and may be forced to divert management&rsquo;s time and other resources from our business operations
to defend against these third-party infringement claims, regardless of their merits.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not be able to prevent others
from making unauthorized use of our intellectual property, and may incur increasing costs to protect us against such infringements. If
we fail to protect our intellectual property rights, our brand and business may suffer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely primarily on trade
secret, contract, copyright, trademark, and patent law to protect our proprietary technology. It is possible that third parties may copy
or otherwise obtain and use our proprietary technology without authorization or otherwise infringe our rights. We cannot assure you that
any of our intellectual property rights would not be challenged, invalidated, or circumvented, or such intellectual property will be sufficient
to provide us a competitive advantage. In addition, other parties may infringe or misappropriate our intellectual property rights, which
would cause us to suffer economic or reputational damages, and we may not be able to successfully assert infringement or misappropriation
of our intellectual property rights. Because of the rapid pace of technological change, we cannot assure you that all of our proprietary
technologies and similar intellectual property will be patented in a timely or cost-effective manner, or at all. Furthermore, parts of
our business rely on technologies developed or licensed by other parties, or co-developed with other parties, and we may not be able to
obtain or continue to obtain licenses and technologies from these other parties on reasonable terms, or at all.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Some of our products and services
contain open-source software, which may pose particular risk to our proprietary software, products and services in a manner that negatively
affects our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use open-source software
in some of our products and services. There is a risk that open-source software licenses could be construed in a manner that imposes unanticipated
conditions or restrictions on our ability to provide or distribute our products or services. Additionally, we may face claims from third
parties demanding release of our proprietary software as a result of our use of open-source software. These claims could result in litigation
and could require us to make our software source code freely available, purchase a costly license or cease offering the implicated products
or services unless and until we can re-engineer them to avoid infringement. This re-engineering process could require significant additional
research and development resources, and we may not be able to complete it successfully.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although we monitor our use
of open-source software to avoid subjecting our platform to conditions we do not intend, we have not recently conducted an extensive audit
of our use of open-source software and, as a result, we cannot assure you that our processes for controlling our use of open-source software
in our platform are, or will be, effective. If we are held to have breached or failed to fully comply with all the terms and conditions
of an open-source software license, we could face litigation, infringement, or other liability, or be required to seek costly licenses
from third parties to continue providing our offerings on terms that are not economically feasible, to re-engineer our platform, to discontinue
or delay the provision of our offerings if re-engineering could not be accomplished on a timely basis or to make generally available,
in source code form, our proprietary code, any of which could adversely affect our business, operating results, and financial condition.
Moreover, the terms of many open-source licenses have not been interpreted by U.S. or foreign courts. As a result, there is a risk that
these licenses could be construed in a way that could impose unanticipated conditions or restrictions on our ability to provide or distribute
our platform. From time to time, there have been claims based on improper use of open-source software against companies that incorporate
open-source software into their solutions. As a result, we could be subject to lawsuits by parties claiming improper use of what we believe
to be open-source software.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Finance, Accounting and Tax Matters</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our operating expenses to
increase significantly in the foreseeable future and may not be able to achieve profitability or achieve positive cash flow from operations
on a consistent basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We anticipate that our operating
expenses will increase substantially in the foreseeable future as we continue to hire additional employees, expand our marketing and branding
efforts, develop additional products and services, and expand our geographic footprint. Moreover, we expect to incur significant legal,
accounting, and other expenses, including substantially higher costs to obtain and maintain director and officer liability insurance,
as a result of becoming a public company. This may prove more expensive than we currently anticipate, and we may not succeed in increasing
our revenue sufficiently to offset these higher expenses. Our revenue growth may slow down or our revenue may decline for a number of
other reasons, including reduced demand for our products and services, increased competition, or any failure to capitalize on growth opportunities.
If we are unable to effectively manage these risks and difficulties as we encounter them, our business, operating results, and financial
condition may suffer.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fluctuations in exchange rates could
have a material adverse effect on our business and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenues and expenses
are currently denominated predominantly in U.S. dollars. However, revenues and expenses incurred from our non-U.S. operations &mdash;
both of which will likely increase as a result of our plans to expand our business operations to new markets &mdash; are or will typically
be denominated in the local currency of the applicable country. The exchange rates of certain foreign currency against the U.S. dollar
may fluctuate significantly and unpredictably. The value of foreign currencies against the U.S. dollar may be affected by changes in economic
conditions and by foreign exchange policies, among other things. It is difficult to predict how market forces or government policy may
impact the exchange rates in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, we have not entered
into any material hedging transactions in an effort to reduce our exposure to foreign currency exchange risk. While we may decide to make
greater use of hedging instruments in the future, the availability and effectiveness of these hedges may be limited and we may not be
able to adequately hedge our exposure or at all. As a result, fluctuations in exchange rates may have a material adverse effect on your
investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, as we plan to
expand our operations to additional regions, including additional countries in Asia Pacific, Africa, Europe, and Latin America, we will
be exposed to the effects of fluctuations in the exchange rates of additional currencies. The value of the currencies used in the regions
where we plan to expand may fluctuate and are affected by, among other things, changes in economic conditions. We cannot assure you that
movements in foreign currency exchange rates will not have a material adverse effect on our results of operations in future periods.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have granted and may continue to
grant share incentive awards in the future, which may result in increased share-based compensation expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to promote the success
and enhance the value of our company, our shareholders have approved and authorized to reserve a certain number of our Class A ordinary
shares as an award pool for the purpose of share incentive award grants, and we have granted share incentive awards under such award pool
from time to time. For further detailed information, please refer to &ldquo;<I>Directors and Management &mdash; Global Plan</I>.&rdquo;
For the years ended December 31, 2023 and 2024, we recorded $29.4 million and $32.6 million, respectively, in share-based compensation.
We believe the granting of share-based compensation is of significant importance to our ability to attract and retain key personnel and
employees, and we will continue to grant share-based compensation to employees in the future. As a result, our expenses associated with
share-based compensation may increase, which may have an adverse effect on our results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we are not able to control our
labor costs in an effective way, our business, results of operations, and financial condition may be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Labor costs are the most significant
component of our fixed costs. As the world recovered from the COVID-19 pandemic, supply chain disruptions and labor shortages kept inflation
elevated and increased labor costs in our key markets. In addition, we are required by local laws and regulations to pay various statutory
employee benefits, including Social Security and Medicare in the United States and employer-sponsored health insurance plans for the benefit
of our employees. We expect that our labor costs, including wages and employee benefits, will continue to grow as our business grows in
scale. Significant additional increase in government-imposed wage and employee benefits in the jurisdictions where we have operations
may affect our profitability and results of operations, unless we are able to pass these costs onto our users by increasing prices of
our products and services.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Failure to comply with local labor
laws and make adequate contributions to various employee benefits plans as required by local regulations may subject us to penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we have corporate offices
in multiple jurisdictions, we are required to register with governmental authorities and participate in various government-sponsored employee
benefit plans, including certain social insurance, provident funds and other welfare-oriented payment obligations, and contribute to the
plans in amounts equal to certain percentages of salaries, including bonuses and allowances, of employees up to a maximum amount specified
by the local government from time to time at locations where our employees are based. Failure in making contributions to various employee
benefit plans in strict compliance with applicable local labor-related laws may subject us to late payment penalties, and we could be
required to make up the contributions for these plans as well as to pay late fees and fines. Further, failure to timely obtain work permits
for our foreign employees may subject us to penalties and we may be unable to hire such foreign employees. If any of the foregoing were
to occur, our financial condition and results of operations may be adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Changes to U.S. and foreign tax laws,
as well as the application of such laws, could adversely impact our financial position and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to complex
tax laws and regulations in the United States and a variety of foreign jurisdictions. All of these jurisdictions have in the past and
may in the future make changes to their corporate income tax rates and other income tax laws which could increase our future income tax
provision. For example, our future income tax obligations could be adversely affected by earnings that are lower than anticipated in jurisdictions
where we have lower statutory rates and by earnings that are higher than anticipated in jurisdictions where we have higher statutory rates,
by changes in the valuation of our deferred tax assets and liabilities, by changes in the amount of unrecognized tax benefits, or by changes
in tax laws, regulations, accounting principles, or interpretations thereof, including changes with possible retroactive application or
effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our determination of our tax
liability is subject to review and may be challenged by applicable tax authorities. Any adverse outcome of such challenge could harm our
operating results and financial condition. The determination of our worldwide provision for income taxes and other tax liabilities requires
significant judgment and, in the ordinary course of business, there are many transactions and calculations where the ultimate tax determination
is complex and uncertain. Moreover, as a multinational business, we have subsidiaries that engage in many intercompany transactions in
a variety of tax jurisdictions where the ultimate tax determination is complex and uncertain. Our existing corporate structure and intercompany
arrangements have been implemented in a manner we believe is in compliance with current prevailing tax laws. Furthermore, as we operate
in multiple taxing jurisdictions, the application of tax laws can be subject to diverging and sometimes conflicting interpretations by
tax authorities of these jurisdictions. It is not uncommon for taxing authorities in different countries to have conflicting views with
respect to, among other things, the characterization and source of income or other tax items, the manner in which the arm&rsquo;s-length
standard is applied for transfer pricing purposes, or with respect to the valuation of intellectual property. The taxing authorities of
the jurisdictions in which we operate may challenge our tax treatment of certain items or the methodologies we use for valuing developed
technology or intercompany arrangements, which could impact our worldwide effective tax rate and harm our financial position and operating
results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are also subject to non-income
taxes, such as payroll, sales, use, value-added, net worth, property, and goods and services taxes in the United States and various foreign
jurisdictions. Specifically, we may be subject to &ldquo;digital service taxes&rdquo; or new allocations of tax as a result of increasing
efforts by certain jurisdictions to tax cross border activities that may not have been subject to tax under existing international tax
principles. Technology companies such as ours may be subject to such taxes. Tax authorities may disagree with certain positions we have
taken. As a result, we may have exposure to additional tax liabilities that could have an adverse effect on our operating results and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, our future effective
tax rates could be favorably or unfavorably affected by changes in tax rates, changes in the valuation of our deferred tax assets or liabilities,
the effectiveness of our tax planning strategies, or changes in tax laws or their interpretation. Such changes could have an adverse impact
on our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of these and other
factors, the ultimate amount of tax obligations owed may differ from the amounts recorded in our financial statements and any such difference
may harm our operating results in future periods in which we change our estimates of our tax obligations or in which the ultimate tax
outcome is determined.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Key business metrics and other estimates
are subject to inherent challenges in measurement, and our business, operating results, and financial conditions could be adversely affected
by real or perceived inaccuracies in those metrics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We regularly review key business
metrics, including the number of our registered users, funded accounts, our trading volume, and other measures to evaluate growth trends,
measure our performance, and make strategic decisions. These key metrics are calculated using internal company data and have not been
validated by an independent third party. While these numbers are based on what we currently believe to be reasonable estimates for the
applicable period of measurement, there are inherent challenges in such measurements. If we fail to maintain an effective analytics platform,
calculations of our key metrics may be inaccurate, and we may not be able to identify those inaccuracies. Our key business metrics may
also be impacted by compliance or fraud-related bans, technical incidents, or false or spam accounts in existence on our platform. We
regularly deactivate fraudulent and spam accounts that violate our terms of service and exclude these users from the calculation of our
key business metrics; however, we may not succeed in identifying and removing all such accounts from our platform. If our metrics provide
us with incorrect or incomplete information about users and their behavior, we may make inaccurate conclusions about our business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have limited insurance coverage
of our operations, which may expose us to significant costs and business disruption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently carry limited
insurance in connection with our brokerage business, which does not cover customer losses from fraud or theft. However, we do not carry
business interruption insurance to compensate for losses that could occur to the extent not required. We also do not maintain general
product liability insurance or key-man insurance, and only maintain limited general property insurance. We consider our insurance coverage
to be reasonable in light of the nature of our business, but we cannot assure you that our insurance coverage is sufficient to prevent
us from any loss or that we will be able to successfully claim our losses under our current insurance policies on a timely basis, or at
all. If we incur any loss that is not covered by our insurance policies, or the compensated amount is significantly less than our actual
loss, our business, financial condition, and results of operations could be materially and adversely affected.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We and our independent registered
public accounting firm have identified in past years a material weakness in our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing, we had
been a private company and we were never required to evaluate our internal controls within a specified period of time. As a result, we
may experience difficulty in meeting these reporting requirements in a timely manner. Our independent registered public accounting firm
has not conducted an audit of the effectiveness of our internal controls over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, in the course of
preparing and auditing our consolidated financial statements for the year ended December 31, 2022, we and our independent registered public
accounting firm identified one material weakness and other deficiencies in our internal control over financial reporting as of December
31, 2022. According to the U.S. Public Company Accounting Oversight Board, a &ldquo;material weakness&rdquo; is a deficiency, or a combination
of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement
of our company&rsquo;s annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material
weakness identified as of December 31, 2022 related to our inability to sufficiently evaluate certain control activities performed by
a digital assets service provider as such provider did not have a SOC 1 report. In July 2023, we spun off our digital assets business
into a separate entity outside of Webull Corporation and we ceased to provide customers with access to services relating to digital assets
trading through our platform and therefore discontinued using such service provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our failure to correct any
material weakness identified or our failure to discover and address any other deficiencies could result in inaccuracies in our financial
statements and impair our ability to comply with applicable financial reporting requirements and related regulatory filings on a timely
basis. Moreover, ineffective internal control over financial reporting could significantly hinder our ability to prevent fraud.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 404 of the Sarbanes-Oxley
Act of 2002 requires that we include a report of management on our internal control over financial reporting commencing with our second
Annual Report on Form 20-F. In addition, once we cease to be an &ldquo;emerging growth company&rdquo; as such term is defined in the JOBS
Act, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial
reporting. Our management may conclude that our internal control over financial reporting is not effective. Moreover, even if our management
concludes that our internal control over financial reporting is effective, our independent registered public accounting firm, after conducting
its own independent testing, may issue a report that is adverse if it is not satisfied with our internal controls or the level at which
our controls are documented, designed, operated or reviewed, or if it interprets the relevant requirements differently from us. In addition,
our reporting obligations may place a significant strain on our management, operational and financial resources and systems for the foreseeable
future. We may be unable to complete our evaluation testing and any required remediation in a timely manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the course of documenting
and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify other weaknesses and
deficiencies in our internal control over financial reporting. In addition, if we fail to maintain the adequacy of our internal control
over financial reporting, as these standards are modified, supplemented or amended from time to time, we may not be able to conclude on
an ongoing basis that we have effective internal control over financial reporting in accordance with Section 404. If we fail to achieve
and maintain an effective internal control environment, we could suffer material misstatements in our financial statements and fail to
meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. This could
in turn limit our access to capital markets, harm our results of operations, and lead to a decline in the trading price of our shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, ineffective
internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential
delisting from the stock exchange on which we list, regulatory investigations and civil or criminal sanctions. We may also be required
to restate our financial statements from prior periods.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risks Relating to Ownership of Securities of Webull and this Offering</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a &ldquo;controlled company&rdquo;
and the interests of our controlling shareholder may conflict with ours or yours in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull qualifies as a &ldquo;controlled
company&rdquo; as defined under the corporate governance rules of the Nasdaq, because Mr. Anquan Wang, one of the founders of Webull,
beneficially owns all of our issued and outstanding Webull Class B Ordinary Shares, or approximately 80.5% of the total voting power
of all issued and outstanding Webull Ordinary Shares, as of the date of this prospectus. For so long as Webull remains a controlled company
under that definition, it is permitted to elect to rely, and may rely, on certain exemptions from Nasdaq corporate governance rules. As
a foreign private issuer and a &ldquo;controlled company,&rdquo; Webull is permitted to elect to rely, and may rely, on certain exemptions
from corporate governance rules, including (i) an exemption from the rule that a majority of our board of directors must be independent
directors; (ii) an exemption from the rule that director nominees must be selected or recommended solely by independent directors; (iii)
an exemption from the rule that the compensation committee must be comprised solely of independent directors; and (iv) an exemption from
the requirement that an audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A). Webull has decided to
rely on all of the foregoing exemptions available to foreign private issuers and &ldquo;controlled companies.&rdquo; Accordingly, our
shareholders do not have the same protection afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance
standards, and the ability of our independent directors to influence our business policies and affairs may be reduced. Webull may rely
on additional exemptions available to foreign private issuers in the future. For more information, also see &ldquo;<i>&mdash;Our dual-class
voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control
transactions that holders of Webull Class A Ordinary Shares may consider beneficial.</i>&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our founder will have significant
influence with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular,
because of his voting power, our founder will be able to cause or prevent a change of control of our Company or a change in the composition
of our board of directors and could preclude any unsolicited acquisition of our Company. The concentration of ownership could deprive
you of an opportunity to receive a premium for your Webull Ordinary Shares as part of a sale of the Company and ultimately might affect
the market price of your Webull Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Securities offered
pursuant to the prospectus included in the Other Registration Statement represent a substantial portion of our issued and outstanding
Webull Securities and our significant shareholders, including our founder Anquan Wang, will be able to sell their securities covered by
the prospectus included in the Other Registration Statement for so long as the Other Registration Statement is available for use or an
exemption for registration becomes available for such shareholders (see &ldquo;<I>Securities Eligible for Future Sale&rdquo; </I>for more
information). In fact, the Webull Ordinary Shares offered for resale under the Other Registration Statement include 20,747,004 of the
82,988,016 Webull Ordinary Shares (assuming the conversion of Webull Class B Ordinary Shares into Webull Class A Ordinary Shares) held
by our founder, Mr. Anquan Wang. Please see the risk factor &ldquo;&mdash;<I>Future resales of Webull Class A Ordinary Shares issued to
Webull shareholders and other significant shareholders may cause the market price of the Webull Class A Ordinary Shares to drop significantly,
even if Webull&rsquo;s business is doing well</I>&rdquo; as well as the risk factor below entitled &ldquo;<I>&mdash;Future sales of our
securities in the public market, or the perception that these sales might occur, could cause the market price of our securities to decline
significantly</I>&rdquo; for a discussion of the significant negative impact that potential sales by our significant shareholders could
have on the market price of our securities. For more information on resales of securities not covered by this prospectus or alternative
resale options that the selling securityholder named herein may have in addition to the Other Registration Statement or this prospectus,
such as Rule 144, also see the section entitled &ldquo;<I>Securities Eligible for Future Sale.</I>&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is not possible to predict the
actual number of Webull Class A Ordinary Shares that we will sell to the Selling Securityholder under the Purchase Agreement, or the actual
gross proceeds or dilution resulting from those sales. We may not have access to the full Commitment Amount available under the Purchase
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 1, 2025, we entered
into the Purchase Agreement with the Selling Securityholder, pursuant to which the Selling Securityholder committed to purchase up to
$1,000,000,000 in Webull Class A Ordinary Shares, subject to certain limitations and conditions set forth in the Purchase Agreement. The
Webull Class A Ordinary Shares that may be issued under the Purchase Agreement may be sold by us to the Selling Securityholder at our
discretion, from time to time, over a period that is 36 months following the date the Purchase Agreement was executed. We generally have
the right to control the timing and amount of any Webull Class A Ordinary Shares to the Selling Securityholder under the Purchase Agreement.
Sales of our Webull Class A Ordinary Shares to the Selling Securityholder under the Purchase Agreement will depend upon market conditions
as well as other factors to be determined by us. We may ultimately decide to sell to the Selling Securityholder all or a portion of the
Webull Class A Ordinary Shares that may be available pursuant to the Purchase Agreement, or decide to terminate the Purchase Agreement
or not sell to the Selling Securityholder any Webull Class A Ordinary Shares that may be available for us to sell to the Selling Securityholder
thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Securityholder for the Webull Class A Ordinary Shares that we may elect to sell to the Selling Securityholder
under the Purchase Agreement will fluctuate based on the market price of our Webull Class A Ordinary Shares during the applicable pricing
period for each purchase, it is not possible for us to predict, as of the date of this prospectus, the number of Webull Class A Ordinary
Shares that we will sell to the Selling Securityholder under the Purchase Agreement, the purchase price per share that the Selling Securityholder
will pay for shares purchased from us under the Purchase Agreement, or the aggregate gross proceeds that we will receive from those purchases
by the Selling Securityholder under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the Purchase Agreement
provides that we may sell up to an aggregate of $1,000,000,000 of our Webull Class A Ordinary Shares to the Selling Securityholder, only
75,000,000 Webull Class A Ordinary Shares that may be issued to the Selling Securityholder under the Purchase Agreement are being registered
for resale by the Selling Securityholder under the registration statement that includes this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we elect to sell to the
Selling Securityholder all of the 75,000,000 Webull Class A Ordinary Shares being registered for resale by the Selling Securityholder
in the registration statement that includes this prospectus, depending on the market price of our Webull Class A Ordinary Shares during
the applicable pricing period for each purchase made pursuant to the Purchase Agreement, the actual gross proceeds from the sale of all
such shares may be substantially less than the $1,000,000,000 total commitment originally available to us under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If it becomes necessary for
us to issue and sell to the Selling Securityholder under the Purchase Agreement more than the 75,000,000 Webull Class A Ordinary Shares
being registered for resale under the registration statement that includes this prospectus, in order to receive aggregate gross proceeds
equal to the total commitment of $1,000,000,000 under the Purchase Agreement, we must file with the SEC one or more additional registration
statements to register under the Securities Act the resale by the Selling Securityholder of any such additional Webull Class A Ordinary
Shares we wish to sell from time to time under the Purchase Agreement. We will also need to obtain shareholder approval to issue Webull
Class A Ordinary Shares in excess of the Exchange Cap under the Purchase Agreement in accordance with the Nasdaq listing rules, unless
otherwise allowable under Nasdaq rules. In addition, the Selling Securityholder will not be required to purchase any Webull Class A Ordinary
Shares if such sale would result in the Selling Securityholder&rsquo;s beneficial ownership exceeding 4.99% of the then-outstanding voting
power or number of shares of our Webull Class A Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>Investors who buy
shares at different times will likely pay different prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the Purchase Agreement, we will have discretion, subject to market demand, to vary the timing, prices, and number of Webull Class A
Ordinary Shares sold to the Selling Stockholder. If and when we do elect to sell shares of our Webull Class A Ordinary Shares to the Selling
Securityholder under the Purchase Agreement, after the Selling Securityholder has acquired such shares, the Selling Securityholder may
resell all or a portion of such shares at any time or from time to time in its discretion and at different prices. As a result, investors
who purchase shares from the Selling Securityholder at different times will likely pay different prices for those shares, and so may experience
different levels of dilution and in some cases substantial dilution and different outcomes in their investment results. Investors may
experience a decline in the value of the shares they purchase from the Selling Securityholder as a result of future sales made by us to
the Selling Securityholder at prices lower than the prices such investors paid for their shares. For more information, also see &ldquo;<i>Committed
Equity Financing,</i>&rdquo; &ldquo;&mdash;<i>Future sales of our securities in the public market, or the perception that these sales
might occur, could cause the market price of our securities to decline significantly</i>&rdquo; and &ldquo;&mdash;<i>Future resales of
Webull Class A Ordinary Shares issued to Webull shareholders and other significant shareholders may cause the market price of the Webull
Class A Ordinary Shares to drop significantly, even if Webull&rsquo;s business is doing well</i>.&rdquo; In fact, despite a potential
decline in the public trading price of our securities, the Selling Securityholder may still experience a positive rate of return on the
securities they purchased and may have an incentive to sell due to the differences in the purchase prices for the Webull Class A Ordinary
Shares and the public trading price of our Webull Class A Ordinary Shares. Our public securityholders may not experience a similar rate
of return on the securities they purchased due to differences in their purchase prices and the current trading price. The Selling Securityholder
is deemed to have purchased the Commitment Shares at $12.56 per share and therefore, upon a sale, based on the last reported trading price
of the Webull Class A Ordinary Shares on July 21, 2025 of $14.62, the Selling Securityholder may experience a potential profit of approximately
$2.08 per Commitment Share it holds. Further, Webull will be selling Webull Class A Ordinary Shares to the Selling Securityholder pursuant
to the Purchase Agreement at variable prices and at a 2.5% discount to the Market Price. The frequency of sales by the Selling Securityholder
could also cause the market price of our securities to decline or increase the volatility in the market price of our securities. Sales
of shares of our Webull Class A Ordinary Shares, if any, to the Selling Securityholder under the Purchase Agreement will depend upon market
conditions and other factors to be determined by us. We may ultimately decide to sell to the Selling Securityholder all, some or none
of the shares of our Webull Class A Ordinary Shares that may be available to sell to the Selling Securityholder pursuant to the Purchase
Agreement. For more information also see &ldquo;<i>Committed Equity Financing</i>&mdash;<i>Effect of Sales of Webull Class A Ordinary
Shares under the Purchase Agreement on Securityholders.</i>&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b><i>Our management
team will have broad discretion as to the use of the proceeds from our sale of Webull Class A Ordinary Shares to the Selling Securityholder
under the Purchase Agreement, and such uses may not improve our financial condition or market value.</i></b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Our
management will have broad discretion as to the application of such net proceeds for working capital purposes and could use them for purposes
other than those contemplated hereby. Our management may use the net proceeds for corporate purposes that may not improve our financial
condition or advance our business objectives. The failure of our management team to use such proceeds effectively could have a material
adverse effect on our business, financial condition and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future sales of our securities in
the public market, or the perception that these sales might occur, could cause the market price of our securities to decline significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary
Shares offered for resale pursuant to this prospectus represent a substantial percentage of our total issued and outstanding securities
and our public float. In fact, the Webull Ordinary Shares offered for resale pursuant to this prospectus represent approximately 15.50%
of the Webull Ordinary Shares issued and outstanding as of the date of this prospectus. If and when we do elect to sell Webull Class A
Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement, the Selling Securityholder may resell all, some or none
of such shares in its discretion and at different prices subject to the terms of the Purchase Agreement. We do not know when or in what
amount the Selling Securityholder will sell its securities hereunder following the effective date of the registration statement of which
this prospectus forms a part. We do not know how long the Selling Securityholder will hold the Webull Class A Ordinary Shares before selling
them, and we are not aware of any existing arrangements between the Selling Securityholder and any other shareholder, broker, dealer,
underwriter, or agent relating to the sale or distribution of the Webull Class A Ordinary Shares being offered for resale by this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">The sale of the Webull Class A Ordinary Shares
being offered pursuant to this prospectus, or the perception that these sales could occur, could result in a significant decline in the
public trading price of our securities and could impair our ability to raise capital through the sale of additional securities. Further,
despite a potential decline in the public trading price of our securities, the Selling Securityholder may still experience a positive
rate of return on the securities they purchased and may have an incentive to sell due to the differences in the purchase prices for the
Webull Class A Ordinary Shares and the public trading price of our Webull Class A Ordinary Shares. Our public securityholders may not
experience a similar rate of return on the securities they purchased due to differences in their purchase prices and the current trading
price. For more information also see &ldquo;&mdash; <I>Investors who buy shares at different times will likely pay different prices</I>&rdquo;
and &ldquo;<I>Committed Equity Financing </I>&mdash; <I>Effect of Sales of Webull Class A Ordinary Shares under the Purchase Agreement
on Securityholders.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, unless (i) Webull
obtains shareholder approval pursuant to Nasdaq Rule 5635(d) to issue Webull Class A Ordinary Shares in excess of the Exchange Cap, or
(ii) takes actions required pursuant to Nasdaq Rule 5615(a)(3) to duly and validly rely on an exemption for foreign private issuers from
applicable rules and regulations of Nasdaq by adopting a home country practice that allows Webull to issue Webull Class A Ordinary Shares
to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations imposed by Nasdaq Rule 5635(d),
Webull may not effect any sales under the Purchase Agreement to the extent that after giving effect to such sales the aggregate number
of Webull Class A Ordinary Shares issued under the Purchase Agreement together with any Webull Ordinary Shares issued in connection with
any other transactions that may be considered part of the same series of transactions, where the number of shares issued would exceed
96,891,594 Webull Ordinary Shares, i.e. the number of shares representing 19.99% of Webull&rsquo;s outstanding Webull Ordinary Shares
(including Webull Class A Ordinary Shares and Webull Class B Ordinary Shares on an as converted basis) as of the date of execution of
the Purchase Agreement, subject to certain limited exceptions. If Webull obtains shareholder approval to issue Webull Class A Ordinary
Shares in excess of the Exchange Cap or takes actions to adopt a home country practice that would allow Webull to issue Webull Class A
Ordinary Shares to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations imposed by Nasdaq
Rule 5635(d), in each case as described above, Webull may register the resale by the Selling Securityholder of additional Webull Class
A Ordinary Shares sold by Webull to the Selling Securityholder pursuant to the Purchase Agreement by filing a post-effective amendment
to the registration statement of which this prospectus forms a part or by filing one or more additional registration statements. Therefore,
the 75,159,236 Webull Class A Ordinary Shares registered for resale under this prospectus are not all of the Webull Class A Ordinary Shares
that may be sold pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the resale
of the Webull Class A Ordinary Shares covered by this prospectus pursuant to the registration requirements under the Purchase Agreement.
We will not receive any proceeds from the sale of the securities by the Selling Securityholder. However, any Webull Class A Ordinary Shares
sold by Webull to the Selling Securityholder pursuant to the terms of the Purchase Agreement and issued pursuant to an exemption from
registration contained in Section&nbsp;4(a)(2) of the Securities Act will be sold to the Selling Securityholder at a variable price determined
pursuant to the terms of the Purchase Agreement. The Purchase Price will be calculated pursuant to the Purchase Agreement by multiplying
the Market Price (as defined below) by 97.50%, and will in any event be no less than the $0.00001 par value per Webull Class A Ordinary
Share. The &ldquo;Market Price&rdquo; will be determined pursuant to the Purchase Agreement and will equal to the VWAP of the Ordinary
Shares during the relevant Pricing Period (as defined below). &ldquo;Pricing Period&rdquo; means the period on an applicable date commencing
with the receipt by Webull of written confirmation that the Selling Securityholder has received a written notice by Webull setting forth
the number of Webull Class A Ordinary Shares that Webull desires to issue and sell to the Selling Securityholder, and ending at 4:00 p.m.
New York City time on the same trading day (unless otherwise agreed by Webull and the Selling Securityholder, or such a Pricing Period
is terminated pursuant to the terms of the Purchase Agreement), <I>provided however</I>, the Selling Securityholder may delay the commencement
of such Pricing Period until such time that the Selling Securityholder has received confirmation that the transfer agent of Webull has
credited the Selling Securityholder&rsquo;s account (or its designee&rsquo;s account) at DTC through its Deposit Withdrawal at Custodian
System (or by such other means of delivery as may be mutually agreed upon by the parties to the Purchase Agreement) with a number of Webull
Class A Ordinary Shares equal to the number of Webull Class A Ordinary Shares that Webull elects to sell to the Selling Securityholder,
in which case such Pricing Period shall commence upon receipt by Webull of written confirmation (which may be by e-mail) of receipt of
such Webull Class A Ordinary Shares by the Selling Securityholder. As a result, investors who purchase shares from the Selling Securityholder
in this offering at different times will likely pay different prices for those shares, and so may experience different levels of dilution
and in some cases substantial dilution and different outcomes in their investment results (for more information, also see &ldquo;<I>Dilution</I>&rdquo;).
Investors may experience a decline in the value of the shares they purchase from the Selling Securityholder in this offering as a result
of future sales made by us to the Selling Securityholder at prices lower than the prices such investors paid for their shares. In addition,
if we sell a substantial number of shares to the Selling Securityholder under the Purchase Agreement, or if investors expect that we will
do so, the actual sales of shares or the mere existence of the Purchase Agreement arrangement with the Selling Securityholder may make
it more difficult for us to sell equity or equity-related securities in the future at a desirable time and price. Please see the section
of this prospectus entitled &ldquo;<I>Committed Equity Financing</I>&rdquo; for more information on the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Securityholder for the shares that we may elect to sell to the Selling Securityholder under the Purchase
Agreement, if any, will fluctuate based on the market price of our Webull Class A Ordinary Shares during the applicable Pricing Period,
as of the date of this prospectus, we cannot reliably predict the number of Webull Class A Ordinary Shares that we will sell to the Selling
Securityholder under the Purchase Agreement, the actual purchase price per Webull Class A Ordinary Share to be paid by the Selling Securityholder
for those shares, or the actual gross proceeds to be raised by us from those sales, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Potential sales by our significant
shareholders could also have a significant negative impact on the market price of our securities while sales to and by the Selling Securityholder
under the Purchase Agreement occur. Immediately following the consummation of the Business Combination, 455,599,003 Webull Ordinary Shares
(including 82,988,016 Webull Class B Ordinary Shares) were held by the Existing Webull Shareholders and were subject to the transfer restrictions
in the Webull Articles and 3,892,884 Webull Ordinary Shares were held by the Initial SKGR Shareholders and certain non-redemption agreement
investors and were subject to the transfer restrictions in the Auxo Support Agreement. However, certain lock-up restrictions entered into
in connection with the Business Combination will expire one year after the Closing Date (with respect to the Webull Ordinary Shares held
by the Initial SKGR Shareholders and certain non-redemption agreement investors) and one hundred eighty days after the Closing Date (with
respect to Webull Ordinary Shares held by Existing Webull Shareholders). The lock-up restrictions described in the foregoing are subject
to specified exceptions that may result in earlier transfers or releases of such securities. For instance, the release of Webull Class
A Ordinary Shares from the transfer restrictions may occur if the Webull Class A Ordinary Shares trade above $12.00 for twenty (20) trading
days within a thirty (30)-trading day period. For more information on securities eligible for future sale, including securities not covered
by this resale prospectus and the different resale options that certain of our shareholders may have with respect to the securities that
are currently subject to transfer restrictions as described in the foregoing, see the section entitled &ldquo;<I>Securities Eligible for
Future Sale</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus. For more information on lock-ups, also see &ldquo;<I>Securities
Eligible for Future Sale &mdash; Lock-up Agreements</I>&rdquo; and &ldquo;<I>&mdash; Future resales of Webull Class A Ordinary Shares
issued to Webull shareholders and other significant shareholders may cause the market price of the Webull Class A Ordinary Shares to drop
significantly, even if Webull&rsquo;s business is doing well.</I>&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the price of our securities fluctuates
after this offering, you could lose a significant part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The market price of our securities
may be influenced by many factors, some of which are beyond our control, including actual or anticipated variations in our operating results;
the failure of financial analysts to cover our Company or changes in financial estimates by financial analysts, or any failure by us to
meet or exceed any of these estimates or changes in the recommendations of any financial analysts that elect to follow our Company or
our competitors; announcements by us or our competitors of significant contracts or acquisitions; technological innovations by us or our
competitors; future sales of our securities and investor perceptions of us and the industries in which we operate. In addition, the stock
market in general has experienced substantial price and volume fluctuations that have often been unrelated or disproportionate to the
operating performance of particular companies affected. These broad market and industry factors may materially harm the market price of
our securities, regardless of our operating performance. In the past, following periods of volatility in the market price of certain companies&rsquo;
securities, securities class action litigation has been instituted against these companies. Such litigation, if instituted against us,
could adversely affect our financial condition or results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Warrants are currently exercisable
for Webull Class A Ordinary Shares, which increases the number of Webull shares eligible for future resale in the public market and may
result in dilution to Webull shareholders. Further, the terms of the Webull Warrants may be amended in a manner adverse to a holder if
holders of at least 50% of the then outstanding Webull Warrants approve of such amendment. As a result, the exercise price of such warrants
could be increased, the exercise period could be shortened and the number of shares of Webull Class A Ordinary Shares purchasable upon
exercise of such warrants could be decreased, all without your approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Warrants to purchase
an aggregate of up to 9,675,386 Webull Class A Ordinary Shares are currently exercisable in accordance with the terms of the Warrant
Assignment Agreement. The exercise price of the Webull Warrants is US$11.50 per share (subject to adjustment pursuant to the Warrant Assignment
Agreement). The Webull Warrants became exercisable 30 days after the completion of the Business Combination. However, Webull will not
be obligated to deliver any Webull Class A Ordinary Shares pursuant to the exercise of Webull Warrants and Webull will have no obligation
to settle any warrant exercise unless a registration statement under the Securities Act with respect to the Webull Class A Ordinary Shares
underlying the respective warrants is then effective and a prospectus relating thereto is current, or a valid exemption from registration
is available. To the extent Webull Warrants are exercised, additional Webull Class A Ordinary Shares will be issued, which will result
in dilution to the existing holders of Webull Class A Ordinary Shares and increase the number of Webull shares eligible for resale in
the public market. Sales of substantial numbers of such shares in the public market or the fact that such Webull Warrants may be exercised
could adversely affect the market price of Webull Class A Ordinary Shares. However, there is no guarantee that the Webull Warrants will
ever be &ldquo;in the money&rdquo; while they are exercisable and/or prior to their expiration, and as such, the Webull Warrants may expire
worthless. For more information on our warrants, including conditions to their exercisability, please see &ldquo;<i>Description of Securities
And Articles of Association &mdash; Warrants.</i>&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Assignment Agreement
provides that the terms of the Webull Warrants may be amended without the consent of any holder for the purpose of curing any ambiguity,
or curing, correcting or supplementing any defective provision contained therein, or adding or changing any other provisions with respect
to matters or questions arising under the Warrant Assignment Agreement as the parties may deem necessary or desirable and that the parties
deem shall not adversely affect the interest of the holders of warrants; provided that the approval by the holders of at least 50% of
the outstanding Webull Warrants is required to make any change that adversely affects the interests of the registered holders of Webull
Warrants. Although Webull&rsquo;s ability to amend the terms of the Webull Warrants with the consent of at least 50% of the then outstanding
Webull Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of such
warrants, shorten the exercise period or decrease the number of Webull Class A Ordinary Shares purchasable upon exercise of a Webull Warrant.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="background-color: white"><b><i>We
may redeem unexpired Webull Public Warrants prior to their exercise at a time that is disadvantageous to a holder, thereby making such warrants
worthless.</i></b></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not less than all of the outstanding
Webull Public Warrants may be redeemed, at the option of Webull, at any time while they are exercisable and prior to their expiration,
at the office of the Warrant Agent, upon notice to the registered holders of the Webull Public Warrants, at a redemption price of $0.01
per Webull Public Warrant; <I>provided </I>that (a) the last reported sales price of the Webull Class A Ordinary Shares for any twenty
(20) Trading Days (as defined in the Warrant Assignment Agreement) within the thirty (30) Trading-Day period ending on the third Trading
Day prior to the date on which notice of the redemption is given equals or exceeds $18.00 per Webull Class A Ordinary Share (subject to
adjustment), and (b) there is an effective registration statement covering the issuance of the Webull Class A Ordinary Shares issuable
upon exercise of the Webull Public Warrants, and a current prospectus relating thereto, available throughout the period of not less than
thirty (30) days prior to the redemption date or Webull has elected to require the exercise of the Webull Public Warrants on a &ldquo;cashless
basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that Webull elects
to redeem the Webull Public Warrants, Webull shall fix a date for redemption (the &ldquo;Webull Public Warrant Redemption Date&rdquo;).
Notice of redemption shall be mailed by first class mail, postage prepaid, by Webull not less than thirty (30) days prior to the Webull
Public Warrant Redemption Date to the registered holders of the Webull Public Warrants to be redeemed at their last addresses as they
shall appear on the registration books. Any notice mailed in the manner provided in the Warrant Assignment Agreement shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Public Warrants
may be exercised for cash (or on a &ldquo;cashless basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement, if applicable)
at any time after the notice of redemption shall have been given by Webull and prior to the Webull Public Warrant Redemption Date. In
the event that Webull determines to redeem the Webull Public Warrants or require all holders of Webull Public Warrants to exercise their
Webull Public Warrants on a &ldquo;cashless basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement, the notice of redemption
shall contain instructions on how to calculate the number of Webull Class A Ordinary Shares to be received upon exercise of the Webull
Public Warrants. I<FONT STYLE="background-color: white">f we elect to require the Warrants to be exercised on a cashless basis and such
cashless exercise is exempt from registration under the Securities Act,</FONT> we may exercise our redemption right even if we are unable
to register or qualify the underlying securities for sale under all applicable state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Redemption of the outstanding
warrants could force holders to (i) exercise  warrants and pay the exercise price therefor at a time when it may be disadvantageous for
a holder to do so, (ii) sell  warrants at the then-current market price when a holder might otherwise wish to hold  warrants and not lose
any potential embedded value from a subsequent increase in the value of the Webull Class A Ordinary Shares had such warrants remained
outstanding, or (iii) accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely
to be substantially less than the market value of our warrants. Webull is not contractually obligated to notify investors when the Webull
Warrants become eligible for redemption and does not intend to so notify investors upon eligibility of the Webull Warrants for redemption,
unless and until it elects to redeem such warrants pursuant to the terms of the Warrant Assignment Agreement. For more information, also
see <I>&ldquo;Description of Securities and Articles of Association &mdash; Warrants.&rdquo;</I></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Webull Warrants will only
be able to exercise their Webull Warrants on a &ldquo;cashless basis&rdquo; under certain circumstances, and if they do so, they will
receive fewer Webull Class A Ordinary Shares from such exercise than if such warrants were exercised for cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Public Warrants
generally may not be exercised on a &ldquo;cashless basis&rdquo;, except as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Assignment Agreement
provides that in the following circumstances holders of Webull Public Warrants who seek to exercise their warrants will not be permitted
to do for cash and will, instead, be required to do so on a cashless basis in accordance with Section 3(a)(9) of the Securities Act: (i)
if the Webull Class A Ordinary Shares issuable upon exercise of the Webull Public Warrants are not registered under the Securities Act
in accordance with the terms of the Warrant Assignment Agreement; and (ii) if we have so elected and the Webull Class A Ordinary Shares
are at the time of any exercise of a Webull Public Warrant not listed on a national securities exchange such that they satisfy the definition
of &ldquo;covered securities&rdquo; under Section 18(b)(1) of the Securities Act. If a holder exercises its Webull Public Warrants on a cashless
basis under the circumstances described in clauses (i) and (ii) in the preceding sentence, a holder would pay the warrant exercise price by
surrendering the Warrants for that number of Webull Class A Ordinary Shares equal to the quotient obtained by dividing (x) the product
of the number of Class A Ordinary Shares underlying the Webull Public Warrants, multiplied by the difference between the exercise price
and the Fair Market Value by (y) the Fair Market Value. &ldquo;Fair Market Value&rdquo; shall mean the average last reported sale price
of the Class A Ordinary Shares for the ten (10) trading day period ending on the trading day prior to the date that notice of exercise
is received by the warrant agent from the holder of such Webull Public Warrants or its securities broker or intermediary. As a result,
a holder of Webull Public Warrants would receive fewer Webull Class A Ordinary Shares from such exercise than if such Webull Public Warrants
were exercised for cash.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If securities or industry analysts
do not publish research, publish inaccurate or unfavorable research or cease publishing research about Webull, the price of Webull Securities
and trading volume could decline significantly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading market for Webull&rsquo;s
securities will depend, in part, on the research and reports that securities or industry analysts publish about Webull or its business.
We may be unable to sustain coverage by well-regarded securities and industry analysts. If either none or only a limited number of securities
or industry analysts maintain coverage of Webull, or if these securities or industry analysts are not widely respected within the general
investment community, the demand for Webull&rsquo;s securities could decrease, which might cause the price of Webull Securities and trading
volume to decline significantly. In the event that Webull obtains securities or industry analyst coverage, if one or more of the analysts
who cover Webull downgrade their assessment of Webull or publish inaccurate or unfavorable research about our business, the market price
and liquidity for Webull&rsquo;s securities could be negatively impacted.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Future resales of Webull Class A Ordinary
Shares issued to Webull shareholders and other significant shareholders may cause the market price of the Webull Class A Ordinary Shares
to drop significantly, even if Webull&rsquo;s business is doing well.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Auxo Support
Agreement the Initial SKGR Shareholders and certain non-redemption agreement investors are restricted, subject to certain exceptions,
from selling any of the Webull Class A Ordinary Shares that they received in connection with the transactions contemplated by the Business
Combination for one year after the consummation of the Business Combination. Further, pursuant to the Webull Articles, the Existing Webull
Shareholders are also restricted from selling any of their Webull Class A Ordinary Shares for 180 days after the consummation of the Business
Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Auxo Support
Agreement, 25% of the shares held by the Initial SKGR Shareholders were released from the transfer restrictions provided for in the Auxo
Support Agreement in connection with the closing of the Business Combination in order to satisfy, reduce or defray any actual or potential
taxes imposed (or in the Initial SKGR Shareholders&rsquo; reasonable judgment expected to be imposed) on the Initial SKGR Shareholders
or their affiliates as a result of any failure of the Business Combination to qualify for an Intended Tax Treatment (as defined below).
The Auxo Support Agreement also permits a release of the Webull Class A Ordinary Shares subject to transfer restrictions if after the
Closing Date the closing price of the Webull Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions,
share capitalizations, share consolidations, reorganizations, recapitalizations and the like) for any twenty (20) Trading Days (as defined
in the Auxo Support Agreement) within a thirty (30)-Trading Day period commencing at least one hundred and fifty (150) days after the
Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Articles also provide
that a majority of the directors of Webull then in office or a duly authorized committee of the Webull board of directors may release
the transfer restrictions on the Webull Class A Ordinary Shares held by the Existing Webull Shareholders from the transfer restrictions
included in the Webull Articles. Further, the Webull Articles provide that following the date on which the closing price of the Webull
Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations,
reorganizations, recapitalizations and the like) for any twenty (20) Trading Days (as defined in the Webull Articles) within a thirty
(30)-Trading Day period, Webull may, at its discretion, release up to twenty-five percent (25%) of the shares held by an Existing Webull
Shareholder (determined as of the date immediately before the date of such determination) from the transfer restrictions included in the
Webull Articles; <I>provided</I> that if Webull releases any of shares subject to transfer restrictions, the same percentage of lock up
shares held by other Existing Webull Shareholders as the percentage of the shares subject to transfer restrictions that are subject to
the release shall be deemed to have also been simultaneously released; <I>provided further</I> that the foregoing shall not apply to any
shares held by a Water Castle Az Inc., (which is the record holder of the shares beneficially owned by our founder, Anquan Wang) NotNull
Inc., Webull Partners Limited (which is the record holder of certain shares held by Webull&rsquo;s directors and officers) and any other
person to whom any such person may transfer any shares subject to transfer restrictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately following the
consummation of the Business Combination, 455,599,003 Webull Ordinary Shares (including 82,988,016 Webull Class B Ordinary Shares) were
held by the Existing Webull Shareholders and were subject to the transfer restrictions in the Webull Articles and 3,892,884 Webull Ordinary
Shares were held by the Initial SKGR Shareholders and certain non-redemption agreement investors and were subject to the transfer restrictions
in the Auxo Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon expiration or waiver
of the applicable lock-up periods, and as long as the Other Registration Statement remains effective or upon satisfaction of the requirements
of Rule 144 under the Securities Act, certain significant securityholders of Webull, including the Existing Webull Shareholders, our founder
Mr. Anquan Wang, the Initial SKGR Shareholders and certain investors party to Non-Redemption Agreement and Additional Non-Redemption Agreements,
may sell large amounts of Webull Class A Ordinary Shares in the open market or in privately negotiated transactions, which could have
the effect of increasing the volatility in the price of our securities or putting significant downward pressure on the price of the Webull
Securities. We do not know when or in what amount such sales may occur. The registration of securities for resale pursuant to the Other
Registration Statement does not mean that such securities necessarily will be offered or sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For more information, also
see &ldquo;<I>Securities Eligible for Future Sale</I>,&rdquo; &ldquo;<FONT STYLE="background-color: white"><I>&mdash;</I></FONT><I>Future
sales of our securities in the public market, or the perception that these sales might occur, could cause the market price of our securities
to decline significantly</I>&rdquo; and <FONT STYLE="background-color: white">&ldquo;<I>&mdash; </I></FONT><I>The grant and future exercise
of registration rights may adversely affect the market price of Webull Securities.</I>&rdquo; For more information on the potential exercise
of our warrants, please see &ldquo;<FONT STYLE="background-color: white"><I>&mdash;Webull Warrants are currently exercisable for Webull
Class A Ordinary Shares, which increases the number of Webull shares eligible for future resale in the public market and may result in
dilution to Webull shareholders. Further, the terms of the Webull Warrants may be amended in a manner adverse to a holder if holders of
at least 50% of the then outstanding Webull Warrants approve of such amendment. As a result, the exercise price of such warrants could
be increased, the exercise period could be shortened and the number of shares of Webull Class A Ordinary Shares purchasable upon exercise
of such warrants could be decreased, all without your approval.</I></FONT>&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that Webull
will be able to comply with the continued listing standards of Nasdaq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While trading on Nasdaq has
begun, there can be no assurance that Webull&rsquo;s securities will continue to be listed on Nasdaq or that a viable and active trading
market will develop. If Nasdaq delists Webull Class A Ordinary Shares or Webull Warrants from trading on its exchange due to failure to
continue to meet the listing standards, Webull and its shareholders could face significant material adverse consequences including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>a lack of liquidity available to holders of Webull Class A Ordinary
Shares and Webull Warrants;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>an active trading market of Webull Class A Ordinary Shares and Webull
Warrants may not develop;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>a limited availability of market quotations for Webull&rsquo;s securities;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>a limited amount of analyst coverage; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>a decreased ability to issue additional securities or obtain additional
financing in the future.</FONT></TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A market for Webull&rsquo;s securities
may not develop, or be sustained, which would adversely affect the liquidity and price of Webull&rsquo;s securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An active trading market for
Webull&rsquo;s securities may never develop or, if developed, may not be sustained. You may be unable to sell your Webull&rsquo;s securities
unless a market can be established and sustained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trading prices of Webull&rsquo;s
securities may be volatile and may fluctuate due to a variety of factors, some of which are beyond our control, including, but not limited
to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>actual or anticipated fluctuations in our financial condition or
results of operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>variance in our financial performance from expectations of securities
analysts;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>changes in our projected operating and financial results;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>changes in laws and regulations affecting our business, our customers,
suppliers, or our industry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>announcements of new services and expansions by us or our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>our ability to continue to innovate and bring products to market
in a timely manner;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>our involvement in actual or potential litigation or regulatory
investigations;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>negative publicity about us, our products or our industry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">changes in our senior management or key personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>announcements of new investments, acquisitions, strategic partnerships,
or joint ventures by us or our competitors;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>sales of our securities by us, our shareholders or our warrant holders,
as well as the anticipation of lock-up releases;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>changes in international trade policies and trade disputes that
could result in tariffs, taxes or other protectionist measures adversely affecting our business;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>general economic, regulatory, industry, and market conditions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>natural disasters or major catastrophic events.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><FONT>other events or factors, including those resulting from war, incidents
of terrorism, natural disasters, pandemics or responses to these events.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These and other factors may
cause the market price and demand for Webull&rsquo;s securities to fluctuate substantially, which may limit or prevent investors from
readily selling their shares and may otherwise negatively affect the liquidity of Webull&rsquo;s securities. Fluctuations may be even
more pronounced in the trading market for Webull&rsquo;s securities shortly following the Business Combination. Following periods of such
volatility in the market price of a company&rsquo;s securities, securities class action litigation has often been brought against that
company. Because of the potential volatility of Webull&rsquo;s securities, Webull may become the target of securities litigation in the
future. Securities litigation could result in substantial costs and divert management&rsquo;s attention and resources from its business.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Existing Warrant Agreement, which
was assigned to Webull pursuant to the Warrant Assignment Agreement upon the Closing and under which one SKGR Warrant became one Webull
Warrant upon such Closing, designates the courts of the State of New York or the United States District Court for the Southern District
of New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of the warrants,
which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with Webull in connection with such
warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SKGR, Webull and Continental
Stock Transfer &amp; Trust Company have entered into the Warrant Assignment Agreement, pursuant to which SKGR assigned to Webull, effective
as of Closing, all of its rights, title, interests, and liabilities and obligations in and under the Warrant Agreement, dated June 23,
2022, by and between SKGR and Continental Stock Transfer &amp; Trust Company (the &ldquo;Existing Warrant Agreement&rdquo;). In connection
with such assignment, each SKGR Public Warrant converted into a Webull Public Warrant at such time, and the Existing Warrant Agreement
was amended and restated in its entirety by the Warrant Assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Warrant Assignment Agreement
provides that, subject to applicable law, (i) any action, proceeding or claim against Webull arising out of or relating in any way to
the Warrant Assignment Agreement, will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and (ii) Webull irrevocably submits to such jurisdiction, which jurisdiction shall be the exclusive
forum for any such action, proceeding or claim. Webull has waived any objection to such exclusive jurisdiction and that such courts represent
an inconvenient forum. Notwithstanding the foregoing, these provisions of the Warrant Assignment Agreement do not apply to suits brought
to enforce any liability or duty created by the Exchange Act or any other claim for which the federal district courts of the United States
of America are the sole and exclusive forum. Any person or entity purchasing or otherwise acquiring any interest in any of Webull Public
Warrants under the Warrant Assignment Agreement shall be deemed to have notice of and to have consented to the forum provisions of the
Warrant Assignment Agreement. If any action, the subject matter of which is within the scope the forum provisions of the Warrant Assignment
Agreement, is filed in a court other than a court of the State of New York or the United States District Court for the Southern District
of New York (a &ldquo;foreign action&rdquo;) in the name of any holder of the warrants, such holder shall be deemed to have consented
to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection with any action brought
in any such court to enforce the forum provisions (an &ldquo;enforcement action&rdquo;), and (y) having service of process made upon such
warrant holder in any such enforcement action by service upon such warrant holder&rsquo;s counsel in the foreign action as agent for such
warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alternatively, if a court
were to find this provision of the Warrant Assignment Agreement inapplicable or unenforceable with respect to one or more of the specified
types of actions or proceedings, Webull may incur additional costs associated with resolving such matters in other jurisdictions, which
could materially and adversely affect its business, financial condition and results of operations and result in a diversion of the time
and resources of Webull&rsquo;s management and board of directors.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our issuance of additional share capital
in connection with the Purchase Agreement or in connection with other financings, acquisitions, investments, our equity incentive plan
or otherwise will dilute all other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to issue additional
share capital in the future that will result in dilution to all other shareholders. We expect to grant equity awards to employees under
the Global Plan (including options, restricted shares, restricted share units or other types of awards approved pursuant to the Global
Plan) or new incentive plans that we may adopt in the future. For additional information on the Global Plan, see &ldquo;<I>Directors and
Management &mdash; Global Plan</I>.&rdquo; We may also raise capital through equity financings or convertible and structured security
financings in the future. As part of our business strategy, we may acquire or make investments in companies, solutions or technologies
and issue equity securities to pay for any such acquisition or investment. Any such issuances of additional share capital may cause shareholders
to experience significant dilution of their ownership interests and the per share value of Webull Class A Ordinary Shares to decline.
For more information also see &ldquo;<I>&mdash; Risks Relating to Our Business &mdash; We may not be able to obtain additional capital
when desired, on favorable terms or at all.</I>&rdquo; For more information on other potential sources of dilution related to the potential
exercise of the Webull Warrants, please also see above under &ldquo;<I>&mdash;Webull Warrants are currently exercisable for Webull Class
A Ordinary Shares, which increases the number of Webull shares eligible for future resale in the public market and may result in dilution
to Webull shareholders. Further, the terms of the Webull Warrants may be amended in a manner adverse to a holder if holders of at least
50% of the then outstanding Webull Warrants approve of such amendment. As a result, the exercise price of such warrants could be increased,
the exercise period could be shortened and the number of shares of Webull Class A Ordinary Shares purchasable upon exercise of such warrants
could be decreased, all without your approval.</I>&rdquo; For more information on dilution created by sales pursuant to the Purchase Agreement,
see the section entitled &ldquo;<I>Dilution</I>.&rdquo;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The grant and future exercise of registration
rights may adversely affect the market price of Webull Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Registration
Rights Agreement entered into in connection with the Business Combination, certain holders of Webull securities that entered into such
agreement can each demand that Webull register their registrable securities and assist in underwritten takedown of such securities under
certain circumstances and will each also have piggyback registration rights for these securities in connection with certain registrations
of securities that Webull undertakes. In addition, Webull expects to use commercially reasonable efforts to file a resale shelf registration
statement on Form F-3 once eligible to do so and if any of the registrable securities proposed to be sold by a holder of registration
rights may at that point not be sold unconditionally without registration in any ninety (90) day period pursuant to Rule 144 promulgated
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately following the
consummation of the Business Combination, 455,599,003 Webull Ordinary Shares (including 82,988,016 Webull Class B Ordinary Shares) were
held by the Existing Webull Shareholders and were subject to the transfer restrictions in the Webull Articles and 3,892,884 Webull Ordinary
Shares were held by the Initial SKGR Shareholders and certain non-redemption agreement investors and were subject to the transfer restrictions
in the Auxo Support Agreement. As of the date of this prospectus, 334,870,669 Webull Ordinary Shares, being 73.5% of Webull&rsquo;s
then issued and outstanding Webull Ordinary Shares, have registration rights under the Registration Rights Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The grant of future registration
rights, for instance in connection with the sale of new securities, or the registration for resale of the balance of the securities held
by the Existing Webull Shareholder (the Other Registration statement - for more information see &ldquo;<I>Securities Eligible for Future
Sale</I>&rdquo;) or the registration for resale of additional Webull Class A Ordinary Shares that we may sell to the Selling Securityholder
pursuant to the Purchase Agreement (as described under, &ldquo;<I>It is not possible to predict the actual number of Webull Class A Ordinary
Shares that we will sell to the Selling Securityholder under the Purchase Agreement, or the actual gross proceeds or dilution resulting
from those sales. We may not have access to the full Commitment Amount available under the Purchase Agreement</I>,&rdquo; Webull may file
a post-effective amendment to the registration statement of which this prospectus forms a part or file one or more additional registration
statement in order to gain access to the full Commitment Amount under the Purchase Agreement), may adversely affect the market price of
Webull Securities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The requirements of being a public
company may strain our resources, divert our management&rsquo;s attention and affect our ability to attract and retain qualified board
members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the reporting
requirements of the Securities Exchange Act of 1934, the Sarbanes-Oxley Act, the Dodd-Frank Act, Nasdaq listing requirements and other
applicable securities rules and regulations. As such, we will incur additional legal, accounting and other expenses. These expenses may
increase even more if we no longer qualify as an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a) of the Securities Act.
The Exchange Act requires, among other things, that we file annual and reports with respect to our business and operating results. The
Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over
financial reporting. We may need to hire more employees or engage outside consultants to comply with these requirements, which will increase
our costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Changing laws, regulations
and standards relating to corporate governance and public disclosure are creating uncertainty for public companies, increasing legal and
financial compliance costs and making some activities more time-consuming. These laws, regulations and standards are subject to varying
interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time
as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters
and higher costs necessitated by ongoing revisions to disclosure and governance practices. We expect these laws and regulations to increase
our legal and financial compliance costs and to render some activities more time-consuming and costly, although we are currently unable
to estimate these costs with any degree of certainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many members of our management
team have limited experience managing a publicly traded company, interacting with public company investors and complying with the increasingly
complex laws pertaining to public companies. Our management team may not successfully or efficiently manage the transition to being a
public company subject to significant regulatory oversight and reporting obligations under the federal securities laws and regulations
and the continuous scrutiny of securities analysts and investors. The need to establish the corporate infrastructure demanded of a public
company may divert the management&rsquo;s attention from implementing its growth strategy, which could prevent us from improving our business,
financial condition and results of operations. Furthermore, we expect these rules and regulations to make it more difficult and more expensive
for us to obtain director and officer liability insurance, and consequently we may be required to incur substantial costs to maintain
the same or similar coverage. These additional obligations could have a material adverse effect on our business, financial condition,
results of operations and prospects. These factors could also make it more difficult for us to attract and retain qualified members of
its board of directors, particularly to serve on our audit committee, and qualified executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of disclosure
of information in our filings with the SEC, our business and financial condition will become more visible, which we believe may result
in threatened or actual litigation, including by competitors and other third parties. If such claims are successful, our business and
operating results could be adversely affected, and, even if the claims do not result in litigation or are resolved in our favor, these
claims, and the time and resources necessary to resolve them, could cause an adverse effect on our business, financial condition, results
of operations, prospects and reputation.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are an &ldquo;emerging growth company,&rdquo;
and the reduced SEC reporting requirements applicable to emerging growth companies may make Webull Class A Ordinary Shares less attractive
to investors, which could have a material and adverse effect on us, including our growth prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an &ldquo;emerging
growth company&rdquo; as defined in the JOBS Act. We will remain an &ldquo;emerging growth company&rdquo; until the earliest to occur
of (i) the last day of the fiscal year (a) following the fifth anniversary of the Closing, (b) in which we have total annual gross revenue
of at least US$1.235 billion or (c) in which we are deemed to be a large accelerated filer, which means the market value of Webull shares
held by non-affiliates exceeds US$700 million as of the last business day of our prior second fiscal quarter, and (ii) the date on which
we issued more than US$1.0 billion in non-convertible debt during the prior three-year period. We intend to take advantage of exemptions
from various reporting requirements that are applicable to most other public companies, including, but not limited to, an exemption from
the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that our independent registered public accounting firm provide an
attestation report on the effectiveness of our internal control over financial reporting and reduced disclosure obligations regarding
executive compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Section 102(b)(1)
of the JOBS Act exempts &ldquo;emerging growth companies&rdquo; from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not
have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards.
The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply
to non-emerging growth companies, but any such election to opt out is irrevocable. We have elected not to opt out of such extended transition
period, which means that when a standard is issued or revised and it has different application dates for public or private companies,
we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of our financial statements with certain other public companies difficult or impossible because of the potential
differences in accounting standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, even after we
no longer qualify as an &ldquo;emerging growth company,&rdquo; as long as we continue to qualify as a foreign private issuer under the
Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, our shareholders
may not have access to certain information they deem important or at the same time if we were a non-foreign private issuer. We cannot
predict if investors will find Webull Class A Ordinary Shares less attractive because we rely on these exemptions. If some investors find
Webull Class A Ordinary Shares less attractive as a result, there may be a less active trading market and share price for Webull Class
A Ordinary Shares may be more volatile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We qualify as a foreign private issuer
within the meaning of the rules under the Exchange Act, and as such we are exempt from certain provisions applicable to United States
domestic public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because we qualify as a foreign
private issuer under the Exchange Act, we are exempt from certain provisions of the securities rules and regulations in the United States
that are applicable to U.S. domestic issuers, including: (i) the rules under the Exchange Act requiring the filing of quarterly reports
on Form 10-Q or current reports on Form 8-K with the SEC; (ii) the sections of the Exchange Act regulating the solicitation of proxies,
consents, or authorizations in respect of a security registered under the Exchange Act; (iii) the sections of the Exchange Act requiring
insiders to file public reports of their share ownership and trading activities and liability for insiders who profit from trades made
in a short period of time; and (iv) the selective disclosure rules by issuers of material nonpublic information under Regulation FD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to file an
Annual Report on Form 20-F within four months of the end of each fiscal year. In addition, we intend to publish our results on a quarterly
basis through press releases, distributed pursuant to the rules and regulations of Nasdaq. Press releases relating to financial results
and material events will also be furnished to the SEC on Form 6-K. However, the information we are required to file with or furnish to
the SEC will be less extensive and less timely compared to that required to be filed with the SEC by U.S. domestic issuers. Accordingly,
if you continue to hold our securities, you may receive less or different information about us than that you would receive about a U.S.
domestic public company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We could lose our status as
a foreign private issuer under current SEC rules and regulations if more than 50% of our outstanding voting securities become directly
or indirectly held of record by U.S. holders and any one of the following is true: (i) the majority of our directors or executive officers
are U.S. citizens or residents; (ii) more than 50% of our assets are located in the United States; or (iii) our business is administered
principally in the United States. If we lose our status as a foreign private issuer in the future, we will no longer be exempt from the
rules described above and, among other things, will be required to file periodic reports and annual and quarterly financial statements
as if we were a company incorporated in the United States. If this were to happen, we would likely incur substantial costs in fulfilling
these additional regulatory requirements, and members of our management would likely have to divert time and resources from other responsibilities
to ensuring these additional regulatory requirements are fulfilled.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a company incorporated in the Cayman
Islands, we are permitted to adopt certain home country practices in relation to corporate governance matters that differ significantly
from Nasdaq corporate governance listing standards applicable to domestic U.S. companies; these practices may afford less protection to
shareholders than they would enjoy if we complied fully with Nasdaq corporate governance listing standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an exempted company
incorporated in the Cayman Islands and listed on Nasdaq as a foreign private issuer. Nasdaq listing rules permit a foreign private issuer
like us to follow the corporate governance practices of its home country. Certain corporate governance practices in the Cayman Islands,
which is our home country, may differ significantly from Nasdaq corporate governance listing standards applicable to domestic U.S. companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Among other things, we are
not required to have: (i) a majority of the board of directors consist of independent directors; (ii) a compensation committee consisting
of independent directors; (iii) a nominating committee consisting of independent directors; or (iv) regularly scheduled executive sessions
with only independent directors each year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise disclosed
in this prospectus, we are relying on the exemptions listed above. As a result, you may not be provided with the benefits of certain corporate
governance requirements of Nasdaq applicable to U.S. domestic public companies. We currently rely on certain &ldquo;controlled company&rdquo;
and foreign private issuer exemptions from Nasdaq listing standards (including (i) an exemption from the rule that a majority of our board
of directors must be independent directors; (ii) an exemption from the rule that director nominees must be selected or recommended solely
by independent directors; (iii) an exemption from the rule that the compensation committee must be comprised solely of independent directors;
and (iv) an exemption from the requirement that an audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A))
and certain phase-in exemptions with respect to compliance with the audit committee requirements set forth in Nasdaq Rule 5605(c)(2) and
Rule 10A-3 under the Exchange Act. These practices may afford less protection to shareholders than they would enjoy if we complied fully
with Nasdaq corporate governance listing standards.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may face difficulties in protecting
your interests, and your ability to protect your rights through U.S. courts may be limited, because we are incorporated under the laws
of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an exempted company
limited by shares incorporated under the laws of the Cayman Islands. Some of our assets are located outside the United States. One of
our officers resides outside the United States and a substantial portion of the assets of such person are located outside of the United
States. As a result, it may be difficult for investors to effect service of process within the United States upon such officer, or to
enforce judgments obtained in the United States courts against such officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our corporate affairs are
governed by the Webull Articles, the Cayman Companies Act and the common law of the Cayman Islands. The rights of our shareholders to
take action against our directors, actions by minority Webull shareholders and the fiduciary duties of our directors to us under Cayman
Islands law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in
part from comparatively limited judicial precedent in the Cayman Islands as well as from the common law of England, the decisions of whose
courts are of persuasive authority, but are not binding, on a court in the Cayman Islands. The rights of our shareholders and the fiduciary
duties of our directors under Cayman Islands law are different from what they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, the Cayman Islands has a different body of securities laws than the United States and some U.S. states,
such as Delaware, may have more fully developed and judicially interpreted bodies of corporate law than the Cayman Islands. In addition,
shareholders of Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United
States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders of Cayman Islands
exempted companies like us have no general rights under Cayman Islands law to inspect corporate records (other than the memorandum and
articles of association, special resolutions, and the register of mortgages and charges, of such companies) or to obtain copies of lists
of shareholders of these companies. Our directors have discretion under the Webull Articles to determine whether or not, and under what
conditions, our corporate records may be inspected by our shareholders, but are not obliged to make them available to our shareholders.
This may make it more difficult for you to obtain the information needed to establish any facts necessary for a shareholder motion or
to solicit proxies from other shareholders in connection with a proxy contest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain corporate governance
practices in the Cayman Islands, which is our home country, differ significantly from requirements for companies incorporated in other
jurisdictions such as the United States. If we continue to choose to follow certain home country practices in the future, our shareholders
may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of all of the
above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by management, members
of the board of directors or controlling shareholders than they would as public shareholders of a company incorporated in the United States.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our dual-class voting structure will
limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders
of Webull Class A Ordinary Shares may consider beneficial.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have adopted a dual-class
voting structure such that the Webull Ordinary Shares consist of Webull Class A Ordinary Shares and Webull Class B Ordinary Shares. Holders
of Webull Class A Ordinary Shares and Webull Class B Ordinary Shares have the same rights other than voting and conversion rights. Each
holder of Webull Class A Ordinary Shares is entitled to one vote per share and each holder of Webull Class B Ordinary Shares is entitled
to 20 votes per share on all matters submitted to them for a vote. Webull Class A Ordinary Shares and Webull Class B Ordinary Shares vote
together as a single class on all matters submitted to a vote of our shareholders, except as may otherwise be required by law. Each Webull
Class B Ordinary Share is convertible into one Webull Class A Ordinary Share, whereas Webull Class A Ordinary Shares are not convertible
into Webull Class B Ordinary Shares under any circumstances. Upon any transfer of Webull Class B Ordinary Shares by a holder thereof to
any person or entity which is not an affiliate of such holder, such Webull Class B Ordinary Shares are automatically and immediately converted
into the equal number of Webull Class A Ordinary Shares.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Mr. Anquan Wang, one of the
founders of Webull, owns approximately 17.1% of the outstanding Webull Ordinary Shares and owns all of the outstanding Webull Class
B Ordinary Shares, representing approximately 80.5% of Webull&rsquo;s total voting power, as of the date of this prospectus. As such,
Mr. Anquan Wang has considerable influence over matters requiring shareholder approval, such as electing directors and approving material
mergers, acquisitions or other business combination transactions. This concentrated control will limit your ability to influence corporate
matters and could also discourage others from pursuing any potential merger, takeover, or other change of control transaction, which could
have the effect of depriving the holders of Webull Class A ordinary shares of the opportunity to sell their shares at a premium over the
prevailing market price.</p>
<p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our dual-class voting structure may
render Webull Class A Ordinary Shares and Webull Warrants ineligible for inclusion in certain stock market indices, and thus adversely
affect the trading price and liquidity of such securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain index providers have
announced restrictions on including companies with multi-class share structures in certain of their indices. For example, S&amp;P Dow
Jones and FTSE Russell have changed their eligibility criteria for inclusion of shares of public companies on certain indices, including
the S&amp;P 500, to exclude companies with multiple classes of shares and companies whose public shareholders hold no more than 5% of
total voting power from being added to such indices. As a result, our dual-class voting structure may prevent the inclusion of Webull
Class A Ordinary Shares and Webull Warrants in such indices, which could adversely affect the trading price and liquidity of such securities.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Webull Class A Ordinary Shares
or Webull Warrants are not eligible for deposit and clearing within the facilities of the Depository Trust Company, then transactions
in the Webull Class A Ordinary Shares or Webull Warrants may be disrupted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The facilities of the Depository
Trust Company (&ldquo;DTC&rdquo;) are a widely used mechanism that allow for rapid electronic transfers of securities between the participants
in the DTC system, which include many large banks and brokerage firms. Webull Class A Ordinary Shares or Webull Warrants are currently
eligible for deposit and clearing within the DTC system. We have entered into arrangements with DTC whereby we will agree to indemnify
DTC for stamp duty that may be assessed upon it as a result of its service as a depository and clearing agency for the Webull Class A
Ordinary Shares and Webull Warrants, and DTC has agreed to accept the Webull Class A Ordinary Shares and Webull Warrants for deposit and
clearing within its facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC is not obligated to continue
accepting Webull Class A Ordinary Shares or Webull Warrants for deposit and clearing within its facilities, and there can be no assurance
that DTC will continue to accept Webull Class A Ordinary Shares or Webull Warrants for deposit and clearing within the facilities. DTC
will generally have discretion to cease to act as a depository and clearing agency for Webull Class A Ordinary Shares or Webull Warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If DTC determines at any time
that Webull Class A Ordinary Shares or Webull Warrants are no longer eligible for continued deposit and clearance within its facilities,
then we believe that Webull Class A Ordinary Shares or, Webull Warrants would not be eligible for continued listing on a U.S. securities
exchange and trading in the securities or warrants would be disrupted. While we would pursue alternative arrangements to preserve its
listing and maintain trading of its securities, any such disruption could have a material adverse effect on the market price of Webull
Class A Ordinary Shares and Webull Warrants.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that Webull
will not be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for any taxable year, which
could result in adverse U.S. federal income tax consequences to U.S. Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. corporation, such
as Webull, will be classified as a &ldquo;passive foreign investment company&rdquo; for U.S. federal income tax purposes (&ldquo;PFIC&rdquo;)
if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income of any corporation
in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its assets in a taxable
year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata share of the assets
of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production of, or produce, passive
income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties derived from the active
conduct of a trade or business) and gains from the disposition of passive assets. The calculation of the value of our assets will be based,
in part, on the quarterly market value of Webull Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the composition of
the income, assets and operations of Webull and its subsidiaries for 2024, Webull does not believe it was a PFIC for the taxable year
ending December 31, 2024. However, whether Webull is treated as a PFIC for any taxable year is a factual determination that can only be
made after the close of such taxable year, involves extensive factual investigation, including ascertaining the fair market value of all
its assets on a quarterly basis and the character of each item of income that it earns, and, thus, is subject to significant uncertainty
and change. In addition, the determination of whether Webull is treated as a PFIC for the taxable year depends upon Webull&rsquo;s market
capitalization, which may be volatile. Accordingly, there can be no assurance with respect to Webull&rsquo;s status as a PFIC for the
taxable year ending December 31, 2024, the current taxable year, or any future taxable year. If Webull were to be or become a PFIC for
any taxable year during which a U.S. Holder holds Webull Class A Ordinary Shares and/or Webull Warrants, certain adverse U.S. federal
income tax consequences could apply to such U.S. Holder. See &ldquo;<I>Material Tax Considerations</I>&rdquo; for a discussion with respect
to the Webull Class A Ordinary Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not intend to pay cash dividends
for the foreseeable future and, as a result, your ability to achieve a return on your investment will depend on appreciation in the price
of the Webull Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid cash dividends on our share capital. We currently intend to retain all available funds and future earnings, if any, to fund the development
and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future. Any future decisions regarding
the declaration and payment of dividends will be at the discretion of our board of directors and will depend on then-existing conditions,
including our financial condition, results of operation, contractual restrictions, capital requirements, business prospects and other
factors our board of directors may deem relevant. In addition, payment of future dividends is subject to certain limitations pursuant
to Cayman Islands law. See <I>&ldquo;Description of Securities and Articles of Association &mdash; The Webull Articles &mdash; Dividends</I>.&rdquo;
Accordingly, you may need to rely on sales of your Webull Ordinary Shares after price appreciation, which may never occur, as the only
way to realize any gains on your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_006"></a>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
Webull Class A Ordinary Shares that may be offered for resale from time to time by the Selling Securityholder. All of the Webull Class
A Ordinary Shares offered for resale by the Selling Securityholder pursuant to this prospectus will be sold by the Selling Securityholder
for its own account and we will not receive any proceeds from such resales. However, we may receive up to $1,000,000,000 of gross proceeds
under the Purchase Agreement from any sales we make to the Selling Securityholder pursuant to the Purchase Agreement. For more information
on the Purchase Agreement, see &ldquo;<I>Committed Equity Financing</I>.&rdquo; <FONT STYLE="background-color: white">We will pay certain
expenses associated with the registration of the Webull Class A Ordinary Shares covered by this prospectus and the execution of the Purchase
Agreement (including a $25,000 structing fee and the Commitment Shares), as described in the section entitled &ldquo;<I>Plan of Distribution.</I>&rdquo;
While </FONT>we will not receive any net proceeds from the secondary offerings by the Selling Securityholder and our total capitalization
will not be impacted by the net proceeds received by the Selling Securityholder, our total capitalization will be impacted by the Webull
Class A Ordinary Shares that we sell pursuant to the Purchase Agreement to the Selling Securityholder. For more information, also see
&ldquo;<I>Dilution</I>.&rdquo; Sales of shares of our Webull Class A Ordinary Shares, if any, to the Selling Securityholder under the
Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to sell to the
Selling Securityholder all, some or none of the shares of our Webull Class A Ordinary Shares that may be available to sell to the Selling
Securityholder pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to use any proceeds
that we receive from sales, if any, under the Purchase Agreement, for working capital and general corporate purposes. The amounts and
timing of these expenditures will depend on a number of factors, such as the status of our development efforts, sales and marketing activities
and the amount of cash generated or used by our operations. As of the date of this prospectus, we cannot specify with certainty all of
the particular uses, and the respective amounts we may allocate to those uses, for any net proceeds we receive. Accordingly, we will retain
broad discretion over the use of these proceeds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_007"></a>CAPITALIZATION AND INDEBTEDNESS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
Webull&rsquo;s cash and cash equivalents, capitalization and indebtedness as of December 31, 2024.<SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investors should read this
table in conjunction with the section entitled &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations</I>&rdquo; and our consolidated financial statements, including the notes thereto, each of which are included in this prospectus.
The closing of the Business Combination happened subsequently to December 31, 2024 so investors should also consider the information included
in the section &ldquo;<I>Unaudited Pro Forma Condensed Combined Financial Information</I>&rdquo; in this prospectus for more information
on the pro forma column included in the table below. Our historical results do not necessarily indicate our expected results for any future
periods.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December 31, 2024</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Historical</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Pro Forma</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 4pt">Cash and cash equivalents</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; width: 9%; text-align: right">270,728,008</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; width: 9%; text-align: right">271,264,369</TD><TD STYLE="width: 1%; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Indebtedness</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Unsecured promissory notes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mezzanine equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,861,748,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Class A ordinary share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Class B ordinary share capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,299</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,754,966,039</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,241,066,624</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,241,066,624</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accumulated other comprehensive loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,195,946</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,195,946</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,273,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,273,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">606,773,182</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">500,022,289</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total capitalization</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">606,773,182</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">600,022,289</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><a name="a_008"></a>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION<BR>
AND RESULTS OF OPERATIONS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following discussion
includes information that Webull&rsquo;s management believes is relevant to an assessment and understanding of Webull&rsquo;s financial
condition and results of operations. The discussion should be read together with the financial statements of Webull as of December 31,
2024 and 2023, and for each of the three years in the period ended December 31, 2024, and the related notes thereto, included elsewhere
in this prospectus.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The below discussion contains
forward-looking statements and involves numerous risks and uncertainties, including, but not limited to, those described in the &ldquo;Risk
Factors&rdquo; section of this prospectus. Actual results could differ materially from those contained in any forward-looking statements.
For more information on forward-looking statements, also see &ldquo;Cautionary Note Regarding Forward-Looking Statements.&rdquo; Further,
the Company closed the Business Combination and the related transactions described elsewhere in this prospectus on April 10, 2025. For
more information on the consummation of the Business Combination, which occurred following the latest fiscal year-end for which audited
financial statement are included in this prospectus, please refer to &ldquo;Unaudited Pro Forma Condensed Combined Financial Information.&rdquo;
Certain amounts may not foot due to rounding.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is a digital investment
platform built upon a next-generation global infrastructure. We provide our customers with extensive products, features and functions
that go beyond what is offered by most retail investment platforms in the markets today. The Webull platform is specifically designed
and developed for our target demographic of young and digitally-savvy retail investors. We believe we are the platform of choice for this
new generation of retail investors, whose demands for diverse investment products, mobile-first interface, around-the-clock availability,
instant and in-depth market data, and social features may be prohibitively expensive for traditional investment platforms. We pride ourselves
in the professional grade trading and investment features we offer. Though we may not be the place where our customers first learn about
investing, we aim to be the platform they graduate into as they become more informed about investing. Our customers are primarily millennials
and Gen Zs, and approximately 77% report having prior investing experience before opening an account with us as of December 31, 2024.
Our young customers provide us with opportunities to grow with and continue to serve them over the next several decades as their trusted
lifelong investment partner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Driven by our strong belief
that every retail investor should have access to the resources needed to become a more educated and empowered investor &mdash; what we
refer to as the <I>informed investor</I> &mdash; our platform enables anyone to create a free account on Webull and gain access to the
information and analytical tools that other brokerages typically lock behind a paywall, through which we help investors become more informed.
The days when real-time stock price data were privileged information hidden behind a paywall are gone, and we believe more sophisticated
market information should be made affordable and accessible to ordinary investors. We believe that no investment decision should be made
without access to relevant public information, and no investor should have to question the stability of the underlying platform. As a
result, many experienced investors choose us for the advanced trading tools and functions we offer, while novice investors look to us
as a trusted resource for gaining the education and insight needed to become informed investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We serve our customers through
a global platform built around self-directed trading and provide our users access to market data from 43 exchanges worldwide as of December
31, 2024. Our freely available information and analytics, coupled with our open digital community features, foster a virtual trading floor
experience similar to Wall Street and Canary Wharf where investment theses are freely exchanged and debated with the most popular ideas
rising to the surface. Armed with these tools and the Webull Community, experienced and novice investors alike can learn and develop the
confidence and ability to grow their personal wealth. While our core product offering is designed for the self-directed retail investor,
we have recently added a number of wealth management services catered to those customers who prefer a more passive investment solution.
We strive to make Webull the platform of choice for everyone who takes investing seriously.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate revenues primarily
via transaction-based trading activities and interest related income primarily in connection with stock lending and margin financing services
provided to our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set forth
our key operating and financial metrics as of and for the periods indicated. We regularly review these key metrics to evaluate our business
and financial performance as well as make strategic decisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="46" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">For
    the Three Months Ended</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">March&nbsp;31,<br>
    2022</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">June&nbsp;30,<br>
    2022</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">September&nbsp;30,
    <br>
    2022</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">December&nbsp;31,<br>
    2022</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">March&nbsp;31,<br>
    2023</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">June&nbsp;30,<br>
    2023</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">September&nbsp;30,<br>
    2023</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">December&nbsp;31,<br>
    2023</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">March&nbsp;31,<br>
    2024</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">June&nbsp;30,<br>
    2024</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">September&nbsp;30,
    <br>
    2024</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td colspan="2" style="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><font style="font-size: 8pt">December&nbsp;31,<br>
    2024</font></TD><td style="font: bold 8pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; width: 22%"><font style="font-size: 8pt">Registered
    users<sup>(1)</sup> (in millions)</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">13.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">14.4</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">15.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">16.2</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">17.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">18.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">19.0</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">19.8</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">20.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">21.1</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">22.1</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 5%; text-align: right"><font style="font-size: 8pt">23.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; width: 0.5%; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">Funded
    accounts<sup>(2)</sup> (in millions)</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">3.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">3.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">3.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">3.7</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">3.9</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.1</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.1</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.4</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">4.7</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">Quarterly
    retention rate<sup>(3)</sup></font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">96.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.8</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.9</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">98.0</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.4</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">98.2</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97.9</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">98.4</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">98.3</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">%</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">Customer
    assets<sup>(4)</sup> (US$ in billions)</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">8.7</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">6.8</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">6.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">5.9</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">6.9</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">7.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">7.2</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">8.2</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">8.7</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">9.7</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">11.5</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">13.6</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">DARTs<sup>(5)</sup>
    (in thousands)</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">752</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">685</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">690</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">629</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">705</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">639</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">603</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">560</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">640</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">646</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">707</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">777</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">Equity
    notional volume<sup>(6)</sup> (US$ in billions)</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">107</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">98</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">94</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">89</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">96</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">90</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">93</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">92</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">111</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">102</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">119</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">128</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 8pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left"><font style="font-size: 8pt">Options
    contracts<sup>(7)<br>
</sup> (in millions)</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">91</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">85</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">97</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">104</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">105</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">113</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">108</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">112</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">118</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">119</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif"><font style="font-size: 8pt">&nbsp;</font></TD>
    <td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 8pt">112</font></TD><td style="font: 8pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 8pt">&nbsp;</font></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our platform is a self-directed
investment platform. We do not have control over the investment decisions and trading behaviors of our customers. Our results are highly
sensitive to our customers&rsquo; trading behaviors and market fluctuations. These are significant, inherent limitations of the above
metrics which make predicting future results with precision difficult.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><I>&nbsp;</I></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 24pt"><I>Notes:</I></TD><TD></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Registered users refer to those users who have registered on our platform but not necessarily have opened a brokerage account with one of our licensed broker-dealers. Growth in our registered users provides insight as to the popularity of the Webull App. While we do not generate revenue from registered users who do not have brokerage accounts with us, registering an account on the Webull App is the first step toward opening and funding a brokerage account with us.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(2)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Funded accounts refer to Webull brokerage accounts into which the customer has made an initial deposit or money transfer, of any amount, whose account balance (which is measured as the fair value of assets in the customer&rsquo;s account less the amount due from the customer) has not dropped to or below zero for 45 consecutive calendar days as of the record date. Funded accounts reflect unique customers, and multiple funded accounts by a single customer are counted as one funded account. Growth in our funded accounts provides insight as to the effectiveness of our marketing efforts and our ability to acquire monetizable customers. Funded accounts are positively correlated with, but are not determinative, of customer assets, trading volumes, and revenue.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(3)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Quarterly retention rate is calculated by subtracting the &ldquo;quarterly churn rate&rdquo; from 100%. The &ldquo;quarterly churn rate&rdquo; means the ratio of (i) churned accounts during the current quarter to (ii) the sum of total funded accounts at the end of the preceding quarter and new funded accounts acquired during the current quarter. A &ldquo;churned account&rdquo; means a funded account whose account balance (measured as the fair value of assets in the customer&rsquo;s account less the amount due from the customer) drops to or below zero for 45 or more consecutive calendar days as of the record date. The quarterly retention rate provides us insight as to how effective we are at servicing our platform users in terms of quality customer support and product offerings.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(4)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Customer assets refer to the sum of the fair value of all equities, ETFs, options, warrants, futures, and cash held by customers in their Webull brokerage accounts, net of customer margin balances, as of the record date. While customer assets are significantly impacted by mark-to-market valuations of customers&rsquo; investments, we consider customer assets an important metric as growth in customer assets generally leads to an increase in trading volumes and revenue.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(5)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">DARTs refer to daily average revenue trades, which is the number of customer trades executed during a given period divided by the number of trading days in that period. DARTs provide us information on how active our customers trade. A limitation of this metric is that it does not capture the size of the trade and revenue per trade varies significantly depending on size and type of trades.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(6)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Equity notional volume refers to the aggregate dollar value (purchase price or sale price as applicable) of trades executed over a specified period of time. Equity notional volume directly drives our equities trading revenue, as we earn payment for order flow or commissions for customers&rsquo; equities trades based on a percentage of notional value. However, equity notional volume is highly sensitive to market conditions in the short-term which makes predicting our equity trading revenue with precision difficult.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(7)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Options contracts refer to the total number of options contracts bought or sold over a specified period of time. Options contracts traded directly drive our options trading revenue, as we earn payment for order flow or commissions for customers&rsquo; options trades on a per contract basis. However, options contracts traded is highly sensitive to market conditions in the short-term which makes predicting our options trading revenue with precision difficult.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: center; text-indent: -24pt">&nbsp;</P>

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  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="padding-bottom: 2.5pt; text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Key Financial Metrics</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Total revenues</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">388,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">389,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">390,230</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net income (loss) attributable to the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,694</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjusted operating income (non-GAAP)(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">98,577</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,234</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjusted net income (loss) (non-GAAP)(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,602</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,894</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Adjusted operating income, a non-GAAP financial measure, represents income (loss) from continuing operations, before income taxes, excluding share-based compensation expenses, one-time transactions and other expense, net.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(2)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Adjusted net income, a non-GAAP financial measure, represents net income (loss) attributable to the Company excluding share-based compensation expenses and one-time transactions.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key Factors Affecting Our Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our business and operating
results are affected by general factors driving the capital markets, digital trading and investment, and other industries in our markets,
including demographic and macro-economic growth, technology adoption trends, and the digital transformation of financial service industries.
In addition, we believe our results of operations and financial performance are directly affected by certain factors specific to us, including
the following:</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Growth of our customer base</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have achieved rapid growth
in customers since the launch of our trading app in the United States in May 2018. Sustaining our growth requires continued adoption of
our platform by new customers and retention of existing customers. Our ability to continue to achieve customer growth is supported by
our mobile-first interface and competitive pricing, depth of products, in-depth data and analytics tools, connected social community,
and multi-platform interoperability. Additionally, we leverage our customers to organically recommend our platform to their family and
friends and drive our growth. The expansion of our customer base depends on the recognition and acceptance of our product and service
offerings as well as our value propositions to them. Our ability to educate and demonstrate to existing and prospective customers the
value and the effectiveness of our product and service offering is and will continue to be crucial for our business growth, financial
performance, and prospects. Leveraging our solid foundation and proven track record, we believe we are well placed to capitalize on overall
market growth and attract new retail investors globally.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to engage and monetize
our customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a highly engaged customer
base, which contributed to significant increases in trading volume on our platform. As we enrich our product and service offerings, we
believe there is significant opportunity to further engage our customers and increase their usage of our platform. Since the launch of
our Webull App in the United States in 2018, we have added a wide selection of features, products and services in response to customer
demands including ETFs, options, fractional shares and futures trading as well as cash sweep, margin financing, stock lending, retirement
accounts, and syndicate services. We have also created a robust community of investors by embedding social media tools and user-generated
content into our platform. Our Webull Community complements the investing tools, education, market data, and insight we provide and in
turn drives customer engagement and retention. Furthermore, we have been constantly improving our existing features, products and services
in response to customer feedback and keep our customers engaged. For example, we rolled out &ldquo;Webull Lite&rdquo; in April 2024, an
easier-to-use version of the Webull App designed to better serve customers who are new to investing and preferred a more simplified experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While not all forms of customer
engagement with our platform directly contribute to revenues or otherwise impact our results of operations, as more users join our platform
and engage with new and existing features, products, and services, we expect to generate more revenue over time. We believe the increasing
customer engagement on our platform demonstrates the growing lifetime value of our young customer base, providing us with opportunities
to grow with them over the next several decades.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our ability to expand globally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We see significant market
opportunities globally in the digital brokerage industry. Our proven track record of successful execution in the United States provides
us with a strong brand and a tested strategy for expansion to other markets. Our centrally-developed platform is designed to be seamlessly
deployed across different markets, and we believe our highly scalable technology infrastructure will allow us to continue to penetrate
new markets with moderate investment and marginal cost. Additionally, our strong localization capabilities enable us to better understand
local market characteristics as well as the varying needs of local customers, which give us a significant competitive advantage as we
continue to expand across the globe. In addition to the U.S. market, we have launched our licensed brokerage business in Canada, Hong
Kong, Singapore, Indonesia, Thailand, Malaysia, Australia, Japan, the United Kingdom, and South Africa. We believe a global footprint
will enable us to capture the significant potential of underserved markets, creating opportunities for our sustainable growth and business
prospects.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Optimization of our operating expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our results of operations
depend in part on our ability to manage our operating expenses, especially our marketing and branding expenses. We have invested significantly
in marketing and branding to attract customers and sustain our growth. We utilize various marketing tools to attract new customers, such
as Webull Referral Program and paid advertising. In 2022, 2023 and 2024, our marketing and branding expenses amounted to $140.3 million,
$152.3 million and $138.7 million, respectively. Our ability to lower such expenses as a percentage of our total revenues depends on our
ability to improve customer acquisition efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we have made,
and will continue to make, significant investments in our technology infrastructure which is critical for us to offer high-quality products
and services as well as to attract and retain customers. Our proprietary technology infrastructure is the backbone of our highly stable
and scalable trading platform, enabling us to facilitate secure, fast and cost-efficient financial transactions. Our ability to leverage
our investment in technology infrastructure and talent to develop and enhance our products and services in a cost-effective manner affects
our results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As our business further grows
in scale, we expect our operating expenses to increase in absolute amounts in the foreseeable future. Nevertheless, with our continuous
growth in scale and further optimization of our operational capabilities, we believe our continued commitment to operational efficiency
and investment in technology will fuel our growth, and reinforce economies of scale to optimize our operating margin.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Macro-environment and conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investment behavior of our
customers is affected by the overall macro-environment, including economic, regulatory and market events and conditions, all of which
are beyond our control. In particular, tariffs, inflation, tax rates, fluctuations in interest rates and any other unfavorable changes
in market conditions can have a material impact on investor sentiment and trading volume, resulting in fluctuation in our trading revenues
and interest related revenues.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Key Components of Results of Operations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate revenues primarily
from our equity and option order flow rebates and interest related income. The following table sets forth the components of our revenues
by amounts and percentages of our total revenues for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Revenues:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Equity and option order flow rebates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">278,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">71.8</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">192,233</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">49.3</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">197,070</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">50.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest related income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,452</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.4</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Handling charge income(1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,045</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.6</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,970</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2.8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,663</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3.5</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total revenues</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">388,333</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">389,603</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">390,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Promotional expenses paid to certain of our customers are required to be recorded as a reduction of revenue, rather than as a marketing and branding expense. For the years ended December 31, 2022, 2023 and 2024, we recorded $0.54 million, $0.52 million and $3.6 million, respectively, in promotional expenses as a reduction to handling charge income.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
a breakdown of our revenues generated from trading activities for each of the key types of assets traded on our platform for the periods
presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Revenues generated from trading activities for:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Equities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">87,197</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">51,223</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">61,435</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Options(1)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">199,632</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">169,241</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">164,017</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">286,829</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">220,464</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">225,452</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">The revenues generated from trading activities for options also included option handling income, which amounted to $8.2 million, $28.2 million, and $28.1 million for the years ended December 31, 2022, 2023 and 2024, respectively.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
a breakdown of our revenues generated from external customers, excluding interest income arising from our corporate bank deposits, by
geographic region for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Revenues:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">USA</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">375,653</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">363,746</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">355,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Hong Kong</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,067</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Singapore</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,627</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,591</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,923</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Others</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">299</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">366</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,669</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">384,007</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">374,770</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">377,306</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">The revenues from external customers did not include interest income arising from our corporate bank deposits, which amounted to $4.3 million, $14.8 million and $12.9 million for the years ended December 31, 2022, 2023 and 2024, respectively.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our revenues from external
customers amounted to $384.5 million, $374.8 million and $377.3 million in 2022, 2023 and 2024, respectively. The revenues from external
customers in various geographic locations are attributable to the operating performance in those markets. Our external revenue attributable
to the United States decreased by $8.7 million from 2023, primarily a result of decreases in option order flow income and stock lending
income of $5.6 million and $29.9 million, respectively, offset by increases in equity order flow income, interest income from margin financing,
and handling charge income of $10.1 million, $6.1 million and $10.5 million, respectively. See Results of Operations section for further
information on the revenue changes we experienced for the years ended 2022, 2023, and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our external revenues from
markets outside the United States increased $11.3 million from 2023 driven by continued expansion of our existing business, entry into
new markets and strengthening of our market position.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Equity and option order flow rebates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generate a portion of our
revenues from equity and option order flow rebates that we receive from our market makers and liquidity providers for directing our customers&rsquo;
trade orders to them for execution. In the case of equities and ETFs, the payments we receive are generally based on a percentage of the
notional volume of securities being traded. In the case of options, we receive payments on a per contract basis. Our equity and option
order flow revenues are recognized on a trade-date basis when we satisfy our performance obligation by routing a trade order to a market
maker or a liquidity provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
a breakdown of our equity and option order flow rebates by asset type for the periods presented:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold">Equity and option order flow rebates</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Option order flow rebates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">191,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">141,010</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">135,634</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Equity order flow rebates</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">87,197</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">51,223</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">61,436</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">278,981</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">192,233</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">197,070</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Interest related income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest related income primarily
consists of revenues generated from (i) stock lending services, (ii) margin financing services, (iii) interest income from customers&rsquo;
bank deposits, and (iv) interest income from our own corporate bank deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We received a majority of
our interest related income in 2022, 2023 and 2024 from our clearing partner. Interest related income from stock lending is generated
from our clearing partner&rsquo;s fully paid stock lending program, through which our clearing partner provides us with a portion of the
fees it generates from the program, and revenue is recognized over the period that the lending activities are outstanding. Interest related
income from margin financing is related to the margin loans provided by our clearing partner to our platform users&rsquo; fully disclosed
accounts as well the margin loans we provide to our platform users&rsquo; who have an omnibus account with us, and revenue is recognized
over the period during which the margin loans are outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, a portion of
our interest income is generated from customers&rsquo; bank deposits and our own bank deposits, and is recorded on an accrual basis using
the effective interest method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the components of our interest related income for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Interest related income</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Interest related income from stock lending</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">46,312</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">56,052</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">26,090</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest related income from margin financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,962</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest income from customer bank deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Interest income from corporate bank deposits</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,326</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,833</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">12,924</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">91,882</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">155,792</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">130,452</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
interest-earning assets, the revenue generated by these assets, and their respective yields for the years ended December 31, 2024, 2023
and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Corporate<BR> Bank<BR> Deposits</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Customer<BR> Bank<BR> Deposits<SUP>(1)</SUP></B></P></TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Margin<BR> Lending<SUP>(2)</SUP></B></P></TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Fully Paid<BR> Securities<BR> Lending<SUP>(3)</SUP></B></P></TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Total<BR> Interest<BR> Income</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">2024</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">Interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12,924</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">61,476</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">29,962</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">26,090</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">130,452</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average balance<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">344,029</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,406,173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">357,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,521,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Annual yield<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.76</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.55</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.37</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.74</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">61,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">23,227</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">56,052</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">155,792</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average balance<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">401,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,612,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">261,077</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,436,917</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Annual yield<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.70</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.83</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.63</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">19,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">46,312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">91,882</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Average balance<SUP>(4)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">408,204</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,486,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">313,430</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,289,891</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Annual yield<SUP>(6)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.28</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.07</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.08</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notes:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Includes cash and cash equivalents segregated under federal and foreign requirements, customers&rsquo; cash that is participating in our off-balance sheet cash sweep program (launched in April 2023), and cash of our platform users who are on a fully introduced basis with Apex Clearing.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(2)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Balance includes both our on-balance sheet margin loans and the off-balance sheet margin loans of our platform users&rsquo; that are administered on a fully-introduced basis with Apex Clearing.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(3)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Balance represents the value of the platform users&rsquo; securities that are enrolled in Apex Clearing&rsquo;s fully paid stock lending program.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(4)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents the average of month-end balances for the period.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(5)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Period yield is calculated by annualizing interest income and dividing by applicable average balance.</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px">(6)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Annual yield is calculated by dividing revenue for the year by the applicable average balance.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Corporate Bank Deposits
</I>&mdash; Although our average corporate cash balances decreased from 2022, the impact of the higher average federal funds rate in 2023
led to the increase of $10.5 million in interest revenue on our corporate cash. In 2024, interest income on our corporate cash decreased
$1.9 million as a result of our lower average corporate cash balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Customer Bank Deposits
</I>&mdash; Our customer bank deposit growth is attributable to the growth in our funded accounts between 2022 and 2024. We experienced
an increase in interest income on customer bank deposits of $42.6 million between 2022 and 2023 due to the impact of the higher average
federal funds rate in 2023. Our interest income on customer bank deposits remained consistent between 2023 and 2024 despite growth in
our average customer bank deposit balances as a result of launching our off-balance sheet sweep program in April 2023. The launch of our
off-balance sheet sweep program had the effect of lowering our annual yield from 3.83% during 2023 to 2.55% during 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Margin Balances </I>&mdash;
Our margin interest income was comparable between 2022 and 2023 despite a decrease in the average margin balance as a result of higher
average margin rates charged to customers during 2023 in response to higher interest rate environment. During 2024, our margin interest
income increased $6.7 million, as compared to 2023. The increase in our margin interest income was due to higher average margin balances
between the periods. Our estimated annual yield between the periods slightly decreased from 8.90% to 8.37% because of a shift in average
margin balances from margin loan tiers with higher annual margin rates to margin loan tiers with lower annual margin rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Fully Paid Securities Lending
</I>&mdash; Despite the decline in the average balance of our platform users&rsquo; securities enrolled in Apex Clearing&rsquo;s fully
paid stock lending program between 2022 and 2023, we experienced an overall increase in interest income from the lending program of $9.7
million. Interest income from the fully paid securities lending program is difficult to predict as the general demand for borrowing stocks
is highly impacted by overall market conditions. Also, hard to borrow stocks can cause volatility in the rate earned between periods.
For 2024, our fully paid securities lending income decreased $29.9 million, as compared to 2023. The decrease is primarily due to the
migration of our U.S. client accounts to an omnibus clearing arrangement with Apex Clearing, as fully paid stock lending was not available
to such migrated accounts for the majority of the year. We had more client accounts on an omnibus clearing arrangement with Apex Clearing
during 2024 than compared to 2023. Starting in August 2024, fully paid stock lending became available for our omnibus accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Handling charge income
</I>&mdash; Our handling charge income includes our commissions and platform trading fees charged to customers of our foreign broker-dealers
as well as other trade fees charged to customers which represent pass-thru of trading fees charged to us by regulatory authorities and
exchange fees passed through to us by market makers. Such fees may include SEC fees, OCC fees, and per contract charges for index options.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other revenues primarily consist
of income generated from our (i) data subscription services, (ii) co-marketing services, (iii) income from leased portions of our corporate
office building, (iv) syndicate fees in connection with IPO and secondary offerings, and (v) proxy rebates included within the &ldquo;Other&rdquo;
category below. The following table sets forth the components of our other revenues for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Other Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Data subscription income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,756</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7,236</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Co-marketing income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Syndicate fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">968</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lease income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,102</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,136</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">405</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,600</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,098</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">8,970</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">10,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">13,663</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from data subscription
services represents subscription by our users to our market information services. We provide advanced quotation services, such as Level
2 Advance powered by Nasdaq TotalView, for which our customers subscribe on a monthly basis. In 2022, 2023 and 2024, we recorded $7.2
million, $6.8 million and $6.0 million of revenue from paid subscriptions to our market information and data services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from co-marketing
services is primarily derived from our co-marketing services provided to Nasdaq and Cboe. In 2020, we entered into a service agreement
with Nasdaq, pursuant to which Nasdaq granted us a license to receive and use Nasdaq&rsquo;s proprietary data products in accordance with
Nasdaq&rsquo;s requirements. By presenting the underlying market data and information from Nasdaq on our platform, we functionally promote
such data products for Nasdaq and therefore receive incentives from Nasdaq for the marketing and promotion effects we bring to Nasdaq.
In 2021, we entered into a sponsored content agreement with Cboe whereby Cboe provides us sponsored content to market and promote Cboe
securities products and services. We receive incentive payments that are based upon the level of our marketing and promotional spend.
Our service agreement with Nasdaq expired in July 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our lease income represents
revenue earned from leasing a portion of our excess corporate office space. In November 2022, we acquired a 5-story office building located
in St. Petersburg, Florida to function as our corporate and operations headquarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from syndicate fees
is derived from our participation in IPO and secondary offerings as a member of the syndicate selling group. As a member of the selling
group, we do not commit any capital. We publicize to our users the opportunity to subscribe to offerings in which we are a selling group
member. We are allocated shares by the lead underwriter at a discount to the offering price. We then allocate those shares among the users
that subscribe to the offering at the offering price, thereby capturing the selling group spread. Revenue is recognized when realized
on the trade date of the sale of allocated shares to users.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenue from proxy rebates
represents income generated through our collaboration with a third-party investor communications company. We share certain shareholder
information with the third-party, enabling them to distribute materials to shareholders, such as documents related to shareholder meetings
and voting instructions. Our revenue comes from a portion of the payments the third party receives from issuers. This revenue is recognized
once we fulfill our obligation to provide the required data and the third-party provider verifies our share. Proxy revenue for the years
ended December 31, 2022, 2023 and 2024 was nil, $0.68 million and $2.6 million, respectively.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the components of our operating expenses by amounts and percentages of operating expenses for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Operating expenses</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; text-align: left">Brokerage and transaction</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">59,764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">18.7</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">66,419</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">18.1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">79,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">19.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Technology and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,840</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.8</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.3</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">72,960</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">22.8</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">95,790</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">26.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">122,715</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">30.3</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total operating expenses</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">319,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">366,623</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">404,583</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">100.0</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Brokerage and transaction</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brokerage and transaction
expenses primarily consist of clearing and operation costs, market information and data fees, and handling charge expenses. Our clearing
and operation costs accounted for 66.1, 66.0% and 66.5% of our brokerage and transaction expenses in 2022, 2023 and 2024, respectively.
The following table sets forth the components of our brokerage and transaction expenses for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Brokerage and transaction</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Clearing and operation costs</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">39,490</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">43,833</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">52,722</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Market information and data fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,632</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Handling charge expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,642</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">9,865</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,529</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">59,764</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">66,419</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">79,307</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Clearing and operation costs
consist of clearing costs, mainly representing service fees charged by our clearing partner, and operation costs, mainly representing
customer verification fees, transaction fees, and customer debit balances for which we are responsible. Market information and data fees
mainly represent information and data fees that we pay to stock exchanges and market data providers. Handling charge expenses mainly represent
handling fees charged by the OCC in connection with the clearing of settled option transactions.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technology and development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Technology and development
expenses consist of research and development expenses, primarily in the form of compensation and benefits for engineers and developers,
and related costs, cloud service fees, and system costs. Cloud service fees represent data storage and computing service fees. System
costs represent fees to software providers to access and use their systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the components of our technology and development expenses for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Technology and development</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Employee compensation benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">34,382</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">35,112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">43,400</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cloud services fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,929</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,280</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">System costs</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,462</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,238</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,160</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">46,773</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">52,156</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">63,840</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Marketing and branding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Marketing and branding expenses
primarily consist of advertising and promotion costs, costs of free stock promotions, and expenses for personnel engaged in marketing
and business development activities. The following table sets forth the components of our marketing and branding expenses for the periods
presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Advertising and promotions</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">92,412</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">92,182</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">108,191</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Free stock promotions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,372</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,226</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,980</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Employee compensation and benefits</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,497</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,850</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">6,550</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">140,281</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">152,258</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">138,721</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our advertising and promotion
costs represent our expenditures in advertising marketing and branding activities. As a digital trading platform, the vast majority of
our advertising and promotion costs are incurred for digital advertising such as paid search on search engines and paid social advertising
on social network platforms. In 2022, 2023 and 2024, we spent a total of $55.4 million, $58.7 million and $61.9 million on paid search
and paid social advertising, respectively. In addition, starting in 2021, we also increased our spending on branding activities to promote
awareness of the Webull brand globally. Specifically, we entered into a global multi-year agreement with Brooklyn Nets, LLC and its affiliates
in September 2021, pursuant to which were are obliged to pay an aggregate of $90 million in non-refundable fees over the following three
years for the placement of a &ldquo;Webull&rdquo;-branded patch on Brooklyn Nets game jerseys. In 2022, 2023 and 2024, we recognized $27.8
million, $30.1 million and $24.8 million, respectively in advertising and promotion costs attributable to the Brooklyn Nets sponsorship.
The Brooklyn Nets sponsorship ended during September 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expense of free stock
promotions is determined when an eligible customers receive their free stock and is based upon the fair value of the stock transferred
to the customer. We acquire the stock after the stock rewards are claimed. At the time eligible customers claim their free stock rewards,
they become entitled to those free stock rewards and we assign the specific stocks to the users using an algorithm. At market close on
each trading day, we use a designated account that we have established with our clearing partner to purchase all of the award stocks claimed
prior to the market close and our clearing partner executes and settles such purchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For our fully disclosed accounts,
the acquired stocks are deposited into the designated account at Apex Clearing and we instruct Apex Clearing to transfer the stocks from
our account to the account of the eligible customers who are entitled to the free stock rewards. For omnibus accounts, we purchase the
stocks within our designated stock omnibus account and then allocate the shares to the accounts of eligible customers who are entitled
to the free stock rewards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We record the cost of acquiring
the stock rewards as marketing and branding expenses within our statement of operations and comprehensive (loss) income. At each reporting
period, an estimated accrual for unsettled stock award is recorded as a liability with corresponding accrued marketing expense. Any changes
to the fair value of the stock award from the accrual to the time the security is transferred to the customer&rsquo;s account at our clearing
broker is recorded as marketing expense. However, we are required to account for free stock and cash promotions paid to certain of our
customers as a reduction in revenue, rather than as a marketing and branding expense. For the years ended December 31, 2022, 2023 and
2024, we classified $0.54 million, $0.52 million and $3.6 million, respectively, of promotional expenses as a reduction to handling charge
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our marketing and branding
expenses also include the compensation to our referral partners. Our referral partners are opinion leaders and other third-party organizations/forums,
generally influential individuals, who primarily utilize social media to express views and values, demonstrate professional competence,
and maintain a network of followers. We compensate our referral partners for each new user that uses the referral partner&rsquo;s event-specific
link to open and fund a Webull brokerage account with a minimum deposit amount, the total compensation for whom depends on the size of
the referral partners&rsquo; network of followers and the effect of the marketing activities. We primarily compensate our referral partners
by free stocks transferred into their Webull accounts, which are recorded as our costs of free stock promotions, and to a much lesser
extent, cash, which is recorded as our advertising and promotion costs. In 2022, 2023 and 2024, the total expenses recognized for our
referral partners, including the compensation recognized as our costs of free stock promotions and our advertising and promotion costs,
amounted to $5.7 million, $10.3 million and $9.4 million, respectively.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses primarily consist of employee compensation and benefits, professional services, compliance fees, rental payments on office and
related occupancy costs and depreciation and amortization of right-of-use assets. The following table sets forth the components of our
general and administrative expenses for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">General and administrative</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Employee compensation and benefits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">45,544</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">61,466</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">77,187</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Compliance fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,458</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Office related</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,608</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,678</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Professional services</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,966</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,586</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization of right-of-use assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,676</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,669</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">910</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,382</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">72,960</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">95,790</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">122,715</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Taxation</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an exempted company
incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, we are not subject to tax on income or capital gains,
and the Cayman Islands currently has no form of estate duty, inheritance tax or gift tax. There are no other taxes likely to be material
to us levied by the government of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or brought
within the jurisdiction of the Cayman Islands. In addition, the Cayman Islands currently does not impose withholding tax on dividend payments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United States</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries located in
the United States are subject to a federal income tax rate of 21% for domestic taxable income earned. Webull Pay LLC, a subsidiary of
our company consolidated by us before its spin-off, was also subject to a federal income tax rate of 21% for domestic taxable income earned.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kong SAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Hong Kong subsidiaries
are subject to a profit tax rate of 16.5% under the current Hong Kong Inland Revenue Ordinance on their taxable income generated from
operations in Hong Kong.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Singapore subsidiaries
are subject to a corporate income tax rate of 17%.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mainland China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The standard corporate income
tax rate in Mainland China is 25% and 15% for certain qualified enterprises. Our main operating subsidiary in Mainland China has applied
and received approval for the reduced corporate income tax rate beginning with the tax year 2023.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Non-GAAP Financial Measures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We use adjusted operating
income and adjusted net income, both non-GAAP financial measures, to evaluate our operating results and for financial and operational
decision-making purposes. Adjusted operating income represents income (loss) from continuing operations, before income taxes, excluding
share-based compensation expenses, one-time transactions, and other expense, net. Adjusted net income represents net income attributable
to the Company, excluding share-based and one-time transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that both adjusted
operating income and adjusted net income helps identify underlying trends in our business that could otherwise be distorted by the effect
of certain expenses that we include in income from continuing operations, before income taxes, and net income attributable to the Company.
We believe that adjusted operating income and adjusted net income provides useful information about our operating results, enhances the
overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used
by our management in its financial and operational decision-making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Adjusted operating income
and adjusted net income should not be considered in isolation or construed as an alternative to net income attributable to the Company
or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical
non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted operating income and adjusted net income presented
here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to our data. We encourage investors and others to review our financial
information in its entirety and not rely on a single financial measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
a reconciliation of our adjusted operating income to income (loss) from continuing operations, before income taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Income (loss) from continuing operations, before income taxes</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">65,685</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,178</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(12,051</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Add:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other expense (income), net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,801</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,303</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Share-based compensation</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">30,022</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">29,412</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32,588</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Adjusted operating income (loss)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">98,576</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">52,391</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">18,234</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth
a reconciliation of our adjusted net income to net income (loss) attributable to the Company for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Net income (loss) attributable to the Company</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">50,078</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,069</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(22,694</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Add:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Share-based compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,412</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,588</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Loss on deconsolidation of a subsidiary</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">11,502</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Adjusted net income (loss)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">91,602</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">35,481</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,894</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Results of Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
a summary of our consolidated results of operations for the periods presented. This information should be read together with our consolidated
financial statements and related notes included elsewhere in this prospectus. The results of operations in any period are not necessarily
indicative of our future trends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Equity and option order flow rebates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">278,981</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">192,233</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">197,070</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest related income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,452</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Handling charge income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,045</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,970</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,663</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Total revenues</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">388,333</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">389,603</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">390,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Brokerage and transaction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,764</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,419</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,307</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Technology and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,773</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,840</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,281</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,721</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">72,960</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">95,790</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">122,715</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">319,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">366,623</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">404,583</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Other expense (income), net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,869</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,801</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,303</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Income (loss) from continuing operations, before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,686</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,179</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,050</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32,212</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,141</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,824</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Income (loss) from continuing operations, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,874</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income from discontinued operations, net of tax</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,604</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,784</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,691</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net income (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,822</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,183</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less net loss attributable to noncontrolling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(247</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(489</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net income (loss) attributable to the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,069</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,694</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Preferred shares redemption value accretion</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(51,410</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(340,080</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(495,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Net loss attributable to ordinary shareholders</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,332</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(334,011</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(517,782</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Note:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">(1)</TD>
    <TD STYLE="font-size: 10pt">Share-based compensation expenses were allocated in operating expenses as follows:</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: center; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Technology and development</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7,282</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7,749</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8,290</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,886</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">19,854</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">19,964</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">22,269</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">30,022</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">29,412</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">32,587</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Period Ended December 31, 2024 Compared to Period Ended December
31, 2023</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenues</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total revenues increased
by $0.63 million from $389.6 million for the year ended December 31, 2023 to $390.2 million for the year ended December 31, 2024, primarily
due to increases in equity order flow rebates, margin financing interest, platform and trading fees, and other income of $10.2 million,
$6.7 million, $18.5 million and $2.8 million, respectively, which was mostly offset by decreases in option order flow rebates, stock lending
income and corporate bank deposit interest of $5.4 million, $29.9 million and $1.9 million, respectively. The reasons for the changes
are discussed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Option order flow rebates.
</I>Although we experienced an increase of 31 million option contracts traded during the year ended December 31, 2024 as compared to the
same prior year period, we experienced a decrease in option order flow revenue of $5.4 million as a result of a shift in the composition
of our customers&rsquo; option transactions towards securities with narrower spreads, specifically short-dated options tied to indices,
which resulted in lower order flow rebates from market makers and liquidity providers. However, options order flow rebates improved in
the third and fourth quarters following the implementation of a new rate card with market makers and liquidity providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Equity order flow rebates.
</I>Our equity order flow rebates increased $10.2 million during the year ended December 31, 2024 as compared to the same prior period
as a result of an increase of $89 billion in equity trading notional value between the periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Stock lending income</I>.
Our stock lending income decreased $29.9 million for the year ended December 31, 2024 as compared to the same prior year period, primarily
due to the migration of our U.S. client accounts to an omnibus clearing arrangement with Apex Clearing, as fully paid stock lending was
not available to our omnibus accounts until August 2024, therefore only client accounts that remained on a fully-disclosed basis with
Apex Clearing generated stock lending income during that time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Margin finance interest</I>.
Our margin finance interest increased $6.7 million during the year ended December 31, 2024 as compared to the same prior year period as
a result of higher average margin balances between the periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Client bank deposit interest</I>.
Our interest income on customer bank deposits remained consistent between 2023 and 2024 despite growth in our average customer bank deposit
balances as a result of launching our off-balance sheet sweep program in April 2023. The launch of our off-balance sheet sweep program
had the effect of lowering our annual yield from 3.83% during 2023 to 2.55% during 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Platform and trading fees.
</I>Our platform and trading fees increased $18.5 million during the year ended December 31, 2024 as compared to the same prior year period
due to (i) $8.1 million increase in platform trading fees of our foreign broker-dealers, as we continued to expand our business outside
the U.S. by growing our existing markets such as Hong Kong, Singapore, and Australia, and launching in new markets such as Japan, the
U.K. and Canada; (ii) an increase of $7.9 million due to the 2024 launch of our futures product; and (iii) $2.5 million increase in banking,
transfer and other miscellaneous fees earned as a result of more client accounts on an omnibus clearing arrangement with our clearing
broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Other revenues. </I>Other
revenues increased $2.8 million between the year ended December 31, 2024 and 2023 because of revenue we earned from our proxy distribution
vendor in connection with our omnibus client accounts. As a result of our client account migration efforts, we had more client accounts
on an omnibus clearing arrangement with our clearing broker during the year ended December 31, 2024 than during the same prior year period.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total operating expenses
increased by $38.0 million from $366.6 million for the year ended December 31, 2023 to $404.6 million for the year ended December 31,
2024, primarily due to the overall growth in our general and administrative expenses as a result of increasing our scale and global expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Brokerage and transaction.
</I>Our brokerage and transaction expenses increased by $12.9 million from $66.4 million for the year ended December 31, 2023 to $79.3
million for the year ended December 31, 2024, primarily consisting of a $8.9 million increase in clearing and handling expenses due to
increased equity and options contract volume and a $3.3 million increase in our market and data fees as a result of launching in new markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Technology and development.
</I>Our technology and development expenses increased by $11.6 million from $52.2 million for the year ended December 31, 2023 to $63.8
million for the year ended December 31, 2024. The increase is due to higher technology personnel costs, cloud services and system costs
in connection with our efforts to grow existing markets as well as launch in new markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Marketing and branding.
</I>Our marketing and branding expenses decreased by $13.6 million from $152.3 million for the year ended December 31, 2023 to $138.7
million for the year ended December 31, 2024, primarily reflecting a decrease of $31.2 million in free stock promotions offset by increases
of $16.0 million in advertising and promotional activities and $1.6 million in employee compensation and benefits. The overall decrease
in marketing and branding is due to our efforts to grow the number of our client accounts utilizing more cost-effective customer acquisition
promotions and advertising. For example, we reduced free stock promotions to focus on more asset based promotional activities, and we
did not renew our Brooklyn Nets sponsorship, which ended in September 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General and administrative.
</I>Our general and administrative expenses increased by $26.9 million from $95.8 million for the year ended December 31, 2023 to $122.7
million for the year ended December 31, 2024, primarily reflecting increases in stock compensation expense of $2.3 million, employee compensation
and benefits of $13.4 million, $4.6 million in office related, $2.0 million depreciation and amortization of right-of-use assets and $1.5
million in other non-income-based taxes and surcharges. The increases were incurred as we grew our business scale and continued our global
expansion. Additionally, we experienced an increase in our compliance costs of $2.5 million between the periods as we (i) settled certain
regulatory matters and (ii) increased our loss contingency accrual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Other expense (income),
net. </I>Our other expense, net decreased from $2.8 million for the year ended December 31, 2023 to other income, net of $2.3 million
for the year ended December 31, 2024. The decrease was primarily related to an increase in foreign currency exchange gains between the
periods.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income (loss) from continuing operations,
before income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our income from continuing operations, before income taxes, decreased from $20.2 million for the ended December 31, 2023 to a loss of
$12.1 million for the year ended December 31, 2024.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Provision for income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our provision for income taxes
decreased from $16.1 million for the year ended December 31, 2023 to $13.8 million for the year ended 2024 due to lower profitability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income (loss) from continuing operations,
net of tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our income from continuing operations, net of tax, decreased from $4.0 million for the year ended December 31, 2023 to a loss of $25.9
million for the year ended December 31, 2024.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from discontinued operations,
net of tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We had income from discontinued
operations, net of tax of $1.8 million for the year ended December 31, 2023. Although we spun off Webull Pay, LLC on July 14, 2023, we
were able to deduct, based upon a transfer pricing analysis, additional expenses attributable to Webull Pay, Inc prior to the spin-off
transaction on our US federal consolidated return, which led to us recognizing an income tax benefit of $2.7 million.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income (loss)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our net income decreased from $5.8 million for the year ended December 31, 2023 to a net loss of $23.2 million for the year ended December
31, 2024.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Net loss attributable to noncontrolling interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 18, 2023, we acquired
an 80.1% equity interest in PT Mahastra Andalan Sekuritas, subsequently renamed PT Webull Sekuritas Indonesia. Our equity interest represents
a controlling financial interest; and, therefore, we consolidate the results of PT Webull Sekuritas Indonesia and recognize a noncontrolling
interest for the portion of equity interest we do not own. For the year ended December 31, 2024, the net loss attributable to noncontrolling
interest increased from $247 thousand to $489 thousand.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Preferred shares redemption value accretion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We adjust the carrying value
of our preferred shares to the redemption value for each reporting period. The redemption value of our preferred shares as of December
31, 2024 increased from their redemption value as of December 31, 2023 which resulted in recognizing accretion for the year ended December
31, 2024 of $495.1 million. The redemption value increase is attributable to the increase in the fair value of our equity between the
periods.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss attributable to ordinary
shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our net loss attributable
to ordinary shareholders of $334.0 million for the year ended December 31, 2023 increased to $517.8 million for the year ended December
31, 2024 as a result of incurring a $25.9 million loss from continuing operations, net of tax and recognizing $495.1 million of accretion
as the redemption value of our preferred shares increased during the year ended December 31, 2024.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Year Ended December 31, 2023 Compared to Year Ended December 31,
2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total revenues increased
by $1.3 million from $388.3 million in 2022 to $389.6 million in 2023, primarily due to an increase in our interest related income and
handling charge income, which was partially offset by a decrease in revenues from equity and option order flow rebates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Equity and option order
flow rebates. </I>Revenue from equity and option order flow rebates decreased by $76.8 million from $279.0 million in 2022 to $202.2 million
in 2023, primarily due to a shift in the composition of our customers&rsquo; equity and option transactions toward narrower spread securities,
specifically large cap technology stocks and short-dated options tied to indices, which resulted in lower order flow rebates from market
makers and liquidity providers. Our revenue from equity and option flow rebates is primarily driven by the trading volume on our platform.
Trading volume for (i) equities and ETFs in aggregate notional value was $388.5 billion in 2022 and $371.1 billion in 2023, and (ii) options
was 371.3 million contracts in 2022 and 430 million contracts in 2023. In addition, our revenue from equity and option flow rebates is
also affected by the changes in payment rates with market makers and liquidity providers in light of the equities and options our customers
trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Interest related income.
</I>Interest related income increased by $63.8 million from $92.0 million in 2022 to $155.8 million in 2023, primarily due to the higher
average federal funds rate in 2023. Over the course of 2022 the Federal Reserve raised the federal funds rate to 4.5% by December 2022,
through a series of seven rate hikes; and by July 2023, the Federal Reserve had raised the federal funds Rate to 5.5% over another four
rate hikes. We benefited from the higher 2023 average federal funds rate, which allowed us to earn higher interest on our corporate and
customer cash balances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Handling charge income.
</I>Handling charge income increased significantly from $8.5 million in 2022 to $30.7 million in 2023. The increase in handling charge
income is the result of (i) growth in our option contracts traded, (ii) new trading fees charged to customers on index options and large
option transactions which started in December 2022, and (iii) our foreign broker-dealer starting to charge commissions on transactions
in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Other revenues. </I>Other
revenues were $9.0 million in 2022 and were $10.9 million in 2023. The increase in other revenue is mainly due to rental income on our
corporate leases. In 2023, we recognized a full year of rental income in connection with our largest commercial lease as well as entered
into a second commercial lease for space in our corporate office building.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Operating expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our total operating expenses
increased by $46.8 million from $319.8 million in 2022 to $366.6 million in 2023, primarily due to the overall growth in our operating
expenses as a result of our global expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Brokerage and transaction.
</I>Our brokerage and transaction expenses increased by $6.6 million from $59.8 million in 2022 to $66.4 million in 2023, primarily reflecting
the increased trading volume of equities, ETFs and options facilitated through our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Technology and development.
</I>Our technology and development expenses increased by $5.4 million from $46.8 million in 2022 to $52.2 million in 2023. Of the $5.4
million increase, $4.4 million was due to increases in cloud services and system costs because we launched in new international markets
during 2023. The remaining increase is attributable to increased employee compensation and benefits expenses attributable to our technology
and development personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Marketing and branding.
</I>Our marketing and branding expenses increased by $12.0 million from $140.3 million in 2022 to $152.3 million in 2023, primarily reflecting
our increased advertising and customer acquisition activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General and administrative.
</I>Our general and administrative expenses increased by $22.8 million from $73.0 million in 2022 to $95.8 million in 2023, primarily
reflecting increased employee compensation and benefits expenses from additional headcount to support our increasing business scale and
global expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Other expense, net. </I>Our
other expense, net remained relatively stable at $2.9 million in 2022 and $2.8 million in 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from continuing operations,
before income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our income from continuing operations, before income taxes, decreased from $65.7 million in 2022 to $20.2 million in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Provision for income taxes.
</I>Our provisions for income taxes decreased from $32.2 million in 2022 to $16.1 million in 2023, because of our lower profitability
due to increased operating expenses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income from continuing operations,
net of tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our income from continuing operations, net of tax, decreased from $33.5 million in 2022 to $4.0 million in 2023.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income from discontinued operations, net of tax</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our income from discontinued
operations, net of tax, decreased from $16.6 million in 2022 to $1.8 million in 2023, which was a result of the spin-off of Webull Pay,
Inc on July 14, 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our net income decreased from $50.1 million in 2022 to $5.8 million in 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income attributable to the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 18, 2023, we acquired
an 80.1% equity interest in PT Mahastra Andalan Sekuritas, subsequently renamed PT Webull Sekuritas Indonesia. Our equity interest represents
a controlling financial interest; and, therefore, we consolidate the results of PT Webull Sekuritas Indonesia and recognize a noncontrolling
interest for the portion of equity interest we do not own. In 2023, our net income attributable to the Company was $6.1 million after
adding back the net loss attributable to the noncontrolling interest of $247 thousand.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred Shares Redemption value
accretion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our preferred shares redemption
value accretion increased significantly from $51.4 million in 2022 to $340.1 million in 2023, primarily reflecting the increase in the
valuation of our preferred shares. We adjust the carrying value of our preferred shares to the redemption value for each reporting period.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss attributable to ordinary
shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the foregoing,
our net loss attributable to ordinary shareholders increased from $1.3 million in 2022 to $334.0 million in 2023, which primarily reflects
the accretion recognized as a result of increasing the redemption value of our preferred shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Liquidity and Capital Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To date, we have financed
our operating and investing activities primarily through cash generated by historical convertible redeemable preferred equity financing
activities and operations. As of December 31, 2022, 2023, and 2024, we had cash and cash equivalents of $436.2 million, $372.3 million,
and $270.7 million, respectively. Our cash and cash equivalents represent demand deposits held at banks which are unrestricted as to withdrawal
or use and highly liquid investments with original maturities of less than 90 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a syndicated revolving
credit agreement (&ldquo;Syndicated Loan&rdquo;) for an amount up to $150 million whereby we can borrow solely to finance withdrawals
from our US broker dealer subsidiary&rsquo;s reserve account that is maintained for the exclusive benefit of our customers in accordance
with Rule 15c3-3 of the SEC. We are unable to use the Syndicated Loan for general corporate purposes. See Note 29 &ndash; Subsequent Events
to the consolidated financial statements for more details on the Syndicated Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our current
cash and cash equivalents will be sufficient to meet our anticipated working capital requirements and capital expenditures for at least
the next 12 months. We may decide to enhance our liquidity position or increase our cash reserve for future investments through additional
capital and finance funding. The issuance and sale of additional equity would result in further dilution to our shareholders. The incurrence
of indebtedness would result in increased fixed obligations and could result in operating covenants that would restrict our operations.
We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
a summary of our cash flows for the periods presented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">For the Year Ended December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">$</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-weight: bold">Selected consolidated cash flow data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; width: 64%; text-align: left">Net cash (used in)/provided by operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(31,213</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">470,597</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">185,215</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net cash used in investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,429</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,040</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,412</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net cash provided by financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,837</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,346</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Net (decrease) increase in cash, cash equivalents, segregated cash and cash of discontinued operations*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,755</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">473,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223,149</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left">Effect of exchange rate changes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,447</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,332</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 1.5pt">Cash, cash equivalents, segregated cash and cash of discontinued operations at beginning of the period</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">569,499</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">518,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">994,142</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.25in; text-align: left; padding-bottom: 4pt">Cash, cash equivalents, segregated cash and cash of discontinued operations at end of the period</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">518,297</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">994,142</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,209,959</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">*</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Our discontinued operations pertains to our digital asset business that was spun off on July 14, 2023. Consequently, there were no discontinued operations operating, investing or financing cash flows for the year ended December 31, 2024.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cash flows from operating activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by operating
activities for the year ended December 31, 2024 was $185.2 million, as compared to net loss of $23.2 million for the year ended December
31, 2024. Subsequent to December 31, 2023, we continued migrating our U.S. client non-margin accounts and began migrating our U.S. client
margin accounts from a fully disclosed basis to an omnibus basis with our clearing organization, which primarily led to the overall increase
in net cash provided by operating activities as we carry our customers&rsquo; uninvested cash balances for accounts that are on an omnibus
basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by operating
activities in the year ended December 31, 2023 was $470.6 million, as compared to net income of $5.8 million in the year ended December
31, 2023. The difference was primarily attributable to us migrating our U.S. client non-margin accounts from a fully disclosed basis to
an omnibus basis with our clearing organization in 2023. We carry our customers&rsquo; uninvested cash balances for accounts that are
on an omnibus basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in operating
activities in 2022 was $31.2 million, as compared to net income of $50.1 million in 2022. The difference was primarily attributable to
a decrease in accrued expenses and other current liabilities of $94.9 million and an increase in prepaid expenses and other current assets
of $16.2 million, partially offset by an adjustment of share-based compensation expenses of $30.0 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our discontinued operations
had net cash provided from operating activities of $6.6 million and cash used in operating activities of $1.9 million for the years ended
December 31, 2022 and 2023, respectively.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flows from investing activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities for the year ended December 31, 2024 was $2.4 million, consisting primarily of purchases of property, equipment and intangible
assets for business expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities during the year ended December 31, 2023 was $10.0 million, consisting of $4.5 million of purchases of property and equipment
and intangible assets and $5.5 million of net cash paid for the acquisitions of Webull PT Webull Sekuritas Indonesia and Miflink, S.A.P.I.
de C.V.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash used in investing
activities in 2022 was $32.4 million, consisting primarily of purchase of property and equipment and intangible assets of $31.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our discontinued operations
had no cash flows from investing activities for the years ended December 31, 2022 and 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cash flows from financing activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing
activities for the year ended December 31, 2024 was $40.3 million, which represents proceeds from the sale of 1,215,817 of Series D preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing
activities in the year ended December 31, 2023 was $12.8 million, consisting primarily of receipt of proceeds from the sale of preferred
shares of $20 million, offset by the deconsolidation of Webull Pay, Inc. of $7.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net cash provided by financing
activities in 2022 was $17.9 million, consisting primarily of receipt of preferred shares subscription receivable of $73.7 million and
proceeds from exercise of preferred share warrant of $10.0 million, partially offset by payment of preferred share repurchase payable
of $55.0 million and repayment of loan of $10.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our discontinued operations
had no cash flows from financing activities for the years ended December 31, 2022 and had cash used in financing activities of $11.9 million
in 2023, which represents the discontinued operations aggregate distributions made to its parent entity.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulatory capital requirements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial, our U.S.
subsidiary that is a broker-dealer registered with the SEC, is subject to Rule 15c3-1 of the Exchange Act, or the Uniform Net Capital
Rule, which sets minimum net capital maintenance requirements. Webull Securities HK, our Hong Kong subsidiary that is a securities dealer
registered under the HK SFC, is subject to the Securities and Futures (Financial Resources) Rules of Hong Kong, or the FRR, which sets
minimum paid-up share capital and liquid capital maintenance requirements. Webull Securities (Japan) Co. Ltd., our subsidiary registered
as a financial instruments business operator in Japan, is subject to minimum capital and net assets requirements. Webull Securities (Singapore)
Pte. Ltd., our Singapore subsidiary that holds Capital Markets Services License from MAS, is subject to the Securities and Futures (Financial
and Margin Requirements for Holders of Capital Markets Services Licenses) Regulations, which sets forth minimum base capital requirements.
Webull Securities (Australia) Pty. Ltd., our Australia subsidiary that holds the Financial Service License from ASIC, is subject to the
Regulatory Guide RG 166 which sets forth minimum base capital requirements. Webull Securities (Canada) Limited, a Canada subsidiary that
holds broker-dealer registered with CIRO, is subject to Rule 15c3-1 of the Securities Exchange Act which sets minimum net capital maintenance
requirements. Webull Securities (UK) Ltd, our UK subsidiary that is authorized and regulated by the Financial Conduct Authority, for the
conduct of investment business, is subject to the minimum capital maintenance requirement from FCA. PT Webull Sekuritas Indonesia, our
Indonesia subsidiary that holds Capital Markets Services License from OJK, sets minimum net capital maintenance requirements. Our subsidiary
Webull Securities (Thailand) Co. Ltd. is subject to the capital requirements of the Securities and Exchange Commission, Thailand. Our
subsidiary Webull Securities (Malaysia) Sdn Bhd. is subject to the shareholders&rsquo; funds requirement of the Securities Commission
Malaysia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables set out
a summary of the key regulatory requirements on minimum capital requirements which are applicable to our relevant operating entities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net<BR>
</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net Capital<BR>
</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess
<BR>
Net<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center"><B>($ in thousands)</B></TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Financial LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">151,313</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">9,061</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">142,252</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Paid-up<BR> Capital</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Paid-up<BR> Capital<BR> Requirement</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Excess<BR> Paid-up<BR> Capital</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(HK$ in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities HK</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">270,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">10,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">260,750</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Liquid<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Liquid<BR>
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Liquid<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(HK$ in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities HK</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">45,161</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">11,661</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">30,500</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Base<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Base
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Excess<br>
Base<br>
Capital</b></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(SGD in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Singapore) Pte. Ltd</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">19,322</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14,322</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Capital<BR>
Stock</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Capital<BR>
Stock<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Capital<BR>
Stock</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(JPY in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Japan) Co., Ltd</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,376,974</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">300,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,076,974</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net<BR>
Assets</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net
Assets<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Net
Assets</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(JPY in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Japan) Co., Ltd</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,656,662</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">500,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,156,662</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Core<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Core
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Capital<BR>
Stock</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(AUD in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Australia) Pty. Ltd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">8,128</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">6,128</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net<BR>
Tangible<BR>
Assets</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net
Tangible<BR>
Asset<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Net<BR>
Tangible<BR>
Assets</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(AUD in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Australia) Pty. Ltd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">7,862</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,862</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Risk<BR>
Adjusted<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Risk<BR>
Adjusted<BR>
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess
<BR>
Risk<BR>
Adjusted<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(CAD in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Canada) Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">20,358</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14,291</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Liquid<BR>
Cash</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Liquid
Cash<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Liquid<BR>
Cash</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(GBP in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (UK) Ltd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4,257</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">519</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">3,738</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net
Adjusted<BR>
Working<BR>
 Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net
Adjusted<BR>
Working<BR>
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(IDR in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">PT Webull Sekuritas Indonesia.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">60,991,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">25,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">35,991,811</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Net
Capital<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>

Net<BR>
Capital</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(THB in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Thailand) Co. Ltd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">172,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">147,933</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31, 2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Shareholders<BR>
Funds</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Shareholders<BR>
Funds<BR>
Requirement</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Excess<BR>
Shareholders<BR>
Funds</B></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; font-weight: bold">(MYR in thousands)</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Webull Securities (Malaysia) Sdn. Bhd.</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,651</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">651</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Regulatory capital requirements
could restrict our operating entities from expanding their business and declaring dividends if their net capital does not meet regulatory
requirements, and it is possible that a regulator could take an adverse action with respect to our operating entities for historical and/or
future non-compliance with net capital requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024, each
of our relevant operating entities was in compliance with its respective regulatory capital requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Material Cash Requirement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our material cash requirements
as of December 31, 2024 primarily include our undiscounted operating lease payments and capital expenditures. Our undiscounted operating
lease payments consist of lease of offices under non-cancelable operating lease agreements, which will expire at various dates until August
2032. As of December 31, 2024, our undiscounted operating lease payments amounted to $17.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also incurred capital expenditures
of $32.4 million in 2022, $10 million in 2023 and $2.4 million in 2024, which were primarily incurred for purchase of property, equipment
and intangible assets for business expansion. We intend to fund our future capital expenditures with our existing cash balance and net
proceeds received from the closing of the Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In late 2023, we procured
a lease for the use of land in Changsha, China for the purpose of constructing a research and development center. The original construction
commencement date per the lease was October 4, 2024, but was extended to October 4, 2025. Additionally, the lease requires construction
to be completed by December 31, 2026. We are currently in the planning and design stage and have not determined the amount and composition
of required capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other than as discussed above,
we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Off-Balance Sheet Commitments and Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide a guarantee to
our clearing partner in the ordinary course of business. Our clearing partner has a contractual right of recovery from us in the event
of non-performance by customers, and we indemnify our clearing partner from all losses incurred in connection with customer&rsquo;s unsecured
margin loans and securities borrowing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The guarantee provided to
our clearing partner relates to the margin financing services that we provide to our customers. As an introducing broker, we cooperate
with our clearing partner to provide margin financing services, whereby we introduce our customers to our clearing partner on a fully
disclosed basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For eligible customers who
have entered into the relevant margin trading agreement with us and our clearing partner, our clearing partner provides the following
services during the extension of margin and earns margin interests from the provision of the margin:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">extends margin to them and permits them to buy or short securities on margin;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">performs margin management and maintenance according to the related regulatory rules and their house rules,
and communicates to the customers via our platform; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">buys in, liquidates or sells out positions in its discretion, if it deems such actions appropriate and
regardless of whether the applicable customer&rsquo;s margin account is then in or about to come into compliance with applicable margin
maintenance requirements or other circumstances requested by applicable regulations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no maximum time limit
for the extension of margin to customers. A customer may be extended margin by our clearing partner so long as his or her margin account
has sufficient cash to pay margin interest and no margin calls are triggered by his or her trading positions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the other hand, during
the extension of margin by our clearing partner, we are obligated to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">communicate with the customers on the margin requirements made by our clearing partner and advise the
customers of any changes of such requirements; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">pay our clearing partner an amount equal to the value of any unsecured debit balance or short position
(on a &ldquo;mark to market&rdquo; basis) in a given customer&rsquo;s margin account if that position has not been promptly resolved by
payment or delivery (to the extent that our clearing partner decides to charge us for the value of such unsecured debit balance or short
position).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest on margin trading
is calculated on a daily basis according to the margin extended by our clearing partner to the customers and a relevant interest rate.
The margin interest rates are variable and determined by the size of margin loan at the discretion of our clearing partner. Our clearing
partner retains part of the total margin interest charged to the customers, according to a Target Federal Funds Rate plus a premium pre-agreed
with us. In terms of the residual part of the total margin interest charged to the customers, it is transferred to us as our revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize the revenue ratably
over the service period during the extension of margin by our clearing partner as the performance obligation is satisfied, and record
it as interest related income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not entered into any
derivative contracts that are indexed to our shares and classified as shareholder&rsquo;s equity or that are not reflected in our consolidated
financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity
that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity
that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or product development services
with us.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Internal Control Over Financial Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing, we have
been a private company and we were never required to evaluate our internal control within a specified period, and, as a result, we may
experience difficulty in meeting these reporting requirements in a timely manner. Our management has not completed assessment of the effectiveness
of our internal control over financial reporting, and our independent registered public accounting firm has not conducted an audit of
the effectiveness of our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, in the course of
preparing and auditing our consolidated financial statements for the year ended December 31, 2022, we and our independent registered public
accounting firm identified one material weakness in our internal control over financial reporting. As defined in the standards established
by the U.S. Public Company Accounting Oversight Board, a &ldquo;material weakness&rdquo; is a deficiency, or a combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our company&rsquo;s
annual or interim consolidated financial statements will not be prevented or detected on a timely basis. The material weakness identified
as of December 31, 2022 relates to our inability to sufficiently evaluate certain control activities performed by a digital assets service
provider as such provider did not have a SOC 1 report. In July 2023, we spun off our digital assets business into a separate entity outside
of Webull Corporation and we ceased to provide customers with access to services relating to digital assets trading through our platform
and therefore discontinued the use of such service provider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a company with less than
$1.235 billion in revenue for our last fiscal year, we qualify as an &ldquo;emerging growth company&rdquo; pursuant to the JOBS Act. An
emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally
to public companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These provisions include exemption
from the auditor attestation requirement under Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth
company&rsquo;s internal control over financial reporting.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Quantitative and Qualitative Disclosures about Market Risk</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Foreign currency risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements are prepared using the U.S. dollar as our reporting currency. Our non-U.S. subsidiaries operating around the world primarily
use the currency of their country of domicile as their functional currency. Each of our non-U.S. subsidiaries&rsquo; financial statements
is first prepared in its functional currency and then translated into our reporting currency. Changes in foreign exchange rates between
the U.S. dollar and the functional currencies of our non-U.S. subsidiaries may result in material foreign currency translation gains and/or
losses that are accounted for as an item of other comprehensive income within our statement of operations and other comprehensive loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also enter into transactions
that result in monetary assets and liabilities that are denominated in a foreign currency. These transactions are remeasured each reporting
period and may result in material foreign currency exchange gains and/or losses depending on changes in the applicable foreign exchange
rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our cash accounts at financial
institutions are mainly held in U.S. dollar denominated accounts to limit foreign currency risk. As of December 31, 2023 and 2024, 89%
and 90% of our total cash balances were held in U.S. dollar denominated accounts, respectively.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentration risks</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentration of Revenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the counterparties with
whom we conduct business, there were three counterparties who each made up 10% or more of our revenues for the year ended December 31,
2022. Their revenue percentages were 26%, 22% and 14%. For the year ended December 31, 2023, we had three counterparties who each made
up 10% or more of our revenues. Their revenue percentages were 41%, 24% and 11%. For the year ended December 31, 2024, we had three counterparties
who each made up 10% or more of our revenues. Their revenue percentages were 24%, 19% and 11%.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentration of Receivables</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2023 and
2024, we had one counterparty with current, outstanding receivable balances exceeding 10% of our receivables from brokers, dealers, and
clearing organization representing 76% and 85% of such receivables.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Concentration of Execution and Clearing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We rely on third parties for
the execution and clearing of trades requested by customers. In instances where these parties fail to perform their obligations, we may
be temporarily unable to find alternative suppliers to satisfactorily deliver services to our customers in a timely manner, if at all.
In the United States, we utilize a single clearing partner for the security transactions of our platform users.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Credit risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We engage in various investment
and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the
event counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness
of the counterparty or issuer of the instrument. Our policy is to act only as an agent in a transaction and to review the credit standing
of each counterparty as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain our cash and cash
equivalents and cash segregated under federal and foreign requirements in financial institutions throughout the world. Financial institutions
in the U.S., mainland China, and Hong Kong hold 72%, 10%, 5%, respectively, of our total cash as of December 31, 2023. As of December
31, 2024, financial institutions in the U.S., mainland China and Hong Kong hold 81%, 2% and 6%, respectively, of our total cash. Our cash
in accounts at financial institutions exceed insured limits. We are subject to credit risk to the extent any financial institution we
use is unable to fulfill their contractual obligations. We have not experienced any losses in such accounts, and we believe that we have
placed our cash on deposit with financial institutions which are financially stable. We do not believe we are subject to any significant
credit risk.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intellectual Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We highly value our intellectual
property, which is fundamental to our success and competitiveness. We rely on a combination of copyright and trademark law, trade secret
protection and confidentiality agreements with employees to protect our intellectual property rights. As of December 31, 2024, we have
registered 17 patents, 104 trademarks and 102 software copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the employment agreements
we enter into with our employees, they acknowledge that the intellectual property developed by them in connection with their employment
with us, including our in-house developed technology and know-how, are our property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense
categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2024, 2023 and 2022 were
$32,699,364, $31,955,946, and $28,120,179, respectively.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Critical Accounting Estimates</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Use of estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the consolidated
financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts
of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the consolidated financial statements,
and the reported revenues and expenses during the reporting period and accompanying notes. Making estimates requires management to exercise
significant judgment. It is reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that
existed at the date of the financial statements, which management considered in formulating its estimate, could change in the future due
to one or more future confirming events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such estimates reflected in
our consolidated financial statements include, but are not limited to, the fair value of share-based compensation expense, redemption
value of our redeemable preferred shares, depreciable lives of property and equipment, useful lives of intangible assets, purchase price
allocation for business combinations, allowances for expected credit losses, loss contingency accruals, present value of lease liabilities,
and provision for income tax, including unrecognized tax benefits and deferred tax asset valuation allowances. These estimates are based
on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ from those estimates</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Asset Acquisitions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for the acquisition
of an entity as an asset acquisition when substantially all the fair value of the gross assets acquired is concentrated in a single identifiable
asset or group of similar identifiable assets. In accordance with ASC 805, <I>Business Combinations</I>, the value of the consideration
paid in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values
with no resulting goodwill.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Combinations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for acquisitions
of entities or asset groups that qualify as businesses in accordance with ASC 805, <I>Business Combinations</I>. The purchase price of
the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values
at the acquisition date. The excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. During
the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities
assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements
of operations and comprehensive (loss) income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Goodwill</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goodwill represents the excess
of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units expected
to benefit from the business combination. We test goodwill for impairment at least annually, in the fourth quarter, or whenever events
or changes in circumstances indicate that goodwill might be impaired. In testing for goodwill impairment, we first assess qualitative
factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the
fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine
it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing
is not required. However, if we conclude otherwise, we proceed to a quantitative assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The quantitative assessment
compares the estimated fair value of a reporting unit to its book value, including goodwill. If the fair value exceeds book value, goodwill
is considered not to be impaired and no additional steps are necessary. However, if the book value of a reporting unit exceeds its fair
value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that
reporting unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024, we
performed a qualitative assessment of our goodwill. Based upon our assessment, we noted no qualitative factors that indicate our goodwill
is more than likely impaired; and, therefore, we did not perform the quantitative assessment.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our income tax expense is
an estimate of current income taxes payable in the current fiscal year based on reported income before income taxes. Deferred income taxes
reflect the effect of temporary differences and carryforwards that we recognize for financial reporting and income tax purposes at enacted
tax rates expected to be in effect when taxes are actually paid or recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for income taxes
in accordance with ASC Topic 740, <I>Income Taxes </I>(&ldquo;ASC 740&rdquo;). ASC 740 requires the use of the asset and liability method,
which requires recognition of deferred income tax assets and liabilities for the expected future tax consequences of events that have
been recognized in our consolidated financial statements, but have not been reflected in our taxable income. Deferred tax assets are evaluated
for future realization and reduced by a valuation allowance to the extent we believe that they will not be realized. We consider many
factors when assessing the likelihood of future realization of our deferred tax assets including, but not limited to, historical cumulative
loss experience and expectations of future earnings, tax planning strategies, and the carry-forward periods available for tax reporting
purposes. Our judgment regarding future profitability may change due to many factors, including future market conditions and the ability
to successfully execute business plans and/or tax planning strategies. Should there be a change in the ability to recover deferred tax
assets, our tax provision would increase or decrease in the period in which the assessment is changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize a tax benefit
from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions
of any related appeals or litigation, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition
threshold at the effective date to be recognized. We account for uncertain tax positions, including net interest and penalties, as a component
of income tax expense or benefit. We make adjustments to these uncertain tax positions in accordance with applicable income tax guidance
and based on changes in facts and circumstances. To the extent that the final tax outcome of these matters is different from the amounts
recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have
a material impact to our consolidated financial statements and operating results.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Revenue Recognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We utilize the guidance of
ASC 606, <I>Revenue from Contracts with Customers</I> to identify our customers for purposes of revenue recognition and accounting for
consideration payable to customers. We have determined that our market makers are customers as we route our platform users&rsquo; trading
orders to market makers in an agency capacity, as we do not buy or resell securities from or to platform users or market makers, in return
for the market makers&rsquo; payments for order flow. In limited circumstances, we charge trading fees to our platform users; and, therefore,
we have determined that (i) our platform users who pay us index option fees, large order option fees, futures contract commissions or
fixed income execution fees and (ii) our international platform users who pay trading commissions are considered customers under ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize revenue from
contracts with customers when we satisfy our performance obligations by transferring the promised services to our customers. A service
is transferred to a customer when the customer obtains control of that service. A performance obligation may be satisfied at a point in
time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine
the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring
our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount
of revenue recognized reflects the consideration we expect to receive in exchange for those promised services (i.e., the &ldquo;Transaction
Price&rdquo;). In the event we have consideration payable to a customer, we account for consideration payable as a reduction to the Transaction
Price when (i) the payment is not in exchange for a distinct good or service or (ii) the fair value of the consideration payable to the
customer exceeds the fair value of the distinct good or service received from the customer in which case the excess fair value is accounted
as a reduction to the Transaction Price. Our revenues from contracts with customers are recognized when the performance obligations are
satisfied at an amount that reflects the consideration expected to be received in exchange for such services. Most of our performance
obligations are satisfied at a point in time upon the successful execution of a platform user&rsquo;s trade order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No significant judgement is
required to assess the timing of satisfaction of our performance obligations, the Transaction Price or the amounts allocated to distinct
performance obligations. The payment terms with our customers do not give rise to a significant financing component as the period between
when we satisfy our performance obligations and when our customers are required to pay is one year or less. Our revenue does not include
any variable consideration.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Consideration Payable to Customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer marketing promotions
to our platform users that are intended to increase the amount of platform users&rsquo; assets on the Company&rsquo;s platform by incentivizing
platform users to deposit more cash or transfer securities from other third-party brokerages into their Webull brokerage account in return
for a promotional payment in cash or shares. These promotions are not linked to any historical trading activity and do not require future
trading activity on the part of the platform user. Once the platform user completes the specific action, the platform user has then earned
the promotional payment and there is no further requirement on the part of the platform user. For our platform users who are not determined
to be customers, we account for these promotional payments as marketing and branding expense. However, with respect to our platform users
that have been determined to be customers under ASC 606, we have determined that we are not receiving a distinct good or service for these
promotional payments; and, accordingly, we account for the consideration payable as a reduction in revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended December
31, 2024, 2023 and 2022, we classified $3,623,929, $518,110 and $541,356, respectively, of promotional expenses as a reduction to handling
charge income within our consolidated statements of operations and comprehensive (loss) income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share-based compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We apply the guidance of ASC
Topic 718, <I>Compensation &mdash; Stock Compensation </I>(ASC 718) with regard to our share-based awards issued to employees and non-employees.
Accordingly, we must review each share-based award to determine the appropriate classification as either an equity or liability award.
Our outstanding awards were determined to be equity awards and are classified as such as of December 31, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ASC 718 requires share-based
compensation to be based on fair value. The fair value of our share-based awards is measured at the grant date which is when vesting commences.
The grant date fair value is the basis for determining the amount of share-based compensation to recognize from the issuance of a share-based
award. We record share-based compensation as an operating expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize share-based compensation
using the graded vesting method of attribution and account for forfeitures in the period in which the share-based award is forfeited.
See Note 18 &mdash; Share-Based Compensation within our consolidated financial statements included within this prospectus for further
information on our share-based awards and the share-based compensation we recognized for the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fair value of our ordinary shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to our initial public
offering, we were a private company with no quoted market prices for our ordinary shares. We therefore make estimates of the fair value
of our ordinary shares on various dates for the purpose of determining the fair value of our ordinary shares at the date of the grant
of share-based compensation awards to our employees as one of the inputs into determining the grant date fair value of the award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Valuations of our ordinary
shares were determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants&rsquo; Practice
Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, and with the assistance of an independent valuation
specialist. The assumptions we use in the valuation model are based on future expectations combined with management judgment, with inputs
of numerous objective and subjective factors, to determine the fair value of our ordinary shares, including the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">our operating and financial performance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">current business conditions and projections;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">our stage of development;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the prices, rights, preferences and privileges of our convertible redeemable preferred shares to our ordinary
shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the likelihood of achieving a liquidity event for the ordinary shares underlying these share-based awards,
such as an initial public offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">any adjustment necessary to recognize a lack of marketability for our ordinary shares; and the market
performance of industry peers.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of the fair
value of our ordinary shares requires complex and subjective judgments to be made regarding our operating results, our unique business
risks, the liquidity of our shares and our operating history and prospects at the time of valuation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See Note 18 to our consolidated
financial statements included elsewhere in this prospectus for the fair value and valuation approach of our ordinary shares estimated
at different times prior to our initial public offering with the assistance from an independent valuation specialist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the completion of
our initial public offering and the listing of our Class A ordinary shares on the Nasdaq, there is an active market for our Class A ordinary
shares, so assumptions and estimates will not be necessary to determine the fair value of our Class A ordinary shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recently Issued Accounting Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A list of recently issued
accounting pronouncements that are relevant to us is included in Note 3 to our consolidated financial statements included elsewhere in
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_009"></a>UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL
INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Defined terms included
below shall have the same meaning as terms defined and included elsewhere in this prospectus.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP></SUP></B></FONT></I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Introduction</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial information of Webull has been prepared in accordance with Article 11 of Regulation S-X and presents the combination
of the historical financial information of Webull and SKGR adjusted to give effect to the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined statement of financial position as of December 31, 2024 combines the historical audited consolidated statement of financial position
of Webull with the historical audited balance sheet of SKGR as of December 31, 2024 on a pro forma basis as if the Business Combination
and the other events, summarized below, had been consummated on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma combined
statement of operations for the year ended December 31, 2024 combines the historical audited consolidated statement of operations and
comprehensive loss of Webull for the year ended December 31, 2024 and the historical audited statement of operations of SKGR for the year
ended December 31, 2024 on a pro forma basis as if the Business Combination had been consummated on January 1, 2024, the beginning of
the latest annual period presented.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial information of Webull excludes the effects of (i) the Incentive Warrants that were either exercised or redeemed after
the Closing Date, as discussed at <i>&ldquo;The Business Combination &ndash; Incentive Warrant Issuance,&rdquo; </i>(ii) any Webull Warrants
that were exercised after the Closing Date, (iii) any sales or share issuances pursuant to the Purchase Agreement, which was executed
following the Closing Date, and (iv) the Webull Pay Transaction (as defined below) and any share issuances or funds disbursed in connection
therewith as consideration.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma combined
financial information was derived from and should be read in conjunction with the following information and historical financial statements
and the accompanying notes, which are included elsewhere in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></td><td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td><td style="text-align: justify">Webull&rsquo;s audited consolidated statement of financial position
as of December 31, 2024 and its audited consolidated statement of operations and comprehensive loss for the year ended December 31, 2024,
as included in this prospectus; and</td>
</tr></table>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SKGR&rsquo;s audited balance sheet as of December 31, 2024 and its audited statement of operations for
the year ended December 31, 2024, as included within this prospectus.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Description of the Business Combination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Business Combination Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 27, 2024, SK Growth
Opportunities Corporation, an exempted company limited by shares incorporated under the laws of the Cayman Islands (&ldquo;SKGR&rdquo;),
Webull Corporation, an exempted company limited by shares incorporated under the laws of the Cayman Islands (&ldquo;Webull&rdquo; or the
&ldquo;Company&rdquo;), Feather Sound I Inc., an exempted company limited by shares incorporated under the laws of the Cayman Islands
and a direct wholly-owned subsidiary of Webull (&ldquo;Merger Sub I&rdquo;) and Feather Sound II Inc., an exempted company limited by
shares incorporated under the laws of the Cayman Islands and a direct wholly-owned subsidiary of Webull (&ldquo;Merger Sub II,&rdquo;
collectively with Merger Sub I, the &ldquo;Merger Subs&rdquo; and each a &ldquo;Merger Sub&rdquo;) entered into a business combination
agreement (the &ldquo;Business Combination Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Business Combination Agreement
and the Transactions (as defined below) were unanimously approved by the boards of directors of SKGR and Webull, and the consummation
of the Transactions occurred on April 10, 2025, the Closing Date.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Business Combination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the terms
and conditions of the Business Combination Agreement, (i) immediately prior to the effective time of the First Merger (as defined below)
(the &ldquo;First Merger Effective Time&rdquo;), Webull effectuated the Company Capital Restructuring (as defined below), (ii) promptly
following the Company Capital Restructuring and at the First Merger Effective Time, Merger Sub I merged with and into SKGR (the &ldquo;First
Merger&rdquo;), with SKGR surviving the First Merger as a wholly-owned subsidiary of Webull (SKGR, as the surviving entity of the First
Merger, is sometimes referred to herein as the &ldquo;Surviving Entity&rdquo;), and (iii) promptly following the First Merger and at the
effective time of the Second Merger (as defined below) (the &ldquo;Second Merger Effective Time&rdquo;), the Surviving Entity merged with
and into Merger Sub II (the &ldquo;Second Merger,&rdquo; together with the First Merger, the &ldquo;Mergers&rdquo;), with Merger Sub II
surviving the Second Merger as a wholly-owned subsidiary of Webull (Merger Sub II, as the surviving entity of the Second Merger is sometimes
referred to herein as the &ldquo;Surviving Company&rdquo;). The Company Capital Restructuring, the Mergers and each of the other transactions
contemplated by the Business Combination Agreement or other transaction documents are collectively referred to as the &ldquo;Transactions.&rdquo;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company capital restructuring</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, immediately
prior to the First Merger Effective Time, the following actions occurred and were effected:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in">i.</TD><td style="text-align: justify">immediately prior to the Share Subdivision (as defined below), each preferred share of the Company issued and outstanding immediately
prior to the First Merger Effective Time was converted into one ordinary share of the Company, par value $0.0001 per share (the &ldquo;Pre-Subdivision
Ordinary Share,&rdquo; together with preferred shares of the Company, the &ldquo;Pre-Subdivision Shares&rdquo;) (the &ldquo;Conversion&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="text-align: justify; width: 0.5in"></TD><td style="text-align: justify; width: 0.25in">ii.</TD><td style="text-align: justify">immediately following the Conversion, the fifth amended and restated memorandum and articles of association of Webull were adopted
and became effective (the &ldquo;Charter Amendment&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">iii.</TD><td style="text-align: justify">immediately following the Conversion and the Charter Amendment,
(A) each Pre-Subdivision Ordinary Share (excluding any Pre-Subdivision Ordinary Shares held by the holding vehicles controlled by founders
of Webull (the &ldquo;Webull Founder Holdcos&rdquo;)) issued and outstanding immediately prior to the First Merger Effective Time was
subdivided into a number of class A ordinary shares of the Company, par value $0.00001 per share (the &ldquo;Webull Class A Ordinary
Shares&rdquo;) determined by multiplying each such Pre-Subdivision Ordinary Share by 3.3593 (the &ldquo;Share Subdivision Factor&rdquo;),
and re-designated as Webull Class A Ordinary Shares; and (B) each Pre-Subdivision Ordinary Share issued and outstanding immediately prior
to the First Merger Effective Time and held by the Webull Founder Holdcos was subdivided into a number of class B ordinary shares of
the Company, par value $0.00001 per share (the &ldquo;Webull Class B Ordinary Shares,&rdquo; together with Webull Class A Ordinary Shares,
the &ldquo;Webull Ordinary Shares&rdquo;) determined by multiplying each such Pre-Subdivision Ordinary Share by the Share Subdivision
Factor, and re-designated as Webull Class B Ordinary Shares (the transactions contemplated by (A) and (B), collectively referred to herein
as the &ldquo;Share Subdivision&rdquo;; the Conversion, the Charter Amendment and the Share Subdivision collectively referred to as the
&ldquo;Company Capital Restructuring&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">iv.</TD><td style="text-align: justify">immediately following the Share Subdivision, each option
to acquire Pre-Subdivision Shares granted under the 2021 Global Share Incentive Plan of the Company (the &ldquo;Company Option&rdquo;)
that was outstanding as of the effective time of the Share Subdivision became an option to purchase Webull Ordinary Shares, exercisable
for that number of Webull Ordinary Shares and at the per share exercise price, in each case as adjusted by the Share Subdivision Factor
and otherwise subject to substantially the same terms and conditions as were applicable to such Company Option immediately before the
effective time of the Share Subdivision (including expiration date and exercise provisions); and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">v.</TD><td style="text-align: justify">each restricted share unit of the Company granted under the
2021 Global Share Incentive Plan of the Company that was outstanding immediately prior to the Share Subdivision that may be settled in
Pre-Subdivision Shares (the &ldquo;Company RSU&rdquo;) outstanding ceased to represent the right to acquire Pre-Subdivision Shares of
the Company and was cancelled in exchange for a right to acquire a number of Webull Ordinary Shares as adjusted by the Share Subdivision
Factor and otherwise subject to the same terms and conditions (including applicable vesting, vesting acceleration, expiration and forfeiture
provisions) that applied to the corresponding Company RSU immediately prior to the Share Subdivision; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">vi.</TD><td style="text-align: justify">restricted Pre-Subdivision Shares granted under the 2021
Global Share Incentive Plan of Webull (the &ldquo;Company Restricted Shares&rdquo;) that were issued and outstanding immediately prior
to the First Merger Effective Time were subdivided into Webull Ordinary Shares subject to the same terms and conditions as were applicable
to such Company Restricted Shares immediately prior to the First Merger Effective Time (including with respect to vesting and termination-related
provisions).</TD>
</TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dual-class structure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After the Company Capital
Restructuring, the issued and outstanding share capital of the Company consists of Webull Class A Ordinary Shares and Webull Class B Ordinary
Shares. Mr. Anquan Wang, one of the founders of Webull, beneficially owns all of the issued Webull Class B Ordinary Shares. Holders of
Webull Class A Ordinary Shares and Webull Class B Ordinary Shares have the same rights except for voting and conversion rights. Each Webull
Class A Ordinary Share is entitled to one (1) vote, and each Webull Class B Ordinary Share is entitled to twenty (20) votes. Webull Class
B Ordinary Shares may be converted into the same number of Webull Class A Ordinary Shares by the holders thereof at any time, while Webull
Class A Ordinary Shares cannot be converted into Webull Class B Ordinary Shares under any circumstances. With the exception for voting
and conversion rights, Webull Class A and Class B Ordinary Shares are identical.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Issuance of SKGR Class A ordinary shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately prior to the First
Merger Effective Time, each class B ordinary share of SKGR, par value $0.0001 per share (&ldquo;SKGR Class B Ordinary Shares&rdquo;) which
Auxo Capital Managers LLC (the &ldquo;Sponsor&rdquo;) has agreed to be surrendered and cancelled pursuant to the Non-Redemption Agreements
(as defined in the Business Combination Agreement) or the Sponsor Support Agreement (as described below) that were issued and outstanding
were cancelled and ceased to exist, and SKGR issued such number of class A ordinary shares of SKGR, $0.0001 per share (&ldquo;SKGR Class
A Ordinary Shares&rdquo;) to the SKGR Shareholders who were parties to the Non-Redemption Agreements in accordance with the terms of the
Non-Redemption Agreements. Following the cancellation of SKGR Class B Ordinary Shares pursuant to the preceding sentence, and immediately
prior to the First Merger Effective Time, each of SKGR Class B Ordinary Shares issued and outstanding and held by the Initial SKGR Shareholders
automatically converted into one SKGR Class A Ordinary Share in accordance with the terms of the SKGR Articles and each SKGR Class B Ordinary
Share no longer is issued and outstanding and was cancelled and ceased to exist.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mergers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, on the
terms and subject to the conditions set forth in the Business Combination Agreement, by virtue of the Mergers and without any action on
the part of SKGR, Webull, Merger Sub I, Merger Sub II or the holders of any of the following securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in">i.</TD><td style="text-align: justify">each unit of SKGR (&ldquo;SKGR Unit&rdquo;), each consisting of one SKGR Class A Ordinary Share and one-half of a warrant to purchase
one Class A ordinary share at a price of $11.50 per share (the &ldquo;Public Warrants&rdquo;), issued and outstanding immediately prior
to the First Merger Effective Time was automatically detached and the holder thereof was deemed to hold one SKGR Class A Ordinary Share
and one-half of a Public Warrant in accordance with the terms of the applicable SKGR Unit (the &ldquo;Unit Separation&rdquo;); provided
that no fractional SKGR Warrants were issued in connection with the Unit Separation such that if a holder of SKGR Units would be entitled
to receive a fractional SKGR Warrant upon the Unit Separation, the number of SKGR Warrants issued to such holder upon the Unit Separation
shall be rounded down to the nearest whole number of SKGR Warrants;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">ii.</TD><td style="text-align: justify">immediately following the Unit Separation and the Company
Capital Restructuring, each SKGR Class A Ordinary Share issued and outstanding immediately prior to the First Merger Effective Time (other
than any SKGR Treasury Shares, Redeeming SKGR Shares and Dissenting SKGR Shares, in each case as defined in the Business Combination
Agreement) was automatically cancelled and ceased to exist in exchange for the right to receive one newly issued Webull Class A Ordinary
Share;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">iii.</TD><td style="text-align: justify">each warrant of SKGR (including the Public Warrants and private
placement warrants held by the Sponsor, collectively referred to herein as &ldquo;SKGR Warrants&rdquo;) outstanding immediately prior
to the First Merger Effective Time ceased to be a warrant with respect to SKGR Ordinary Shares and assumed by Webull and converted into
a warrant to purchase one Webull Class A Ordinary Share (the &ldquo;Webull Warrants&rdquo;);</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">iv.</TD><td style="text-align: justify">any SKGR Treasury Shares were automatically be cancelled
and ceased to exist without any conversion thereof or payment or other consideration therefor;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">v.</TD><td style="text-align: justify">each Redeeming SKGR Share issued and outstanding immediately
prior to the First Merger Effective Time was automatically cancelled and ceased to exist and thereafter represent only the right of the
holder thereof to be paid a pro rata share of the aggregate amount payable in the Trust Account (as defined herein) with respect to all
Redeeming SKGR Shares; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in">vi.</TD><td style="text-align: justify">each Dissenting SKGR Share issued and outstanding immediately
prior to the First Merger Effective Time was automatically cancelled and ceased to exist and shall thereafter represent only the right
to be paid the fair value of such Dissenting SKGR Share and such other rights pursuant to Section 238 of the Companies Act (As Revised)
of the Cayman Islands.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on the Closing
Date, upon the terms and subject to conditions of the Business Combination Agreement and the Incentive Warrant Agreement (as defined below),
the Company issued to each SKGR Shareholder (other than the Initial SKGR Shareholders or any holder of SKGR Treasury Shares) one Incentive
Warrant (as defined below) for each Non-Redeeming SKGR Share (as defined in the Business Combination Agreement) held by such SKGR Shareholder.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrant Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing, Webull,
SKGR, and Continental Stock Transfer &amp; Trust Company (the &ldquo;Warrant Agent&rdquo;) entered into a warrant assignment, assumption
and amendment agreement (the &ldquo;Warrant Assignment Agreement&rdquo;), pursuant to which SKGR assigned to Webull, and Webull assumed,
all of SKGR&rsquo;s rights, interests and obligations under the Warrant Agreement dated June 23, 2022, by and between SKGR and the Warrant
Agent (the &ldquo;Existing Warrant Agreement&rdquo;), and the terms and conditions of the Existing Warrant Agreement were amended and
restated to, among other things, reflect the assumption of the SKGR Warrants by Webull as described therein. The unaudited pro forma condensed
combined financial information of Webull excludes the effects of the Webull Warrants that were exercised after the Closing Date.</p>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incentive Warrant Issuance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing, Webull
and the Warrant Agent entered into a warrant agreement (the &ldquo;Incentive Warrant Agreement&rdquo;), pursuant to which, in connection
with the Mergers and on the Closing Date, Webull issued to (i) each SKGR Shareholder (other than the Initial SKGR Shareholders or any
holder of SKGR Treasury Shares) one incentive warrant (the &ldquo;Incentive Warrant&rdquo;) to purchase one Webull Class A Ordinary Share
at an initial price of $10.00 per share (subject to adjustment pursuant to the terms of the Incentive Warrant Agreement for capitalization,
share dividends or split-up) for each Non-Redeeming SKGR Share held by such SKGR Shareholder, and (ii) certain shareholders of Webull,
an aggregate of 20,000,000 Incentive Warrants. On June 30, 2025, Webull redeemed all of the issued and outstanding Webull Incentive Warrants
pursuant to the terms of the Incentive Warrant Agreement. Prior to the redemption, a total of 20,453,945 Webull Incentive Warrants were
exercised and each converted into one Webull Class A Ordinary Share at an exercise price of $10.00 per share, resulting in aggregate gross
proceeds to Webull of approximately $204.5 million. The remaining 459,144 Webull Incentive Warrants that were not exercised on or prior
to June 30, 2025 were redeemed at $0.01 per warrant. The unaudited pro forma condensed combined financial information of Webull excludes
the effects of the Incentive Warrants that were either exercised or redeemed after the Closing Date.</p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Other Related Events or Agreements in Connection with the Business
Combination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Amendment of 2021 Global Share Incentive
Plan of Webull</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing, the
2021 Global Share Incentive Plan was amended so that its share reserve balance, prior to the application of the Share Subdivision Factor,
was decreased from 14,754,941 to 13,217,137. After Closing, the 2021 Global Share Incentive Plan has a share reserve balance of 44,400,984
Webull Class A Ordinary Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ordinary Share Incentive Issuance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prior to the Closing and the
application of the Share Subdivision Factor, Webull issued 12,706,505 Class A Ordinary Shares to certain of its preferred shareholders
(the &ldquo;Ordinary Share Incentive Issuance&rdquo;). After Closing, the Ordinary Share Incentive Issuance represents 42,685,593 Webull
Class A Ordinary Shares.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sponsor Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the execution
and delivery of the Business Combination Agreement, SKGR, Webull and the Initial SKGR Shareholders have entered into a support agreement
(as amended by Amendment to Sponsor Support Agreement, dated December 5, 2024, and as may be further amended, supplemented or otherwise
modified from time to time in accordance with its terms, the &ldquo;Sponsor Support Agreement&rdquo;), pursuant to which, each Initial
SKGR Shareholder agreed, among other things, (a) at any meeting of SKGR Shareholders called to seek the SKGR Shareholders&rsquo; Approval
or SKGR Shareholder Extension Approval (as defined in the Business Combination Agreement), or in connection with any written consent of
SKGR Shareholders or in any other circumstances upon which a vote, consent or other approval with respect to the Business Combination
Agreement and the Transactions, such Initial SKGR Shareholder (i) agreed to, if a meeting is held, appear at such meeting or otherwise
cause the SKGR Class B Ordinary Shares held by such Initial SKGR Shareholder to be counted as present at such meeting for purposes of
establishing a quorum, and (ii) vote or cause to be voted the SKGR Class B Ordinary Shares held by such Initial SKGR Shareholder in favor
of the SKGR Shareholders&rsquo; Approval or the SKGR Shareholder Extension Approval; and (b) subject to the exceptions set forth in the
Sponsor Support Agreement, agreed to become subject to certain transfer restrictions with respect to (i) any Webull Ordinary Shares held
by each Initial SKGR Shareholder immediately after the First Merger Effective Time during a period of twelve (12)-months from and after
the Closing Date, (ii) Webull Warrants or Class A Ordinary Shares underlying such warrants held by each Initial SKGR Shareholder immediately
after the First Merger Effective Time until thirty (30) days after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sponsor forfeited for no consideration
1,000,000 SKGR Class B Ordinary Shares held by Sponsor in connection with the execution of additional Non-Redemption Agreements following
the date of the Business Combination Agreement and the Sponsor Support Agreement. In addition, on the terms and subject to the conditions
of the Sponsor Support Agreement, Webull agreed to indemnify Sponsor and each other Initial SKGR Shareholder for any U.S. federal (and
applicable U.S. state and U.S. local) income taxes, together with any interests and penalties (the &ldquo;Indemnifiable Amounts&rdquo;)
payable by Sponsor or the other Initial SKGR Shareholders, as applicable, solely arising from or attributable to the failure of the Mergers
to qualify as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;)
or as an exchange described in Section 351 of the Code, provided, however, that the Company shall not have any liability in respect of
any Indemnifiable Amounts to the extent that the aggregate amount of such Indemnifiable Amounts exceeds $5,000,000.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Share Issuance to Service Providers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subsequent to the Closing
Date, Webull issued 100,000 Webull Class A Ordinary Shares issued at a deemed $10.00 price per share to certain service providers of Webull
and SKGR in satisfaction of certain of the fees and expenses incurred by such service providers.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred Share Repurchase</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Immediately preceding the
capital restructuring that occurred pursuant to the Business Combination Agreement at Closing, Webull repurchased 3,017,119 shares of
Series D convertible redeemable preferred shares from certain preferred shareholders in exchange for unsecured promissory notes with an
aggregate principal amount of $100,000,000. The promissory notes mature on April 9, 2027 and their principal balance may be paid in whole
or in part prior to maturity. The promissory notes require quarterly interest payments in arrears based on the Federal Reserve&rsquo;s
Daily Secured Overnight Financing Rate plus a spread of 1% for the first year and 4% for the second year the promissory notes are outstanding.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accounting Treatment of the Business Combination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is both the &ldquo;legal&rdquo;
and &ldquo;accounting&rdquo; acquirer and SKGR is the &ldquo;acquired&rdquo; company. SKGR does not meet the U.S. GAAP definition of a
business as its net assets are predominately cash and investments held in a Trust Account for the sole purpose of effectuating a business
combination transaction. As such, Webull has determined the Business Combination is a reorganization and recapitalization transaction
as Webull is effectively issuing its Ordinary Shares and other securities for the cash and investments held in in the Trust Account at
the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of Webull
as the &ldquo;legal&rdquo; and &ldquo;accounting&rdquo; acquirer was based on evaluation of the following facts and circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SKGR&rsquo;s corporate existence ceased upon the completion of its merger with Feather Sound II Inc.,
with Feather Sound II Inc. becoming a wholly-owned subsidiary of Webull;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s shareholders hold a majority of the voting power of the combined company under both the
no redemption and 100% redemption scenarios;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s operations is the sole ongoing operations of the combined company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s shareholders have the ability to nominate the majority of the members of the board of directors
of the combined company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s senior management comprises the senior management of the combined company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, we have made a preliminary
accounting assessment of (1) the Public Warrants and Private Placement Warrants that we have assumed and (2) the Incentive Warrants that
were issued in connection with the Business Combination and believe these warrants will qualify for equity accounting treatment. Consequently,
these warrants have been presented using equity classification within the unaudited pro forma condensed combined statement of financial
position as of December 31, 2024.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Basis of Pro Forma Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma combined
financial information has been prepared in accordance with Article 11 of Regulation S-X. The adjustments in the unaudited pro forma combined
financial information have been identified and presented to provide relevant information necessary for an illustrative understanding of
Webull upon consummation of the Business Combination. Assumptions and estimates underlying the unaudited pro forma adjustments set forth
in the unaudited pro forma combined financial information are described in the accompanying notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma combined
financial information has been presented for illustrative purposes only and is not necessarily indicative of the operating results and
financial position that would have been achieved had the Business Combination occurred on the dates indicated, and does not reflect adjustments
for any anticipated synergies, operating efficiencies, tax savings or cost savings. Any cash proceeds remaining after the consummation
of the Business Combination are expected to be used for general corporate purposes. The unaudited pro forma combined financial information
does not purport to project the future operating results or financial position of Webull following the completion of the Business Combination.
The unaudited pro forma adjustments represent management&rsquo;s estimates based on information available as of the date of these unaudited
pro forma combined financial information and are subject to change as additional information becomes available and analyses are performed.
Webull and SKGR have not had any historical operational relationship prior to the Business Combination. Accordingly, no pro forma adjustments
were required to eliminate activities between the companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the pre-Business
Combination closing certificate of incorporation, SKGR&rsquo;s public shareholders had the ability to elect to redeem their public shares
for cash even if they approve the Business Combination. The unaudited pro forma combined financial information reflects the actual redemption
of 8,810,871 shares of SKGR Class A ordinary shares for cash of $103,624,007.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WEBULL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF FINANCIAL POSITION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AS OF DECEMBER 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Transaction</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Webull</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">SKGR</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accounting</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Adjustment</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Pro Forma</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Historical)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Historical)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Adjustments</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Combined</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; width: 45%; text-align: left">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">270,728,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">169,659</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">10,727,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 6%">A</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">271,264,369</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(852,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,789,035</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">C</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,720,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">D</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Cash and cash equivalents segregated under federal and foreign requirements</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">939,232,153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">939,232,153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Receivables from brokers, dealers, and clearing organizations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">262,093,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">262,093,040</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Receivables from customers, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">301,107,428</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">301,107,428</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Prepaid expenses and other current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">50,344,836</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">16,613</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,603,867</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">E</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">42,757,582</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">Customer-held fractional shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,931,757,996</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">186,272</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(7,237,165</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,924,707,103</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Investments held in Trust Account</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">112,683,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,668,312</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(103,624,007</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">G</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,727,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Right-of-use assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,293,751</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">66,293,751</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Property and equipment, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,629,770</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">33,629,770</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Intangible assets, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,415,963</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19,415,963</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">Goodwill</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Deferred tax assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,374,499</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,374,499</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total non-current assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">136,911,421</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">112,683,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(112,683,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">136,911,421</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,068,669,417</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">112,869,781</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,920,674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,061,618,524</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Liabilities, mezzanine equity, and shareholders (deficit) equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Payables due to customers</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,378,625,130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,378,625,130</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Payables due to brokers, dealers, and clearing organizations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,490,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,490,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Lease liabilities - current portion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,969,959</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,969,959</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accrued expenses and other current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,079,799</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,005,952</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,305,952</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">H</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">60,779,799</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Advances from Webull</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,383,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,383,537</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">I</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Sponsor note</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,720,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,720,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">D</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Overfunding loan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,240,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,240,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">J</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,446,165,425</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,349,489</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,649,489</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,445,865,425</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Deferred underwriting and advisory fees</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">K</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Promissory notes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">L</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Lease liabilities - non-current portion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,438,555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10,438,555</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Deferred tax liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,292,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,292,255</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total non-current liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">15,730,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">92,664,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">115,730,810</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,461,896,235</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,685,489</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">82,014,511</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,561,596,235</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Class A ordinary shares subject to possible redemption</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">112,583,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(103,624,007</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,959,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">X</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Convertible redeemable preferred shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(100,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">L</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,761,748,733</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1.5pt">N</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total mezzanine equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">112,583,509</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,974,332,242</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in">Preferred shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Class A ordinary shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">13,931</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">T</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">37,433</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4,269</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">U</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">26,938</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Q</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(8,299</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">P</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">424</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">O</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">J</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">108</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">S</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Class B ordinary shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">524</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(424</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">O</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,299</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,299</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">P</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Additional paid-in-capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,761,748,733</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">N</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,754,966,039</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8,959,502</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">X</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(6,220,330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">E, I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,783,083</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Y</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Z</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(552,077</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">AA</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,668,312</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,399,741</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">V</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(31,225</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">W</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7,336,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">K</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,240,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">J</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">J</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,241,066,624</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,399,741</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17,399,741</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">V</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,241,066,624</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Accumulated other comprehensive loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(15,195,946</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(15,195,946</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left">Total shareholders&rsquo; (deficit) equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,256,248,639</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(17,399,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,772,397,057</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">498,749,201</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Noncontrolling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,273,088</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,273,088</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Total (deficit) equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,254,975,551</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(17,399,217</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,772,397,057</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">500,022,289</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <tr style="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-indent: -0.125in; padding-left: 0.125in; text-align: left; padding-bottom: 4pt">Total liabilities, mezzanine equity and total (deficit) equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,068,669,417</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">112,869,781</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(119,920,674</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,061,618,524</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WEBULL CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT
OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR THE YEAR ENDED DECEMBER 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Transaction</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Webull</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">SKGR</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Accounting</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Adjustment</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Pro Forma</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Historical)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">(Historical)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Adjustments</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Notes</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Combined</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif">Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left">Equity and option order flow rebates</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">197,069,562</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <td style="text-align: center; width: 6%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">197,069,562</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Interest related income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">130,451,877</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">130,451,877</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Handling charge income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,044,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">49,044,700</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,663,533</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,663,533</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Total revenues</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">390,229,672</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">390,229,672</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Brokerage and transaction</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">79,306,618</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">79,306,618</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Technology and development</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">63,840,463</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">63,840,463</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Marketing and branding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">138,721,231</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">138,721,231</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">122,714,628</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,437,346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">125,151,974</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Total operating expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">404,582,940</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,437,346</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">407,020,286</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other (income) expense, net</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,302,693</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,605,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">5,605,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">AB</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">3,845,747</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,148,440</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">AC</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">(Loss) income from continuing operations, before income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(12,050,575</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,168,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,754,179</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(20,636,361</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Provision for income taxes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,823,355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">13,823,355</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left">(Loss) income from continuing operations, net of tax</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(25,873,930</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,168,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,754,179</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(34,459,716</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less loss from continuing operations attributable to noncontrolling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(488,504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(488,504</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">(Loss) income from continuing operations attributable to the Company</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(25,385,426</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,168,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(11,754,179</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(33,971,212</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Preferred shares redemption value accretion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(495,088,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">495,088,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif">AD</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Preferred share dividend</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(504,655,930</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <td style="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">AE</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(504,655,930</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">(Loss) income from continuing operations attributable to ordinary shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(520,473,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,168,393</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(21,322,071</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(538,627,142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Loss per share from continuing operations attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(3.75</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Weighted-average shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">138,828,900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">457,326,825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">138,828,900</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">457,326,825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <td style="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Basic and diluted weighted average shares outstanding, Class A ordinary shares</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,971,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Basic and diluted net income per share, Class A ordinary shares</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Basic and diluted weighted average shares outstanding, Class B ordinary shares</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,240,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Basic and diluted net income per share, Class B ordinary shares</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">0.21</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <td style="text-align: center; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summarizes the
pro forma Webull Ordinary Shares issued and outstanding immediately after the Business Combination:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Class A</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Class B</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ordinary</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Ordinary</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Shareholders</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Shares</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><B>Shares<SUP>(6)</SUP></B></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Equity %</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">SKGR shareholders <SUP>(1)(2)(3)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">2,367,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">0.52</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sponsor and certain affiliates <SUP>(4)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,484,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.76</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Webull shareholders <SUP>(5)</SUP></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">368,486,570</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">82,988,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">98.72</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">374,338,809</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">82,988,016</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">100.00</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notes:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in">(1)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Represents the issuance of 2,342,775 Webull Class A Ordinary Shares to non-redeeming SKGR Class A Ordinary shareholders and 25,000 shares issued to an advisor of SKGR.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(2)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Includes 1,279,536 of Sponsor shares transferred to certain SKGR Class A Ordinary shareholders pursuant to a non-redemption agreement entered into in December 2023.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(3)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Includes the issuance of 150,150 Webull Class A Ordinary Shares as an incentive in connection with a 2024 share reversal agreement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(4)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Represents 3,394,464 Webull Class A Ordinary Shares issued to Sponsor and 90,000 Webull Class A Ordinary Shares issued to SKGR independent directors.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(5)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Includes (i) the issuance of 269,379,710 Webull Class A Ordinary Shares in connection with the conversion of Webull&rsquo;s convertible redeemable preferred shares and (ii) includes the issuance of 42,685,593 of Webull Class A Ordinary Shares to certain of Webull&rsquo;s preferred shareholders as incentive.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(6)</TD>
    <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Represents Mr. Anquan Wang&rsquo;s historical Class A Ordinary Shares converted into Webull Class B Ordinary Shares, after the application of the share subdivision factor.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notes to the Unaudited Pro Forma Condensed Combined Financial
Information</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 1 &mdash; Basis of Presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined financial information of Webull has been prepared in accordance with Article 11 of Regulation S-X and presents the combination
of the historical financial information of Webull and SKGR adjusted to give effect to the business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is both the &ldquo;legal&rdquo;
and &ldquo;accounting&rdquo; acquirer and SKGR is the &ldquo;acquired&rdquo; company. SKGR does not meet the U.S. GAAP definition of a
business as its net assets are predominately cash and investments held in a Trust Account for the sole purpose of effectuating a business
combination transaction. Accordingly, Webull determined the Business Combination is a reorganization and recapitalization transaction
as Webull is effectively issuing its Ordinary Shares and other securities for the cash and investments held in in the Trust Account at
the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The determination of Webull
as the &ldquo;legal&rdquo; and &ldquo;accounting&rdquo; acquirer was based on evaluation of the following facts and circumstances:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SKGR&rsquo;s corporate existence ceased upon the completion of its merger with Feather Sound II Inc.,
with Feather Sound II Inc. becoming a wholly-owned subsidiary of Webull;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s shareholders hold a majority of the voting power of the combined company under both the
no redemption and 100% redemption scenarios;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s operations are the sole ongoing operations of the combined company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s shareholders have the ability to nominate the majority of the members of the board of directors
of the combined company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s senior management comprises the senior management of the combined company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Moreover, we have made a preliminary
accounting assessment of (1) the Public Warrants and Private Placement Warrants that we have assumed and (2) the Incentive Warrants that
were issued in connection with the Business Combination and believe these warrants will qualify for equity accounting treatment. Consequently,
these warrants have been presented using equity classification within the unaudited pro forma condensed combined statement of financial
position as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma condensed
combined statement of financial position as of December 31, 2024 combines the historical unaudited condensed consolidated statement of
financial position of Webull with the historical unaudited balance sheet of SKGR as of December 31, 2024 on a pro forma basis as if the
Business Combination and the other events, summarized below, had been consummated on December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unaudited pro forma combined
statement of operations for the year ended December 31, 2024 combines the historical audited consolidated statement of operations and
comprehensive income of Webull and the historical audited statement of operations of SKGR for the year ended December 31, 2024 on a pro
forma basis as if the Business Combination had been consummated on January 1, 2024, the beginning of the latest annual period presented.
The unaudited pro forma combined financial information was derived from and should be read in conjunction with the following information
and historical financial statements and the accompanying notes, which are included elsewhere in this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull&rsquo;s audited consolidated statement of financial position as of December 31, 2024 and its audited
consolidated statement of operations and comprehensive loss for the year ended December 31, 2024, as included in this prospectus; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">SKGR&rsquo;s audited balance sheet as of December 31, 2024 and its audited statement of operations for
the year ended December 31, 2024 as included in this prospectus.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 2 &mdash; Adjustments to Unaudited
Pro Forma Condensed Combined Financial Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Transaction Accounting
Adjustments to Unaudited Pro Forma Condensed Combined Balance Sheet:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>A</B></TD><TD STYLE="text-align: justify">Reflects the reclassification of cash and cash equivalents from the Trust Account that is available for use post Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>B</B></TD><TD STYLE="text-align: justify">Reflects certain professional fees incurred by Webull and settled at Closing. These costs are accounted for as equity issuance costs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>C</B></TD><TD STYLE="text-align: justify">Reflects the settlement of professional fees incurred by SKGR.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>D</B></TD><TD STYLE="text-align: justify">Represents the settlement of Sponsor&rsquo;s historical working capital loans at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>E</B></TD><TD STYLE="text-align: justify">Reflects the reclassification of Webull&rsquo;s historical capitalized deferred equity offering costs included within prepaid expenses
as a reduction to paid in capital at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>F</B></TD><TD STYLE="text-align: justify">Represents investment income on Trust Account assets subsequent to December 31, 2024.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>G</B></TD><TD STYLE="text-align: justify">Represents 8,819,871 SKGR shareholders who elected to redeem their shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>H</B></TD><TD STYLE="text-align: justify">Represents the reduction in SKGR&rsquo;s accrued expenses of $2,305,952 and the reduction in Webull accrued expenses of $300,000 after
payment of accrued professional fees at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>I</B></TD><TD STYLE="text-align: justify">Represents advances made by Webull to SKGR to fund certain SKGR expenses and to fund the Trust with a monthly incentive payment. This
balance is offset with deferred equity offering costs within paid in capital at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>J</B></TD><TD STYLE="text-align: justify">Represents the conversion of the Sponsor&rsquo;s Overfunding Loan balance into 524,000 Class A Ordinary Shares at closing. The par
value associated with the shares issued in connection with the Sponsor&rsquo;s Overfunding Loan was reclassed from additional paid-in-capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>K</B></TD><TD STYLE="text-align: justify">Represents the effect of underwriters&rsquo; waiver of historical deferred underwriting fees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>L</B></TD><TD STYLE="text-align: justify">Reflects promissory notes with an aggregate principal balance of $100,000,000 issued in connection with the Company&rsquo;s repurchase
of 3,017,119 Series D Preferred Shares from certain shareholders at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>M</B></TD><TD STYLE="text-align: justify">Represents (i) the redemption of 8,819,871 SKGR shares for Trust proceeds and (ii) the conversion of 913,089 non-redeeming SKGR&rsquo;s
Class A Ordinary Shares into Webull&rsquo;s Class A Ordinary shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>N</B></TD><TD STYLE="text-align: justify">Reflects the conversion of Webull&rsquo;s convertible redeemable preferred shares into 269,379,710 Class A Ordinary Shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>O</B></TD><TD STYLE="text-align: justify">Reflects the conversion of 4,240,000 SKGR Class B Ordinary Shares into Webull Class A Ordinary shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>P</B></TD><TD STYLE="text-align: justify">Represents the par value decrease as a result of converting 24,703,596 Class A Ordinary shares held by our Webull Founder to 82,988,016
Class B Ordinary Shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>Q</B></TD><TD STYLE="text-align: justify">Represents the par value increase as a result of issuing 269,379,710 Class A Ordinary Shares to holders of Webull&rsquo;s convertible
redeemable preferred shares at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>R</B></TD><TD STYLE="text-align: justify">Represents the Sponsor&rsquo;s forfeiture of 1,000,000 Class B Ordinary Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>S</B></TD><TD STYLE="text-align: justify">Represents an incremental 1,088,239 Class A Ordinary Shares issued to SKGR shareholders at Closing</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>T</B></TD><TD STYLE="text-align: justify">Represents the par value increase from issuing 100,000 incremental Class A Ordinary shares issued as payment for certain deferred
equity offering costs. Other than this issuance, the Ordinary Share Incentive Issuance, and the conversion of Webull&rsquo;s historical
preferred shares, no other Class A ordinary capital adjustment is required to reflect the incremental share issuance resulting from the
application of the Share Subdivision Factor share to other historical Webull Class A Ordinary shareholders as Webull&rsquo;s historical
financial statements retroactively present the effects of the Business Combination&rsquo;s Share Subdivision Factor as a stock split on
its December 31, 2024 outstanding share balance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>U</B></TD><TD STYLE="text-align: justify">Represents the par value increase from issuing 42,685,593 Webull Class A Ordinary shares in connection with the Ordinary Share Incentive
Issuance. The Company determined this issuance is representative of a dividend. The Company is expected to have an accumulated deficit
at Closing; and, thus, the dividend will be recorded as a reduction to additional paid-in capital. The increase to additional paid-in
capital from the fair value of the dividend will offset the recording of the dividend.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>V</B></TD><TD STYLE="text-align: justify">Reflects the reclassification of SKGR&rsquo;s historical accumulated deficit to additional paid-in-capital.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>W</B></TD><TD STYLE="text-align: justify">Represents the net reclassification of additional-paid-in capital to par value for the Class A and Class B Ordinary Shares issued
at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>X</B></TD><TD STYLE="text-align: justify">Represents the additional paid-in capital recorded from the issuance of Webull Ordinary Shares to the SKGR non-redeeming shareholders,
the Incentive Warrants and the assumption of SKGR&rsquo;s outstanding warrants in connection with the recapitalization transaction. Since
all financial instruments have been classified as equity instruments and presented as such in the statement of financial position, an
allocation of Trust Fund proceeds based upon relative fair value was not deemed necessary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>Y</B></TD><TD STYLE="text-align: justify">Reflects the incremental SKGR professional fees that are not included within SKGR&rsquo;s historical financial statements and were
paid in connection with the Business Combination at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>Z</B></TD><TD STYLE="text-align: justify">The Company determined the issuance of 20,000,000 Incentive Warrants to certain Webull preferred shareholders is representative of
a dividend. The Company is expected to have an accumulated deficit at Closing; and, thus, the dividend will be recorded as a reduction
to additional paid-in capital. The increase to additional paid-in capital from the issuance of the 20,000,000 Incentive Warrants will
offset the recording of the dividend.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>AA</B></TD><TD STYLE="text-align: justify">Reflects the incremental Webull transaction costs incurred subsequent to December 31, 2024 that were paid at Closing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Transaction Accounting
Adjustments to Unaudited Pro Forma Condensed Combined Statement of Comprehensive Income:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>AB</B></TD><TD STYLE="text-align: justify">Represents the elimination of SKGR&rsquo;s investment income related to the investments held in its Trust Account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>AC</B></TD><TD STYLE="text-align: justify">Represents interest on promissory notes issued in connection with Webull&rsquo;s repurchase of 3,017,119 Series D convertible redeemable
preferred shares from certain Webull shareholders at Closing. The aggregate principal balance of the notes is $100,000,000 and the estimated
interest rate used for the year ended December 31, 2024 was 6.15%. The estimated rates were calculated using the average of the Federal
Reserve&rsquo;s Daily Secured Overnight Financing Rate for the period and then adding a spread. The spread used for the year ended December
31, 2024 was 1%.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>AD</B></TD><TD STYLE="text-align: justify">Represents the elimination of changes in the value of Webull&rsquo;s convertible redeemable preferred shares. Webull&rsquo;s convertible
redeemable preferred shares are assumed to be converted into Class A Ordinary Shares as of January 1, 2024 for pro forma financial statement
purposes as this is the most recent annual period presented in this prospectus.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 1in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.5in"></TD><TD STYLE="text-align: justify; width: 0.5in"><B>AE</B></TD><TD STYLE="text-align: justify">Represents the sum of (i) the estimated value of the dividend in connection with the Ordinary Share Incentive Issuance and (ii) the
estimated value of the dividend in connection with the Incentive Warrants that were issued to certain Webull preferred shareholders at
Closing. The total estimated value of the Ordinary Share Incentive Issuance was $426,855,930, which was based upon a deemed value of $10
per share. The total estimated value of the Incentive Warrants was $77,800,000, which was based upon a fair value of $3.89 per warrant.
The fair value of the Incentive Warrants was estimated using a Monte Carlo simulation model and inputs as of December 31, 2024. The fair
value of the Incentive Warrants may be materially different on the Closing date of the Business Combination.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note 3 &mdash; Pro forma Share and
Earning per Share Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After Closing, Webull&rsquo;s
outstanding ordinary shares consist of two classes of ordinary shares, Class A and Class B. For pro forma earnings presentation, these
classes of ordinary shares have been combined as they have identical rights and privileges, with the exception of voting rights. The pro
forma earnings per share calculation represents the loss per share from continuing operations attributable to ordinary shareholder calculated
using the pro forma basic and diluted weighted average shares outstanding of Webull as a result of the pro forma adjustments to reflect
the Business Combination as occurring on January 1, 2024. The calculation of pro forma weighted average shares outstanding for basic and
diluted income from continuing operations attributable to ordinary shareholders per share reflects (1) Webull&rsquo;s historical Class
A Ordinary Shares, excluding Mr. Anquan Wang&rsquo;s Class A Ordinary Shares, after application of the share subdivision factor; (2) Mr.
Anquan Wang&rsquo;s historical Class A Ordinary Shares converted into Webull Class B Ordinary Shares, after application of the share subdivision
factor, (3) conversion of Webull historical convertible preferred shares in to Webull Ordinary Class A Shares, after application of the
share subdivision factor, (4) the issuance of Webull Ordinary Class A Shares to SKGR historical shareholders, (5) issuance of Webull Class
A Ordinary Shares to Sponsor with respect to the conversion of Overfunding Loans, and (6) the Business Combination occurring on January
1, 2024, the beginning of the most recent annual period presented within Webull&rsquo;s consolidated financial statements included in
this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following presents the
pro forma weighted average number of outstanding Webull ordinary shares as a result of pro forma adjustments for the year ended December
31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Numerator:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left">Loss per share from continuing operations attributable to ordinary shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">(538,627,142</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">SKGR public shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,367,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sponsor and certain affiliates</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,484,464</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Webull shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">451,474,586</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average shares outstanding - basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">457,326,825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Dilutive effect of Webull Options, RSUs and RSAs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">Weighted average shares outstanding - diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">457,326,825</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Loss per share from continuing operations attributable to ordinary shareholders - basic</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Loss per share from continuing operations attributable to ordinary shareholders - diluted</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1.18</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following outstanding
ordinary share equivalents were excluded from the computation of pro forma diluted income from continuing operations per share for the
period and scenarios presented because including them would have had an anti-dilutive effect:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>For the</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Year Ended</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>December&nbsp;31,</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>2024</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; width: 88%; text-align: left">SKGR public warrants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">10,479,990</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">SKGR private placement warrants</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6,792,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Incentive warrants issued to non-redeeming SKGR shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">913,089</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Incentive warrants issued to certain Webull shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 1.5pt">Webull Options, RSUs and RSAs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">41,480,619</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; padding-bottom: 4pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">79,665,698</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_010"></a>DIVIDEND POLICY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have never declared or
paid cash dividends on our ordinary shares. We currently intend to retain all available funds and future earnings, if any, to fund the
development and expansion of our business, and we do not anticipate paying any cash dividends in the foreseeable future. Any future decisions
regarding the declaration and payment of dividends will be at the discretion of our board of directors and will depend on then-existing
conditions, including our financial condition, results of operation, contractual restrictions, capital requirements, business prospects
and other factors our board of directors may deem relevant.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_011"></a>DILUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While secondary sales of the
Webull Class A Ordinary Shares by the Selling Securityholder will not have a dilutive effect on our shareholders, the issuance of Webull
Class A Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement will have a dilutive impact on our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dilution results from the
fact that the per share offering price of the Webull Class A Ordinary Shares is substantially in excess of the net tangible book value
attributable to the existing shareholders. Net tangible book value represents the amount of our total assets less our total liabilities,
excluding goodwill and other intangible assets. Net tangible book value per Webull Ordinary Share represents net tangible book value attributable
to Webull Ordinary Shares divided by 484,746,871, the total number of our Webull Ordinary Shares outstanding as of the date of this
prospectus. As of December 31, 2024, we had a pro forma net tangible book value of approximately $409.1 million, corresponding to a net
tangible book value of approximately $0.84 per ordinary share. After assuming the sale of 75,000,000 Webull Class A Ordinary Shares pursuant
to the Purchase Agreement at an assumed sale price of $12.56 per share (which is the closing price of our Webull Class A Ordinary Shares
on Nasdaq on July 1, 2025, the date as of the signing of the Purchase Agreement), <font style="background-color: white">and after deducting
estimated offering expenses payable by us,</font> our pro forma as adjusted net tangible book value as of December 31, 2024 would be approximately
$1.35 billion or $2.79 per share. <font style="background-color: white">This represents an immediate increase in net tangible book value
of $</font>1.94 <font style="background-color: white">per share to existing shareholders and an immediate dilution of $</font>9.77 <font style="background-color: white">per
share to new investors.</font> Dilution for this purpose represents the difference between the price per ordinary share paid by these
new investors and the pro forma net tangible book value per ordinary share as of December 31, 2024. For more information related to the
foregoing, see the section entitled &ldquo;<i>Unaudited Pro Forma Condensed Combined Financial Information</i>.&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table illustrates
this dilution on a per share basis:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%">Assumed offering price per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12.56</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Historical net tangible book value per share of ordinary shares at December 31, 2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.06</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Pro forma net tangible book value per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.84</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; text-align: left">Increase in pro forma net tangible book value per share of ordinary shares attributable to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.94</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Pro forma as adjusted net tangible book value per share of ordinary shares after this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.79</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Dilution per share of ordinary shares to new investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9.77</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The dilution information discussed
above is illustrative only and, given the latest balance sheet date being included in this prospectus is December 31, 2024, which is prior
to the closing of the Business Combination, such information is also based on the pro forma information included in the &ldquo;<I>Unaudited
Pro Forma Condensed Combined Financial Information</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
table above assumes for illustrative purposes that an aggregate of 75,000,000 Webull Class A Ordinary Shares are sold at a price of $12.56
per share (which is the closing price of our Webull Class A Ordinary Shares on Nasdaq on July 1, 2025, the date as of the signing of the
Purchase Agreement), for aggregate gross proceeds of approximately $942,000,000. The Webull Class A Ordinary Shares resold in this offering,
if any, will be sold from time to time at various prices. A $1.00 increase in the price at which the shares are sold from the assumed
public offering price of $12.56 per share, would increase our pro forma adjusted net tangible book value by $0.15 per share, and the dilution
per share to investors in this offering by approximately $0.85 per share, after deducting estimated fees and offering expenses payable
by us. The as adjusted information provided above is illustrative only. The Webull Class A Ordinary Shares sold in this offering, if any,
will be sold from time to time at various prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">To the extent that additional shares are issued pursuant to the foregoing,
investors purchasing our Webull Class A Ordinary Shares in this offering will experience further dilution. In addition, we may offer other
securities in other offerings due to market conditions or strategic considerations or issue additional securities pursuant to our incentive
plan or to fund future acquisitions. Further shares may also be issued in connection with exercises of Webull Warrants. To the extent
we issue any additional securities, investors may experience further dilution. For more information, also see &ldquo;<I>Committed Equity
Financing</I>&rdquo; and &ldquo;<I>Risk Factors &mdash; Risks Relating to Ownership of Securities of Webull and this Offering.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_012"></a>BUSINESS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Overview</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Who we are</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is a leading digital
investment platform built upon a next-generation global infrastructure. We strive to be the platform of choice for a new generation of
investors by building an efficient, low-cost, and easy-to-use global investment platform. We distinguish ourselves from other investment
service providers by offering a mobile-first user experience, a broad range of investment products and extensive functionality constructed
to help our customers build wealth over time. We arm each customer with the tools they need to develop into what we refer to as an <I>informed
investor</I> &mdash; one who understands the market and has the confidence to succeed as an investor. The Webull platform originally provided
users free access to market data and analytical tools, but expanded to offer financial products when we launched brokerage services in
the United States in May 2018. Since then, we have expanded to offer services in 14 markets across North America, Asia Pacific, Europe
and Latin America, and today, the Webull App has been downloaded more than 50 million times and has over 23.3 million registered users
globally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our goal is to make the tools,
products, data, and analytics that have historically been accessible only to professional investors available to the retail investing
community, and to deliver those tools through the retail investors&rsquo; preferred medium of trading &mdash; mobile. We built our platform
to target the retail investor customer base. Legacy providers, despite having invested significantly in their technology, offer limited
mobile functionality and are better suited for investors that prefer trading behind a computer. Digitally-native online investment platforms,
meanwhile, provide a simplified mobile-based user experience but may not have the product depth or analytical tools to support informed
investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull&rsquo;s platform solves
these pain points. We believe all investors, not just professional investors that can afford to pay for expensive subscriptions, should
have access to advanced, real-time market data and news. We also recognize that investing decisions are based on insights and not information
alone, so we provide tools to help users translate observations into actionable trade ideas. We also provide an open digital community
fostering learning and the sharing of ideas, creating a virtual trading floor experience. Finally, we know today&rsquo;s <I>informed investors
</I>are not always trading from behind a desk, so we have enhanced the experience with a digital platform that fits elegantly on a mobile
device, where customers can expertly research ideas, analyze data, execute trades and monitor their portfolios &mdash; the same as professional
investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe Webull represents
the future of retail investing and that we have differentiated ourselves from other offerings in the market. Our platform today is a venue
where experienced and novice investors alike can develop the confidence and access the tools to grow their personal wealth. We offer the
following features:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Mobile-First Interface and Competitive Pricing</I></B>: We offer our brokerage services with competitive
pricing in every market where we operate, including zero-commission trading on U.S. equities and options for United States clients and
low trading <FONT STYLE="background-color: white">commissions</FONT> in markets outside the United States, via an intuitive mobile-first
interface.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Product Depth</I></B>: We provide a full suite of products tailored to the needs and preferences
of both self-directed and passive investors. We support multiple asset classes, extended trading <FONT STYLE="background-color: white">sessions</FONT>,
and global market access. We also developed wealth management offerings such as cash management, robo-advisor, and managed retirement
accounts for those customers who prefer a more passive investment solution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>In-Depth Data and Analytic Tools</I></B>: We provide wide-ranging, in-depth market data and advanced
analytical tools that allow users <FONT STYLE="background-color: white">to</FONT> make informed investing decisions.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Connected Webull Community</I></B>: Through our online Webull Community, we provide our users with
a real-time direct connection to other investors, companies, and opinion leaders to facilitate learning, investing, and sharing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Multi-Platform Interoperability</I></B>: Webull offers seamless interoperability to clients investing
via mobile, tablet, web-based, and desktop devices. Our platform allows users to consolidate watchlists, conduct analyses, place orders,
and manage positions across devices using the same Webull account.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customers are generally
working professionals in their 30&rsquo;s with some prior experience in investing. As of December 31, 2024, approximately 38% of our customers
had &ldquo;good&rdquo; or &ldquo;extensive&rdquo; investing experience, and approximately 39% had &ldquo;limited&rdquo; experience, as
self-reported by customers with funded accounts. Regardless of experience, we allow anyone to create a free account on Webull and access
the information and analytical tools that will help them develop their investing abilities and grow their wealth. Our customers are loyal
as demonstrated by an approximately 98% quarterly retention rate in the fourth quarter of 2024. We think of our customers as long-term
partners, because our success depends on theirs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We launched our broker-dealer
services in the United States in May 2018. We chose the United States as a launching point because of the depth and complexity of its
capital markets and the magnitude of its opportunity. The United States also allows us to anchor our &ldquo;global but localized&rdquo;
value proposition given the connectivity of the markets. Within approximately two and a half years of launch, we grew to over one million
funded accounts and $100 billion in cumulative trading volume. We subsequently expanded into a number of global markets, including Canada,
Hong Kong, Singapore, Australia, Japan, Thailand, Malaysia, and the United Kingdom, and are preparing to launch our business in additional
markets in Europe and Latin America. We currently hold twelve broker-dealer licenses, approvals and/or registrations across the United
States, Canada, Asia Pacific, Europe, and Africa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We principally generate revenue
from our brokerage business in the United States through an industry-standard process called payment for order flow, or PFOF, whereby
a brokerage firm receives payments for directing orders to different wholesale market makers and exchange partners for trade execution,
rather than from brokerage commissions charged to customers. In markets outside of the United States, we typically charge commissions
directly to our retail customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognized revenues of
$389.6 million in 2023 and $390.2 million in 2024. In addition, we had net income of $5.8 million in 2023 and a net loss of $23.2 million
in 2024. The following charts set forth our key operating metrics. For detailed definitions of the metrics shown below, see &ldquo;<I>Frequently
Used Terms</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_003.jpg" ALT=""></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Recent Developments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">In February 2025, Webull partnered with Kalshi, the first
CFTC-regulated exchange with prediction markets, to offer its users the ability to trade binary event contracts on the Webull platform.
Webull initially offered S&amp;P 500 and Nasdaq hourly binary contracts.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">In March 2025, Webull successfully launched Webull Premium,
a subscription-based membership service that unifies Webull&rsquo;s best-in-class products and offers an elevated investing experience
for users. As of May 15, 2025, Webull Premium had approximately 40,000 users, representing nearly $2.0 billion in customer assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">Subsequent to the close of the first quarter ended March
31, 2025, Webull consummated its previously announced business combination and the Webull Class A ordinary shares, Webull Warrants and
Webull Incentive Warrants began trading on Nasdaq.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">In May 2025, Webull enhanced the Webull Advisors platform
by partnering with BlackRock to offer model portfolios. Webull Advisors now delivers intelligent, automated wealth management tools to
its U.S.-based customers. Investors can now access a range of professionally managed, diversified portfolios across various asset classes,
including alternatives and digital assets.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">Effective on June 8, 2025, the board of directors of Webull
appointed Walter Bishop as an independent director of the Company and a member of the Audit Committee, Compensation Committee, and Nominating
and Corporate Governance Committee. In connection with his appointment, Webull entered into an independent director agreement and an
indemnification agreement with Mr. Bishop in the same form as the independent director agreements and indemnification agreements it executed
with Mr. Houlihan. Mr. Bishop has no family relationships with any of the executive officers or directors of the Company. Except for
the independent director agreement as stated above, there is no other employment agreement between the Company and Mr. Bishop, nor are
there any arrangements or plans in which the Company will provide compensation, bonus, pension, retirement, or similar benefits to Mr.
Bishop. Mr. Bishop has not engaged in any transaction that would be reportable as a related party transaction.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">On June 30, 2025, Webull completed the redemption of all
of the issued and outstanding Webull Incentive Warrants pursuant to the terms of the Incentive Warrant Agreement. Prior to the redemption,
a total of 20,453,945 Webull Incentive Warrants were exercised and each converted into one Webull Class A Ordinary Share at an exercise
price of $10.00 per share, resulting in aggregate gross proceeds to Webull of approximately $204.5 million. The remaining 459,144 Webull
Incentive Warrants that were not exercised on or prior to June 30, 2025 were redeemed at $0.01 per warrant. Following the redemption
deadline, no Webull Incentive Warrants are issued and outstanding.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<td style="width: 0.5in"></TD><td style="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">On July 1, 2025, Webull executed the Purchase Agreement with
the Selling Securityholder. For more information on the Purchase Agreement, see &ldquo;<I>Committed Equity Financing.</I>&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 48px">&nbsp;</td>
    <td style="width: 24px; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On July 11, 2025, Webull entered into a business combination agreement with Feather Sound II Inc., a direct wholly owned subsidiary of the Company and Webull Pay Inc., pursuant to which Webull Pay Inc. will merge with and into Feather Sound II Inc., with Webull Pay Inc. surviving as a direct wholly owned subsidiary of Webull. This transaction is part of Webull&rsquo;s plan to reintroduce crypto trading to its global customers. For more information, see &ldquo;<i>Related Party Transactions &mdash; Webull Pay Business Combination.</i>&rdquo;</font></td></tr>
  </table>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Market Opportunity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global trading volume at the
top 30 stock exchanges around the world has more than doubled since 2012 to reach approximately $145 trillion in 2022, according to data
aggregated from these stock exchanges. Over the last several decades, meaningful industry reforms, including the introduction of electronic
trading (1971), order handling (1997), decimal pricing (2000) and other advances have given rise to larger and more efficient capital
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Many of these changes have
largely benefited institutional investors, while retail investors have been less impacted. However, retail investors, especially millennial
and Gen-Z investors, represent a growing segment of the market and are set to benefit from income growth and generational wealth transfer
in the coming years. For example, Americans in the &ldquo;baby boomer&rdquo; generation are expected to pass tens of trillion of dollars
to their children over the next several decades. Additionally, recent changes to the macroenvironment, such as inflation and higher interest
rates, have made younger investors increasingly concerned about wealth accumulation, which has put increased focus on financial markets
and investing as a strategy to grow wealth. The recent introduction of investing through mobile apps has catalyzed a multi-billion-dollar
generational shift in favor of digital investment platforms and supported the overall growth of retail investing by reducing costs and
removing barriers to entry. We believe that the retail market is primed for the next great market share shift, which will be driven by
the following key factors:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mobile-First Investing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Today&rsquo;s retail investors
differ from prior generations in terms of preferences, habits, and sources of information. They often expect easily accessible mobile
apps and interoperability across devices, while leveraging social media and messaging apps to communicate and share ideas, which contrasts
with previous generations that relied upon phone calls, in-person broker interactions, periodicals, and websites. Mobile technology allows
this generation&rsquo;s retail investors to interact and communicate easily and efficiently, which has helped digital investment platforms
quickly gain market share against traditional offline brokerages, computer-based and other direct platforms. According to 2021 FINRA surveys,
44% of all retail investors in the United States &mdash; and 78% of retail investors aged 18 to 34 &mdash; placed trades using a mobile
app. This is a large increase compared to 2018, during which 30% of all retail investors in the United States and 59% of retail investors
aged 18 to 34 placed trades using a mobile app. Furthermore, millions of additional retail investors today regularly engage with one or
more trading platforms.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Accessibility of Financial Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Digital penetration and API
networks have made access to market data more widespread. This includes not only technical data, such as stock price, trends, relative
value assessments and liquidity, but also operational and contextual data, such as historical performance, recent news, and research analysis.
Formerly the competitive advantage of well-resourced trading desks and brokerage houses, a significant amount of this market data is now
available for little-to-no cost. Our advanced features and functions are designed to help experienced and novice investors alike build
wealth through informed investing.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Globalization of Retail Investing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The trends of increased retail
participation and digital penetration are happening at a global level as the universe of investable assets available to retail investors
has greatly expanded. The new generation of retail investors has increased demand for asset diversification and global investment allocation.
Recent innovations such as fractional shares, alternatives and custom portfolios have focused on enabling widespread access and lowering
entry barriers. Additionally, investors are diversifying their portfolio by entering into foreign markets, with U.S.-based investors trading
foreign stocks and foreign retail investors trading U.S. stocks. Because of this, investors value a seamless cross-market trading experience
on a single platform. Our strong market position in the United States has laid the foundation for a cross-market platform that will allow
us to provide this trading experience to investors across the globe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that these three
factors are driving a rapidly evolving global retail trading industry. For example, in the United States, retail contribution as a percentage
of aggregate equity trading volume grew from approximately 15% as of 2019 to approximately 18% by the end of 2024, after reaching as high
as 24% during 2021, as measured by notional volume according to Bloomberg Intelligence, and retail participation in options trading rose
from approximately 35% from 2019 to well above 40% in 2023, as measured by total number of options contracts traded according to the New
York Stock Exchange. Similar trends of increased retail participation are also observable globally. We believe these factors will continue
to drive the retail trading industry, both in the United States and globally, for the foreseeable future. We see significant opportunities
as the brokerage industry continues to undergo a massive transition away from legacy brokerages to digital investment platforms, such
as Webull.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">What Differentiates Us</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe we are well-positioned
to capitalize on these market trends because of the following strengths. However, we also face challenges in pursuit of our mission. For
detailed discussion of the material challenges and uncertainties we face, see the section entitled &ldquo;<I>Risk Factors</I>&rdquo; in
this prospectus.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Appeal to Next-Generation Customers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer a mobile-first, digitally
native platform. Our platform speaks the language of our customers and provides us with a distinct competitive advantage over legacy operators.
We are deeply cognizant that the market and the needs of our customers are rapidly evolving, and we focus on delivering innovations to
meet these changes and drive customer engagement. We have built interoperable mobile, tablet, desktop, and web apps to support our customers
who increasingly want multi-platform accessibility. We pride ourselves on our ability to respond to changes in macro trends and customer
demand, which, for example, led us to launch options trading in March 2020, fractional share trading in July 2021, and high yield cash-sweep
products in April 2023 in response to higher interest rates. All of these initiatives have been well received by our customers, which
in turn enables us to further attract, retain, and engage more customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Driven by our &ldquo;learning,
sharing, investing&rdquo; philosophy, we provide our customers with educational resources to build their investing knowledge and make
informed investment decisions. Wealth creation is a particular focus among retail investors, and our advanced features and financial product
offerings help both experienced and novice investors achieve this over time. We attract new customers and expand existing customers&rsquo;
wallet share by providing a seamless mobile experience with access to a variety of financial products, updated functions, investment education,
and a connected Webull community. We believe that because our customers enjoy using our platform, they frequently recommend it to their
family and friends, thus driving our organic growth. This strategy has enabled us to achieve exponential growth of our customer base,
reaching one million funded accounts and $100 billion cumulative trading volume in approximately two and a half years since launching
the Webull App in the United States, and empowers us to maintain sustainable growth in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also embed social media
tools and user-generated content into our platform to foster a robust community of investors. Our Webull Community complements the financial
products, market data, investing tools, and educational content we provide and in turn drives customer engagement and retention, which
effectively fuels a loyal customer base with an average 98% quarterly retention rate for funded accounts. The Webull Community also enables
customers to share experiences and help each other with routine customer support questions, which further enhances our operational efficiency.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global Network and Local Execution</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that successful
global expansion first requires robust local execution. Our global network brings together a team of passionate and experienced leaders
with local market expertise and insights. We combine our local teams&rsquo; market insight and ability to confront problems and respond
to changes quickly with a centralized technical network. We maintain that a truly global investment platform is one that operates a unified
technology platform globally, yet at the same time, localizes the products and services to serve the needs of local customers, complies
with the local laws and regulations and engages positively with the local community. Our management team has significant experience in
all areas of the brokerage business and in interactions with other market participants, including liquidity providers, exchanges, and
regulators. Our execution-driven culture enables us to deliver high quality investing capabilities to customers. Our proven track record
of successful execution in the United States also provides us with a strong brand and a tested strategy for expansion into other markets.
Since our initial launch in the United States, we have expanded into Canada, Hong Kong, Singapore, Australia, Japan, Thailand, Malaysia,
and the United Kingdom, and are preparing to launch our business in additional markets in Europe and Latin America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we expand globally, we
are committed to strict compliance with the local laws, regulations and rules that regulate the brokerage industry. Currently, we have
obtained broker-dealer licenses, approvals and/or registrations in the United States, Canada, Hong Kong, Singapore, Indonesia, Malaysia,
Thailand, Australia, Japan, the United Kingdom, South Africa, and the Netherlands, and will continue to obtain and maintain necessary
licenses, approvals and/or registrations across the world to achieve our global vision. We believe a global footprint will enable us to
capture the significant potential of underserved markets, increasing our total addressable market and driving sustainable growth in the
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management team and shareholder
group are as global and diverse as our ambitions. Our leadership team has tremendous experience in technology and financial services across
different markets, and we are supported by a group of leading global investors from the United States, Europe, and Asia, including General
Atlantic, Coatue Management, Lightspeed Venture Partners, and RIT Capital Partners.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technological Excellence Supporting Seamless
Global Deployment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our platform is designed to
be seamlessly deployed across multiple markets. We maintain multiple data centers and store and encrypt all user data locally, while delivering
convenient cross-market investment capabilities to our global user base in all locations. This is supported by a critically important
and differentiated back-end IT infrastructure based on a hybrid cloud management platform and container technology. In pursuit of global
deployment, our infrastructure is designed to be lightweight and portable, which equips us with the agility and flexibility to shift workloads
from on-site to public or private cloud infrastructure and to leverage additional capacity from the cloud services. Utilizing these features,
we can easily deploy our infrastructure locally in seven days or less, significantly improving the scalability of our business, and run
our business at different locations and in a synchronized manner. For example, in January 2021 the scalability driven by our cloud-based
platform and container infrastructure allowed us to open more than 240,000 accounts and process over 2.6 million trades in a single day.
In addition, as our proprietary container technology packs workloads, comprised of applications and underlying technological architecture,
into a virtual &ldquo;container&rdquo; so that it can be run with isolated dependencies, it brings flexibility to dynamically improve
storage capacity and accommodate unexpected surges in application or network traffic. Even during the extreme market volatility in 2021,
our system maintained an availability rate of over 99.9%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have robust controls
in place to defend our platform and customers from fraud, identity theft, and other cybersecurity threats. Protecting a platform and its
customers from fraud, identity theft, and other cybersecurity threats is essential for maintaining trust and ensuring a secure operating
environment. We employ anti-fraud systems to detect unusual patterns and behaviors indicative of potentially fraudulent activities and
monitor to identify and respond to suspicious activities in real time. Neither we nor our clearing partner have purchased insurance to
cover customers losses from fraud or theft. Our infrastructure design provides us with flexible operating automation both during trading
hours and after-market hours, enhancing our user experience while optimizing operating efficiency. We take pride in our pursuit of perfection
and release frequent upgrades to our platform both proactively and based on user feedback. Our users have given the Webull mobile app
a 4.7 rating in the U.S. iOS App Store and Google Play Store as of December 31, 2024.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Growth Strategies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have planned our growth
and global expansion across three stages: (i) a trading tools stage in which we provide market data and self-directed trading tools to
investors; (ii) an investment platform stage in which we offer more products and services in addition to self-directed trading, such as
wealth management, to help customers grow their wealth over-time; and (iii) a comprehensive financial services platform stage in which
we will expand into other financial services categories, to become the one-stop financial services solution for our customers. We are
currently in our second stage of development and are transitioning our business toward the third stage. To accomplish that, we are pursuing
the following initiatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Grow and Increase the
Engagement of Our Retail Customer Base. </I></B>We will continue to focus on growing our customer base and marketing our products towards
our target demographic of young, informed retail investors. We will also improve customer engagement with our socially connected Webull
community and excellent user experience. With a growing customer base and deeper user engagement, we expect to further enlarge our market
share, increase our customer assets, and improve our unit economics.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Broaden Our Product
and Service Offerings. </I></B>We aspire to expand our current self-directed trading platform into a one-stop investment platform for
retail customers. On the trading side, by transitioning into a carrying broker in the United States, we expect to offer more products
and services to improve customer experience and enhance our monetization capabilities. We will also promote our investing platform as
a gateway to broader financial services and build up our capabilities in wealth management services to help diversify our revenue streams.
We launched our robo-advisor services recently and are proactively striving to unleash the potential of this business. We also recently
rolled out cryptocurrency products in Brazil and expect in the coming months to rollout additional markets, including the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Continue Our Global
Geographic Expansion. </I></B>The Webull App has been downloaded more than 50 million times and has over 23.3 million registered users
globally, and we are primed for additional expansion and success globally. Our proven execution capabilities, quality platform built on
a global infrastructure, and high operating leverage position us well to further drive our global vision. We will continue to grow our
operations in Canada, Hong Kong, Singapore, Australia, Japan, Malaysia, Thailand, and the United Kingdom, and are preparing to launch
our business in other markets in Europe and Latin America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Continue to Invest in
Technology. </I></B>We will continue to invest in and upgrade our technological infrastructure to maintain our current competitive advantage
and facilitate our development of new products and expansion into new markets. In particular, we are proactively engaged in exploring
practical applications and integrations of the latest AI technologies, including Generative AI, into our core business operations, from
risk management and fraud detection to more personalized content curation, to stay a step ahead of the technology adoption curve.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Webull Informed Investor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull platform is designed
with the informed investor in mind. An informed investor is armed with the information needed to make investment decisions that will lead
to the long-term accumulation of wealth. An informed investor understands the various investment products available and how each product
may impact their risk exposure and investment outcomes. The informed investor has access to tools that allow them to evaluate investment
opportunities and uses those tools to select investments that will help them progress towards their investment goals. An informed investor
reads financial news and the opinions of other investors, and participates in investing discussions with like-minded investors and the
companies they are considering investing in. The informed investor is an educated investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide advanced features,
functions and products designed to elevate all of our customers into informed investors. We give our customers the tools to create and
execute informed investment strategies, setting the foundation for durable customer relationship. We are committed to investor education
and believe our platform provides retail investors with a specialized and effective resources to learn about investing and build confidence
&mdash; establishing a foundation for a lifetime of active and informed investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the new generation
of investors wants to become informed investors. They are our target customers because we believe they are an underserved market segment
that is poised for tremendous growth in the future. Additionally, all customers desire to build long-term wealth accumulation, and we
believe that as they become informed investors through using our products and services they will develop loyalty to our platform. Our
customers tend to be younger and more digitally native compared to the customers of traditional brokerages, and they require a differentiated
and mobile-first engagement strategy.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nurturing Informed Investors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that every retail
investor should be empowered with the resources needed to become an informed investor. We strive to make our platform a comprehensive
learning resource. Account creation on Webull is free, and anyone who creates an account can access many of the analytics and tools we
provide for free. While our core product set is designed to meet the more sophisticated demands of the informed investor, many of our
features and functions also cater to novice investors. Our comprehensive market data is intuitive and easily customizable; our educational
resources focus on simplifying rather than complicating investment decision making; and our community offers a forum for investors to
learn and benefit from the experience of others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To give our customers the
opportunity to test new strategies, we offer a free virtual trading service. Customers may &ldquo;paper trade&rdquo; any of the securities
available on the Webull platform in a simulated, risk-free environment. Over 47% of our registered users have participated in virtual
trading as of December 31, 2024. We believe our virtual trading tool encourages our customers to further engage with our platform, learn
about investing through our advanced analytics tools, and become more knowledgeable about investing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the investor
education resources and market data tools that we make available through our platform are valuable to new investors and experienced investors
alike, and that the depth of our platform and sophistication of the educational resources and market data tools we offer makes Webull
an attractive choice for investors. We regularly refresh our platform and add new tools that are impactful to our customers to ensure
that our offerings are up-to-date and responsive to investor needs.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Customers Drive Product Development</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are dedicated to perfecting
our global platform, in part through listening to our customers&rsquo; feedback on our products and services. This has included developing
new product offerings, such as options, fractional shares, robo-advisor solutions, and competitive cash-sweep products, which we launched
in March 2020, July 2021, March 2023, and April 2023, respectively. All of these initiatives have been well received by our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure that we remain the
most convenient and seamless investment platform on the market, we offer upgrades to our platforms every week. Every year for the past
seven years, we have completely revamped the Webull platform with improved designs, features and functions. While we believe we have the
most comprehensive and intuitive platform on the market, we will continue upgrading our platform so we can ensure we offer our customers
the best investing experience.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investing through the Webull Platform</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In markets where we are licensed
as broker-dealers, we offer customers the ability to open a brokerage account with the local Webull brokerage subsidiary, and place self-directed
trades through their brokerage account on the Webull platform. We have designed order placement to be simple and intuitive. Customers
place trades by identifying the security they wish to trade and the size of the trade. The trade execution process is entirely electronic,
online and automated. Orders placed by our customers are automatically validated by our system and passed on to our market makers and
liquidity providers for execution. From the customer&rsquo;s perspective, the process is seamless as we handle all customer communications
and touchpoints, including delivery and receipt of funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the operational
efficiencies afforded by our technology and streamlined operations, and to make investing accessible to all, we were among the first brokerages
in the industry to offer zero commission trading for U.S.-based equities, ETFs, and options, a service which has since become the industry
standard. Due to differences in regulatory requirements and cost structure, we do not offer zero commission trading outside the United
States, but our commission rates are typically among the lowest of local brokerage firms. We also pass through additional fees and commissions
charged by the local governments, exchanges and certain other regulatory agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the U.S., we offer full
extended hours trading, including pre-market (4:00 a.m. to 9:30 a.m. ET) and post-market (4:00 p.m. to 8:00 p.m. ET) sessions, which provides
additional trading windows not typically available to retail investors. We also recently began offering 24-hour trading to cater to customers,
such as those living in Asia, who prefer to trade during traditionally non-trading hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While we are currently licensed
in twelve different markets around the world, we primarily offer trading in U.S.- and Hong Kong-listed securities. In the United States,
we work with Apex Clearing Corporation, or Apex Clearing, as our clearing partner to clear and settle all stock and securities trades.
Historically, all of our U.S. client accounts were introduced to Apex Clearing on a fully disclosed basis. In 2022, we began migrating
U.S. accounts to an omnibus clearing arrangement, under which the customer&rsquo;s account would be held by Webull Financial as carrying
broker on an omnibus basis and cleared through Apex Clearing as our omnibus clearing broker. By the end of 2023, most of our U.S. accounts
had been migrated to an omnibus clearing arrangement. Apex Clearing is indirectly owned by PEAK6 Investments LLC, which also owns 100%
of the equity interests in PEAK6 Group LLC, which is a minority shareholder of Webull Corporation. For trading of U.S.-based equities,
options, and ETFs, we route orders to market makers and liquidity providers for execution, and the trades are cleared by Apex Clearing
via its API. Customers&rsquo; securities are held in the customers&rsquo; Webull brokerage accounts either in their own name or in an
omnibus account held at Apex Clearing. For trading of Hong Kong-listed securities, we pass trade instructions from our customers to the
Hong Kong Stock Exchange through our self-developed trading facilities, and trades are settled over Hong Kong&rsquo;s Central Clearing
and Settlement System, or the CCASS, by Webull Securities Limited, or Webull Securities HK, as a clearing participant. Customers&rsquo;
securities are held in an omnibus account at the CCASS. In the markets where we operate, we act as an agent, and not as a principal, in
all the trading services that we provide to our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The identities of the market
makers and liquidity providers through whom we routed orders for execution in 2023 and 2024, and their revenue contribution for the respective
year, are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif">Market Maker/Liquidity Provider</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Percentage of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Consolidated</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Revenue</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: italic bold 10pt Times New Roman, Times, Serif">For the year ended December 31, 2023</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; text-align: left; padding-left: 10pt">DASH Financial Technologies</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">23.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Susquehanna</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">10.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Citadel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Virtu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: italic bold 10pt Times New Roman, Times, Serif; text-align: left">For the year ended December 31, 2024</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">DASH Financial Technologies</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">18.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Susquehanna</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Virtu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Citadel</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">6.3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Hudson River Trading</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">4.0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Others</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">8.2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of a Fully
Disclosed Clearing Agreement, Apex Clearing provides clearing services to Webull Financial on a fully disclosed basis. The material terms
of this agreement are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial is generally responsible for verifying the identity of each prospective customer, obtaining
and verifying all required documentation and materials in respect of each customer, and approving applications for new accounts by prospective
customers, provided, that Apex may reject or terminate any account in its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing may, in its sole discretion, permit customers of Webull Financial to purchase securities
on margin; provided that Webull Financial has satisfied requirements for the extension of credit by Apex Clearing, including furnishing
to Apex Clearing a margin agreement and consent to loan of securities executed by the customer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will receive and deliver all funds and securities in connection with transactions for the
accounts of customers at Webull Financial in accordance with the customers&rsquo; instructions to Webull Financial, and act as custodian
for securities in the accounts of customers at Webull Financial;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will maintain books and records on a basis consistent with generally accepted practices
in the securities industry, and will prepare and transmit to customers of Webull Financial periodic account statements, transaction confirmations,
and other information regarding their account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will collect any applicable commissions on behalf of Webull Financial from customers of
Webull Financial; Webull Financial will pay Apex Clearing fees for providing clearing services; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial indemnifies Apex Clearing and specified related persons from certain claims in connection
with the Fully Disclosed Clearing Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of an Omnibus
Clearing Agreement, Apex Clearing provides clearing services to Webull Financial on an omnibus basis. The material terms of this agreement
are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will execute orders if requested by Webull Financial, provided, that Apex may reject any
transaction in its sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial will generally be responsible for ensuring that transaction in and activities related
to any accounts it holds with Apex under the Omnibus Apex Clearing Agreement comply with applicable law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing may, in its sole discretion, permit customers of Webull Financial to purchase securities
on margin; provided that Webull Financial has satisfied requirements for the extension of credit by Apex Clearing, including furnishing
to Apex Clearing a margin agreement and consent to loan of securities executed by the customer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will receive and deliver all funds and securities in connection with transactions for accounts
of Webull Financial in accordance with Webull Financial&rsquo;s instructions, and act as custodian for securities in such accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing will maintain books and records on a basis consistent with generally accepted practices
in the securities industry, and will prepare and transmit to Webull Financial periodic account statements, transaction confirmations,
and other information regarding any accounts of Webull Financial;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial will pay Apex Clearing fees for providing clearing services;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial indemnifies Apex Clearing and specified related persons from certain claims in connection
with the Fully Disclosed Clearing Agreement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull Financial may participate in Apex Clearing&rsquo;s fully-paid securities lending program.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Financial Products and Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer our customers access
to a variety of financial products to help them meet their investment goals. Our informed investors understand that different products
can each serve a distinct purpose in their investment portfolios, and we provide educational materials to help them understand how to
best take advantage of the products we offer. Our goal is to become a full-service investment platform offering our customers in all of
the markets where we operate the financial products necessary to take control of their financial future and achieve their long-term wealth
accumulation goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently offer the products
listed below in the United States, our largest and most developed market. Over time, we hope to expand the breadth of financial products
that we offer in all of our markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Equities and ETFs</I></B><I>. </I>Our platform allows our customers to invest in U.S.-listed stocks,
exchange traded funds, or ETFs, as well as American Depository Receipts. We offer customers various order types, charting functionality,
and technical market data, including historical prices and valuation data that allow our customers to quickly access the markets in an
efficient manner. We provide extended hours trading of certain individual stocks and ETFs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Fractional Shares</I></B>. We offer fractional share trading for U.S.-listed stocks and ETFs on
our Webull App, which allows our customers to invest in fractions of a share of a stock or ETF instead of buying or selling whole shares.
Through our fractional share trading service, customers can purchase fractional shares for as little as 1/100,000 of a share or $5.00.
Fractional trading enables our customers to diversify their investments regardless of their portfolio, removing barriers to investing
in higher-priced stocks, though we only allow trading in fractional shares for a select number of stocks or ETFs. Eligible customers can
trade fractional shares with no commission or minimum deposit requirements, and no account management fees or inactivity fees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Options</I></B>. We offer trading multiple-listed stock options, ETFs and index options, which gives
our customers a range of options products to meet their investment objectives with varying risk tolerances. Customers can use options
to diversify their investment portfolio, hedge market risk or place directional &ldquo;bets&rdquo; efficiently from our platform into
the marketplace.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Futures</I></B>. We launched our futures offering in March 2024. We provide access to 67 futures
contracts across various sectors, including stock index, agriculture, currency, interest rates, metals, and energy. We offer a variety
of contract sizes, including micro and mini contracts, to meet the varying need of our investors trading profiles, risk tolerances and
account sizes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Cash Sweep</I></B>. We offer cash sweep products to our customers, allowing them to earn interest
on uninvested brokerage cash that we sweep to our partner banks. The interest earned compounds daily and is then paid out by the partner
banks monthly, with customers able to track how much they&rsquo;ve earned directly within our app. Cash deposited at these banks is eligible
for Federal Deposit Insurance Corporation insurance, giving our customers peace of mind that their cash is protected as it earns a competitive
return.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Smart Robo-Advisor</I></B>. We provide robo-advisor services through Webull Advisors, our U.S. investment
advisor entity. A robo-advisor is a tool that develops individualized portfolios on behalf of our customers using the information they
provide about their investment objectives. Personal preferences, such as financial goals, investment timeline, and risk tolerance levels,
are measured to suggest a portfolio that is expertly developed and contains a diversified range of investment products to fit the investing
needs of each customer. This robo-advisor service requires minimal human involvement, and is designed for those customers preferring a
passive investment solution.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Retirement Accounts</I></B>. We offer retirement investment accounts and portfolio management tools
for long-term investors. Account types that we offer include Traditional IRAs, Roth IRAs, and Rollover IRAs, each with no account minimums
and no account fees.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Margin Financing and Stock Lending Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide access to margin
financing for our eligible customers in the United States, Hong Kong, Singapore, and Australia who fund a minimum of $2,000, or other
minimum deposit requirements as determined by the local regulatory guidelines, in their brokerage accounts. For our customers in the United
States, we provide real-time, securities-backed financing services through Apex Clearing, our clearing partner, who provides the funding
for these services, and for which we earn service fees. For our customers in Hong Kong, Singapore, and Australia, Webull Securities HK,
Webull Securities (Singapore) Pte. Ltd., and Webull Securities (Australia) Pty. Ltd. provide funding for such services, respectively.
We introduce our margin financing services directly to our customers through the Webull App alongside an explanation of the benefits and
risks of margin financing as part of a trading strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both we and Apex Clearing
routinely monitor individual customer risk to mitigate potential losses. We follow the requirements set forth in the applicable regulations
and, to the extent applicable, Apex Clearing&rsquo;s margin rules, to manage our margin financing services. Margin limits on our platform
are determined by several factors, including the nature and market value of the underlying securities within the customer&rsquo;s trading
portfolio. Eligible customers who have been approved may access margin funding at any point. We issue warnings and margin calls to customers
whose balances have fallen below our or Apex Clearing&rsquo;s limits, asking them to deposit more funds or to sell securities. We may
liquidate the positions of customers who do not meet margin calls. For additional information about how we manage our customers&rsquo;
margin financing risks, please see &ldquo;<I>&mdash; Risk Management &mdash; Margin Financing Risks</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also offer stock lending
services to our customers in the United States through Apex Clearing&rsquo;s Fully-Paid Securities Lending Program, or FPSL Program, subject
to the terms of the Omnibus Clearing Agreement, which enables participants to earn interest income by lending certain fully-paid stocks.
While a customer&rsquo;s shares are on loan, they are paid a monthly income based on interest accrued on a daily basis. To participate,
customers must sign a Master Securities Lending Agreement, or MSLA, with Apex Clearing, which they can do through the Webull App. Neither
Webull Financial nor any Webull entity is a party to any MSLA, nor do they act as an agent in respect of any loan under the FPSL Program.
In connection with the FPSL Program, Webull Financial provides certain information to Apex Clearing, and takes certain actions to facilitate
operation of the FPSL Program, as summarized below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull has the right, in its sole discretion, to determine which customers may enter into an MSLA with
Apex Clearing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull has the right, in its sole discretion, to determine which securities will be eligible for lending
under the FPSL Program;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Webull allocates each borrowing of securities by Apex Clearing among eligible customers participating
in the FPSL Program on a pro rata basis and provides that allocation information and other essential information for the administration
of the FPSL Program to Apex Clearing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Apex Clearing provides information to Webull Financial on a daily basis regarding customer securities
on loan under the FPSL Program and all collateral deposited by Apex Clearing to the collateral account associated with the FPSL Program
and administered by Wilmington Trust, National Association; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">On a monthly basis, Webull Financial receives accrued loan fees from Apex Clearing in respect of the FPSL
Program and allocates the proceeds among the customers participating in the FPSL Program.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Once a customer enters into
an MSLA with Apex Clearing, for those stocks in the customer&rsquo;s account that Apex Clearing identifies as being &ldquo;in-demand&rdquo;
according to market demand, and which Webull has approved for lending through the FPSL Program, Apex Clearing can loan the customer&rsquo;s
shares at its discretion &mdash; neither Webull Financial nor our customers decide the specific terms of any stock loans under the FPSL
Program, such as the amount, duration and interest charged. Through the Webull App customers can see which of their shares have been loaned
out and the interest generated by those shares. Apex Clearing can return the loaned out shares at any time and will return the shares
immediately after the customer sells them. Proceeds generated from the FPSL Program are shared between Apex Clearing and us, and Webull
Financial pays customers&rsquo; monthly income from the FPSL Program out of its portion of the proceeds.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Syndicate Services</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We participate in IPO and
secondary offerings as either an underwriter or a member of the syndicate selling group. We publicize to our users the opportunity to
subscribe to these offerings, and are allocated shares by the lead underwriter at a discount to the offering price. We then allocate those
shares among the users that subscribe to the offering at the offering price, thereby capturing the selling group spread. In deals in which
we serve as underwriter, we also earn a portion of the underwriting fees.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Ongoing Global Expansion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To better leverage the strength
of our product offerings in the United States, we typically launch our service in a new market by offering local customers access to U.S.
listed equities. We also seek to participate in the local exchanges to offer customers access to local securities. In most markets, we
also provide customers access to Hong Kong-listed securities through Webull Securities HK, our Hong Kong licensed broker. We believe that
by offering our customers access to two of the world&rsquo;s most dynamic capital markets, namely the United States and Hong Kong, as
well as their local markets, we present a very attractive value proposition to investors in every market that we enter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we continue to expand our
business globally, we are committed to obtaining and maintaining all required licenses and approvals from the relevant authorities. As
of the date of this prospectus, we have obtained and maintain broker-dealer licenses, approvals and/or registrations in the United States,
Canada, Hong Kong, Singapore, Indonesia, Malaysia, Thailand, Australia, Japan, the United Kingdom, South Africa and the Netherlands, laying
a solid foundation for our global expansion. We have also entered into binding agreements to acquire licensed broker-dealer entities in
Brazil and Mexico, pending regulatory approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have designed our Webull
platform to seamlessly function across different markets. Though regulatory restrictions and requirements require us to adjust certain
aspects of our offering, our platform largely remains the same as we expand into new trading markets across the globe. We believe this
allows us to more efficiently leverage our popularity in our current markets and expand successfully. The table below sets forth the key
similarities and differences in the products and services offered through our Webull platform in the U.S., Canada, Hong Kong, Singapore,
Australia, Japan, and the United Kingdom.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><B>Aspect of Business</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 20%"><B>Region</B></TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 30%"><B>Products Offered</B></TD>
    <TD STYLE="text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; text-indent: -0.125in; text-align: center; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Margin
    <BR>
Financing <BR>
Services</B></FONT></TD>
    <TD STYLE="text-indent: -0.125in; text-align: center; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    and Clearing Partner(s)</B></FONT></TD></TR>
  <TR>
    <td style="font: 10pt Times New Roman, Times, Serif; text-indent: 0pt; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United
    States</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, futures and options; Bank-sweep product; Robo-advisor; IRAs; IPO access</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">Apex Clearing</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>Canada</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, and options; Canada listed securities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Not available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">CI Investment Services Inc.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>Hong Kong</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, and options; Hong Kong listed securities; IPO access; Mutual funds; Futures</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">U.S. securities trades are executed through Webull Financial and cleared through Apex Clearing</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>Singapore</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, and options; Hong Kong listed securities; Singapore listed securities; Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">U.S. securities trades are executed through Webull Financial and cleared through Apex Clearing; Hong Kong securities trades are executed and cleared through Webull Securities HK; Singapore securities trades are executed and cleared through iFast Financial</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>Australia</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, and options; Hong Kong listed securities; Australia listed securities; Mutual funds</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">U.S. securities trades are executed through Webull Financial and cleared through Apex Clearing; Hong Kong securities trades are executed and cleared through Webull Securities HK; Australian securities trades are executed and cleared through Finclear Services Pty. Ltd.</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>Japan</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities, ETFs, and options; Japan listed equities, ETFs and exchange-traded notes</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Not available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">U.S. securities trading services are executed through Webull Financial and cleared through Apex Clearing</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><B>United Kingdom</B></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">U.S. listed equities</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">Not available</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top">U.S. securities trading services are executed through Webull Financial and cleared through Apex Clearing</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The time frame needed to launch
in a new market varies significantly, and is primarily driven by how long it takes to obtain necessary regulatory approvals, which can
take up to several years in certain markets. The amount of capital investment required to launch in a new market also varies significantly
depending on whether we apply for a new license or acquire an existing license, local broker-dealer capital requirements, and the cost
to staff local operations. However, we believe we are able to operate at a lower cost compared to both our international and local competitors
because our technology is built on a global infrastructure and highly elastic. As the broker-dealer industry is heavily regulated, the
barrier to entry is high, and we may not be able to obtain or maintain the relevant licenses and registrations in every target market.
See &ldquo;<I>Risk Factors &mdash; Risks Relating to Regulations Applicable to our Industry &mdash; We may not be able to obtain or maintain
all necessary licenses, permits, and approvals and to make all necessary registrations and filings for our business activities in multiple
jurisdictions</I>&rdquo; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are not permitted to offer
our products and services to customers outside the jurisdictions where we have obtained the required governmental licenses and authorizations.
We enforce this through our client onboarding process, as the Webull licensed broker in each entity reviews the application of each potential
customer to ensure, among other things, that they are a lawful resident in the jurisdiction where the applicable Webull entity is licensed
or otherwise permitted to offer financial services. If, for example, an individual that is not a lawful resident of the United States
or other jurisdictions in which Webull Financial is permitted to offer financial services submits a customer application to Webull Financial,
he or she will not be permitted to open a trading account with Webull Financial. Such an individual would, however, be able to use the
data, information, and community functions of the Webull App.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Advanced market-data and analytical tools</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We empower our customers by
providing easy access to the full range of market data and tools they need to take charge of their investment journey. We provide Real-time
Nasdaq Basic, BMP market data and Short interest data for free globally &mdash; regardless of whether the user has opened or funded an
account with us or whether we offer trading services in the geography in which the user is located. We provide free data analysis tools
to help users make stock trading decisions, mainly including technical charts, alerts tools and customer screeners. We also provide financial
indicator analysis providing company financial data, profitability, valuation and other financial indicators to help users assess company
value and investment risks. In addition, we provide some advanced quotation services, such as Level 2 Advance powered by Nasdaq TotalView,
to our customers on a monthly subscription basis. Our in-depth market data, tools and indicators benefit our users and customers by giving
them easy access to a wealth of market information they may not be able to access elsewhere; this gives us a tremendous built-in advantage
as we continue to expand our products to more markets. We also offer Sage Tracker, a tool that users in the United States and Australia
can access with a monthly subscription that allows users to track the investment strategies of institutional investors and their holdings
in specific symbols, including real-time price data, charts based on public 13D, 13G and 13F filings with the SEC.CSRX.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The large number of technical
indicators we offer to our customers include simple moving averages, exponential moving averages, Bollinger bands, and Keltner channels,
and we are constantly developing and adding additional indicators to our platform that we think will be most helpful to our customers
based on our research and customer feedback. In addition, we provide robust charting tools which empower our customers to create their
own customized and layered charts and comparisons, including popular charting functions such as candlestick charts, Heiken Ashi (i.e.,
average bar) charts, bar charts, and line charts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our tools also make it easy
for our customers to compare securities. We have invested a great deal of effort and thought into making our technical analysis tools
in-depth without sacrificing visual appeal and accessibility. We believe our interface offers some of the most robust and in-depth trading
related tools and technical indicators on the market today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">When customers navigate to
the &ldquo;Markets&rdquo; tab of the Webull platform, they are immediately able to glean market macrostructure insights for the day using
indicators like net inflow to stock indices and advances and decline distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each security has a dedicated
landing page in our apps, and customers can navigate to these landing pages from the search bar, their portfolio, watchlists, or the markets
page if the security is featured or highlighted that day. From these individual landing pages, customers can access our sophisticated
charting tools and technical indicators and analyses to perform their own analysis of the security&rsquo;s performance and inform their
trading decisions. The below screenshots illustrate some of these tools and indicators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_005.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also provide customers
macro insights into individual securities, including analysis of capital flows, support and resistance bands, and short interest. Customers
can make trades directly from a security&rsquo;s individual landing page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull App also provides
a unique, customizable stock screener tool, which allows our customers to use filters to sift through the thousands of tradable stocks
to identify those that meet their search criteria. Using our stock screener tool, customers can screen stocks using common filters such
as market cap, price, P/E ratio, debt to asset ratio, and net margin; more advanced technical indicators such as MACD golden cross, bullish
engulfing patterns, and three white soldiers patterns. We believe our stock screen tool is among the most sophisticated on the market,
and we will continue improving this and other tools to help our customers become more informed investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_006.jpg" ALT=""></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Webull Community</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A core tenet of our platform
is digitally replicating the benefits of the free exchange of ideas among a group of investors, allowing us to confer to our users an
advantage historically reserved for exchange floors, trading desks, brokerages and institutional investment teams. We refer to this philosophy
as &ldquo;learning, sharing, investing&rdquo; which we promote through our social community experience, in which all users may ask questions
and propose investment ideas and strategies among peers. As of December 31, 2024, approximately 57% of our registered users have accessed
at least one of our community rooms and over 2.8 million registered users have contributed to the conversation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_007.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have designed our best-in-class
platform and native app based on the communication habits of this new generation of retail investors, providing our users with a digitally-native
and social experience as members of the online Webull community. Through this community, our users can stay connected, in real time, with
other investors, companies, analysts, and opinion leaders to facilitate learning, sharing, and staying informed. Webull takes investor
education seriously, and we believe that learning to invest is a lifelong journey. We design ourselves and also partner with third parties
to curate investment courses catering to users with different levels of experience, and we encourage our users to complete the courses
by rewarding them with free access to our advanced quotation services. We also provide our users an opportunity to practice what they
learn by participating in simulated trading competitions through which they can win prizes. To facilitate sharing, our mobile app features
a user-driven Q&amp;A platform and community room, where users can exchange investment ideas. To help our users stay informed of the latest
news and price movements, our mobile app enables users to follow certain securities and receive push notifications of major news or significant
price fluctuations. None of these digital engagement measures are intended to encourage retail investors to trade more often, invest in
certain products or change their investment strategies. We also do not use any optimization functions to increase platform revenues or
lead to potential conflicts between us and our customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also leverage the insights
and experience of our users in building community functions on our platform. On each security&rsquo;s individual landing page, we have
built a prediction function where users can indicate whether they are bullish or bearish on that stock. Users can also leave comments
under individual securities with their thoughts about its prospects. To personalize our community features, we leverage our AI and data-analytics
capabilities to highlight aspects of the Webull community that we think our customers would most enjoy.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Customer Engagement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have built our modern,
mobile-first global platform with integrated social and community features that appeal to, and speak the language of, our target customers,
giving us a distinct competitive advantage over legacy operators. Our distinctive platform features have spurred our rapid user growth
globally.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Our Users</I></B>. Registered users begin their relationship with us when they create an account,
which provides free access to our platform. With their free accounts, users may access market data and educational information and participate
in the Webull community. As of December 31, 2024, we had approximately 23.3 million registered users globally.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Our Customers</I></B>. A registered user becomes a customer of one of our licensed brokerage subsidiaries
when they successfully open and fund a brokerage account. As of December 31, 2024, we had approximately 4.7 million funded accounts with
average customer assets of $2,913 per funded account, and our customers on average are 37 years old, with approximately 77% of them self-reporting
prior investing experience.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify"><B><I>Customer Retention</I></B>. Once a customer begins trading on the Webull platform, they tend to
remain on our platform. We achieved an approximately 98% quarterly retention rate in the fourth quarter of 2024. Over time, we have found
that our customers tend to become increasingly proactive in managing their wealth. Our ability to retain and expand customer activity
coupled with our effective customer acquisition efforts results in a powerful unit economic model when extrapolated over decades of wealth
generation and investment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our ambition is to become
the first globally connected, retail-oriented investing platform where investors everywhere can trade financial products listed on all
major global exchanges seamlessly through a single account. Historically, trading platforms that have global footprints are more institutionally
oriented while retail-focused brokerage firms tend to be more regional with ambitions limited to localized financial services offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024, we
had approximately 23.3 million registered users globally and provided our users access to market data from 43 exchanges worldwide. Our
international user base and data platform are important to us for several reasons. First, users in a market where we offer trading services
can apply to open and then fund their accounts, allowing us to create a cohort of customers focused on cross-border investing. Second,
our global user base is instrumental in creating global brand awareness. Finally, our global user base provides us an opportunity to learn
from our users, many of whom actively leverage our market data and content to create more local experiences tailored to specific countries
or regions. We believe that learning from our international users and customers is particularly critical to achieving our goal of becoming
a truly global platform.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Scaling Our Customer Reach</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our innovative business model
and focus on retail investors makes us highly scalable. Further, we believe we will be able to achieve exponential growth by allowing
our existing customers to refer the Webull platform to their friends and family through our Webull Referral Program. As newly-referred
customers begin to interact with our platform, use our analytical tools, try our products and services, and engage with our Webull community,
we anticipate that they in turn will refer and recommend our platform to other new users and customers, which further strengthens our
platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Word-of-mouth marketing is
a major source of our organic growth and driver of our global expansion. We make it easy for our customers to refer their friends and
family to our platform. We believe that the ease-of-use of our platform, the breadth and depth of the learning tools we offer, and our
reliable infrastructure naturally encourage our customers to recommend us to their friends and family.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Webull Referral Program</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Through the Webull Referral
Program, we conduct promotional events throughout the year, during which customers may receive stock or cash awards for making successful
referrals. Each eligible Webull customers can locate their unique referral URL link within the Promotion Center in the Webull App. Existing
customers can invite their friends and family to join Webull by sending them their unique referral link by email, text message or social
media platforms and are entitled to rewards upon successful referrals. The specific terms of what constitutes a successful referral vary
depending on the promotional event, but generally a successful referral occurs when a new user opens and funds a Webull brokerage account
with at least $100 (or its foreign currency equivalent) via an existing customer&rsquo;s unique referral link during the relevant promotional
period. The existing customer can only claim his or her reward after the referral is determined to be successful, by going to the Promotion
Center in the Webull App and clicking the &ldquo;Claim&rdquo; button. Any free stock award not claimed after 30 days is forfeited and
no longer available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For each promotional event
where stock is awarded, we curate a list of companies whose shares may be given away as stock awards based on the terms and conditions
of that event, and customers who make successful referrals are rewarded with stocks randomly selected from this list. The companies that
are selected for the free stock list vary depending on the specific promotional event. &ldquo;Fractional Reward Shares&rdquo; means fractional
shares of any stock that satisfies the following criteria as of the date the Offer Reward is claimed; (i) the issuing company is listed
on the New York Stock Exchange or NASDAQ, (ii) the issuing company has a market capitalization of at least $2 billion, and (iii) the stock
has a share price between $3 and $3,000. The probabilities of the value of free stocks a customer may receive differ depending on the
specific promotional event and are disclosed in the rules of the promotion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expense of free stock
promotions is determined when eligible customers receive their free stock and is based upon the fair value of the stock transferred to
the customer. We record the expense as &ldquo;free stock promotions&rdquo; and classify it within our &ldquo;marketing and branding&rdquo;
expenses in our consolidated statements of comprehensive income (loss). At each reporting period, an estimated accrual for unsettled stock
award is recorded as a liability with corresponding accrued marketing expense. Any changes to the fair value of the stock award from the
accrual to the time the security is transferred to the customer&rsquo;s account at our clearing broker is recorded as marketing expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Both existing (for referring
customers) and new customers (for opening account and making a deposit) can receive free stocks, though the specific reward structure
varies by the promotional event. Existing customers and new customers do not need to provide any consideration other than making the referral
or opening a new account, respectively. There are limits to the amounts a customer can receive for each promotion or event, but there
are no cumulative limits. The number of free stocks a customer is eligible to receive is based on rules of the specific promotional event.
The determination of which stock will be awarded to a particular customer is a random process, with the specific probabilities varying
for each promotional event. We disclose, as part of the terms and conditions of these promotional events, the value range of the stocks
in the free stock list, as well the specific probabilities that a customer will be awarded a stock within a certain value range.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Webull Affiliate Program</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Affiliate Program
also involves working with our vetted affiliate partners in certain jurisdictions where we operate, who use social media to express their
own views and values. Affiliate partners are compensated on a cost-per-action basis. For example, an affiliate partner may be paid for
each new user that uses the affiliate partner&rsquo;s unique link to open and fund a Webull brokerage account. Compensation is made primarily
through cash payment or by transferring stock into the affiliate partner&rsquo;s Webull account. Although we carefully screen and regularly
monitor our affiliate partners, we do not pre-approve all of their statements or content. See &ldquo;<I>Risk Factors &mdash; Risks Relating
to Attracting, Retaining and Engaging Customers &mdash; The Webull Affiliate Program exposes us to regulatory scrutiny while our control
over the participants and the content that they post about us is limited</I>&rdquo; for additional information.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Promotions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also offer regular promotions
through the Webull App to encourage users to apply for and fund their accounts. In addition to the Webull Referral and Affiliate Programs,
we may also offer cash, free stocks or cash incentives to our customers for funding their accounts or transferring their accounts from
other brokers, transferring cash or securities into their Webull account, or other specified actions.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Growth and Scale of Our Customer Base</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our customer base has grown
substantially since our inception. Our registered users reached approximately 16.2 million as of December 31, 2022 and 19.8 million as
of December 31, 2023, and further increased to 23.3 million as of December 31, 2024. Our funded accounts reached approximately 3.7 million
as of December 31, 2022, 4.3 million as of December 31, 2023 and 4.7 million as of December 31, 2024. Our large registered user base of
approximately 23.3 million as of December 31, 2024, represents a highly effective and efficient organic channel for attracting new users
who are likely to convert to customers with funded accounts. As we further expand globally, we expect our customer base will continue
to grow in a sustainable and healthy manner.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Dedicated Customer Service</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We realize investing can be
confusing. Our platform&rsquo;s success depends on our ability to provide efficient and personalized service throughout each customer&rsquo;s
individual investment journey. Despite our best efforts to demystify jargon and create an intuitive experience, we understand that our
customers may nevertheless have questions. We have a dedicated global customer service function with team members available 24/7, and
have additionally embedded chatbots and other automated features. Customers are guided through the customer service function depending
on how they choose to engage with our platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also regularly engage with
our users and customers through our Webull community and on social media to seek their feedback on our products and services, and aim
to make improvements in a timely fashion.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Data Collection and Protection</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to collect
certain information from each of our customers, including personally identifiable information. The specific information that we collect
differs by jurisdiction, but generally includes identity data, such as full name, date of birth, and nationality identification number;
contact data, such as email address, phone number, and mailing address; financial data, such as bank account and payment card details,
personal income, and other suitability information; and profile data, such as username and password, purchases or orders, preference feedback
and survey responses. We also collect information about our users in the process of providing services to them, such as geolocation data,
which is used by our fraud prevention teams to protect customers from account takeovers, and data about user activity on the Webull platform.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The data that we collect is
used primarily to carry out customer onboarding, including identity verification, credit or anti-money laundering checks, and other due
diligence efforts, and to provide personalized services to and communicate with our customers. We do not sell customer information to
third-party service providers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Customer information is generally
stored on servers located in the jurisdiction of the licensed entity providing the services. For example, all customer information for
customers of Webull Financial is stored on servers in the United States. We have established stringent procedures to ensure that access
to customer personal information from outside of the jurisdiction in which it is stored is restricted, temporary, and on a need-to-know
basis. We use reasonable, industry standard security measures to protect information under our control from loss, misuse, and unauthorized
access, disclosure, alteration, or destruction. We maintain appropriate physical, electronic and procedural safeguards, including restricting
access to personal information on a need-to-know basis, and limiting the amount and type of information available for downloading or transmittal.
We also regularly conduct audits to ensure the effectiveness of our system. However, no security system is impenetrable. See &ldquo;<I>Risk
Factors &mdash; Risks Relating to Cybersecurity, Data Privacy, and Intellectual Property &mdash; Failure to protect customer data and
privacy or to prevent security breaches relating to our platform could result in economic loss, damage our reputation, deter customers
from using our products and services, and expose us to legal penalties and liability</I>&rdquo; for additional information.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Integrated Technology and Infrastructure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our technology gives us a
significant competitive advantage. We have developed a powerful, integrated suite of data-driven technological systems, applications,
and development resources that differentiate us in the market and enable us to manage our solutions, conduct our activities, and operate
efficiently. These technological systems are foundational to our company, and our innovation and development teams constantly leverage
our agile software development methods to develop new products, services and technological applications that engage and serve our customers
throughout their financial journeys and enable our staff to perform their jobs more efficiently.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sleek, Convenient, and User-Friendly Technological
Products</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our technology and infrastructure
are centered around meeting customer needs. We emphasize building products that are sleek, easy-to-use, and convenient, without sacrificing
depth, functionality, and security. We believe our target customer base of young retail investors has moved past the PC age and feels
they are underserved and underappreciated by the legacy operators that have long dominated the financial services industry. Mobile-first,
app-based investing is what our customers expect, and we believe our platform is poised to capture an ever-greater market share as more
young retail investors enter the market. We are focused on building a truly comprehensive app-based platform that can serve retail investors
in every step of the process &mdash; from opening and funding an account, to using our research, analysis, and trading tools, to engaging
with our Webull community and education features. We believe that these innovations will drive customer engagement and satisfaction, which
encourages more word-of-mouth referrals and in turn allows us to serve even more customers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To ensure that we remain the
most user-friendly platform on the market, we are dedicated to constantly upgrading and refreshing our various apps. We aim to grow with
our customers, whose investment horizons span decades as they continue along their individual investing journeys.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Multi-Platform Interoperability</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have designed the customer-facing
interfaces of the Webull mobile, tablet, desktop, and web apps, to be sleek and user-friendly while at the same time remaining professional
and substantive. Our customers can trade securities, browse company and market information, make use of our industry-leading technical
indicators, and participate in our robust Webull community using any device, all of which are connected to the same customer account and
offer full interoperability. Our focus on refining and perfecting our products has garnered us critical acclaim, and the Webull App has
been downloaded over 50 million times cumulatively with a 4.7 score in the U.S. iOS App Store as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Desktop (available for Windows,
Mac OS, and Linux operating systems) and web versions of the Webull App (accessed directly in-browser) include all of the functions of
our Webull mobile app with additional functions, such as the ability to use widgets to create customized interfaces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_008.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Robust, Scalable Infrastructure</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have refined our infrastructure
with a goal of streamlining certain aspects of the customer experience to differentiate ourselves from traditional players. For example,
we make the task of opening a brokerage account &mdash; historically a time-consuming and paper-intensive process &mdash; seamless and
easy. We believe the ease with which customers can open accounts is a significant driver of our customer base growth. We have robust systems
in place to ensure that we can handle mass numbers of account openings and have put specialized teams in place to more closely review
applications in case of red flags.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our platform is designed to
be seamlessly deployed and operated across markets around the globe, and we have localized servers in each geography where we serve customers
to ensure that our customers have the fastest and safest experience. Our modularized service system, in which customers are grouped on
the IT back-end into smaller units which we call &ldquo;containers,&rdquo; allows us to provide a complete set of services to customers
within each container. This allows us to extend and scale our customer services into multiple containers and ensures that even if one
data center within the domain of a container experiences downtime, we can continue to serve customers on our platform seamlessly. Our
robust IT infrastructure also allows us to quickly and efficiently open new accounts for customers in multiple markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We strive to ensure our platform&rsquo;s
stable performance during heightened episodes of market and systematic volatility. In January 2021, the scalability driven by our cloud-based
platform and our container infrastructure allowed us to, in a single day, register more than 620,000 users, open more than 240,000 accounts,
and process more than 2.6 million trades. Further, despite the extreme market volatility in 2021, our system remained available over 99.9%
of the time.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Risk Management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our risk management infrastructure
combines proprietary technology developed with legal, regulatory and compliance expertise. Because these functions are critical to our
ability to function and expand, we have made substantial investment in our risk management infrastructure.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Technology-Assisted Account Opening</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have robust systems in
place that can handle mass numbers of account openings and have teams of specialists to handle applications that require a closer review.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Financial LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective customers of our
registered U.S. broker-dealer can submit an account opening application directly on the Webull platform. To do so, they provide certain
personal information, including name, date of birth, address, employment history, financial condition, and other information. We perform
a series of identity verification checks by integrating with third-party vendors to ensure the authenticity of the applicant and the applicant&rsquo;s
government issued identification document, if applicable. Next, the identity is cross-checked against various government lists to ensure
that the applicant is not subject to sanctions or other restrictions. The online application process can typically be completed in less
than five minutes. The firm&rsquo;s system identifies applications requiring manual review (for example, if the date of birth provided
by the customer does not match the identification document), which is carried out by the firm&rsquo;s experienced new accounts and/or
anti-money laundering, or AML, compliance team. Once a prospective customer completes an account opening application, our automated risk
management system proceeds to verify their identity and application information. If no red flags are detected, we approve the new account.
Customers are notified when their accounts are approved and, after we verify the authenticity of their bank accounts, they can deposit
funds into their account and begin trading immediately.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We implement comprehensive
know your customer, or KYC, and AML procedures before accounts are approved. Before a customer account is opened, we conduct due diligence
investigations and verify customer information through automated and manual review of both document and non-document verification methods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our KYC process integrates
comprehensive AML measures in accordance with United States regulations. We require each prospective customer to go through Webull&rsquo;s
AML and customer identification program (CIP), and our Webull customer interface has embedded automation technology to electronically
verify customer identity and perform AML checks through third party APIs and databases. Currently, we have integrated our apps with third-party
identity providers to assist on our CIP validation and AML checks. Only once a prospective customer&rsquo;s application passes Webull&rsquo;s
CIP and AML checks will we open their account. To further reduce the risk that the Webull platform is utilized for illicit purposes, such
as money laundering, we never directly accept cash from our customers or permit third-party deposits or withdrawals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To protect our customers,
we have instituted a supplemental application and review process for customers who wish to engage in options trading. A customer seeking
to trade options may submit a supplemental application, which we review to determine whether to approve an account for options trading
based on the customer&rsquo;s investor profile.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Securities (Canada)
Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective customers of our
registered Canadian broker-dealer can submit an account opening application directly on the Webull platform. To do so, they must provide
proof of identity, such as their social insurance number, passport number, or driver&rsquo;s license number, as well as employment history,
financial details, and other information. We use third-party vendors to crosscheck a prospective customer&rsquo;s name, social insurance
number and residential address. Once a prospective customer completes an account opening application, our automated risk management system
verifies their identity and application information. We also implement comprehensive KYC and AML procedures before accounts are approved,
in accordance with Canadian regulations. We use automated technology to electronically verify customer identity and perform AML and KYC
checks through third-party APIs and databases. If no red flags are detected, we approve the new account and forward the information to
our carrying broker for the books and records recording. Customers are notified when their accounts are approved and, after we verify
the authenticity of their bank accounts, the customer can deposit funds and begin trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Account approval for our customers
in the Canada generally takes about five minutes, unless additional verification or enhanced customer due diligence, or ECDD, is required.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Securities HK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All customer account openings
in Hong Kong are carried out online through the Webull Platform. The prospective customer must first provide certain required information,
such as their full legal name, date of birth, residential address, employment information, source of wealth and income. The applicant
is then required to upload a copy of their current identification document, such as a Hong Kong identity card or a non-Hong Kong passport,
while in the background the applicant&rsquo;s data is passed to LSEG World-Check for name screening checks within its AML, sanctions,
politically exposed persons, adverse media and regulatory databases. The Platform then requires the applicant to transfer an initial deposit
of not less than HK$10,000 from a bank account in the applicant&rsquo;s name maintained with a licensed bank in Hong Kong to Webull Securities
HK&rsquo;s bank account to verify the applicant&rsquo;s identity. We also carry out ECDD for customers identified as being high-risk by
our automated processes, for which our client services team works closely with the compliance team in deciding whether to open the account.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Securities (Singapore)
Pte. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All customer account openings
in Singapore are conducted online through the Webull Platform. In Singapore, customer identity verification is completed either online
using Singpass or manually. Singapore citizens, Singapore permanent residents, and valid work pass holders can complete the account opening
via Singpass, a Singapore government initiative that stores verified personal data on users collected from different public agencies.
Customers that do not have Singpass profiles can open accounts by filling in their information manually through the Webull App and submitting
a copy of their identification document to be verified by third-party eKYC provider Jumio. Jumio also provides the technology to perform
a &ldquo;liveliness&rdquo; check, in which they verify the customer&rsquo;s face against the identification document submitted to reduce
the risk of non-face-to-face onboarding and impersonation. We also carry out ECDD for customers identified as being high-risk by our automated
processes, for which our compliance team must make a recommendation to open the account and a member of senior management must approve
that recommendation. We also conduct name screening on all customers via Refinitiv WorldCheck to ensure that no sanctioned persons are
onboarded and that ECDD is applied to all identified high-risk customers, such as politically exposed persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The online application process
generally takes less than ten minutes to complete, unless additional verification or ECDD is required.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customer of Webull Securities (Australia)
Pty. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All customer account openings
in Australia are carried out online through the Webull Platform. The prospective customer must first provide certain required information
for KYC purposes, such as their full legal name, residential address, employment information, source of wealth and income. They are then
required take a photo of their current identification document as well as a selfie, and we use the software of a third-party vendor to
verify their identity using biometrical facial techniques. At the same time, the applicant&rsquo;s data is passed to Refinitiv who then
undertakes name screening checks within its databases of AML, sanctions lists, politically exposed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">persons, adverse media and
regulatory items. We also carry out ECDD for customers identified as being high-risk by our automated processes, for which our compliance
team must make a recommendation to open the account and a member of senior management must approve that recommendation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The online application process
generally takes less than ten minutes to complete, unless additional verification or ECDD is required.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Securities (Japan)
Co. Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All individual customer account
openings in Japan are conducted online through the Webull platform and third-party eKYC vendors. During the account opening process, all
potential customers provide their information through the Webull platform and submit a copy of their identification document to be verified
by our third-party eKYC providers and our employees. We use the technology of our eKYC vendors to perform a &ldquo;liveliness&rdquo; check,
where we verify the customer&rsquo;s face from multiple angles against the identification document submitted, to reduce the risk of non-face-to-face
onboarding and impersonation meet Japanese regulatory requirements. In addition, customers identified as high-risk based on our internal
policy will be required to provide answers to several ECDD questions, and our compliance team will make an assessment on whether to open
accounts for them. We also conduct name screening on all customers via Refinitiv WorldCheck to ensure that no sanctioned person is onboarded,
and we apply ECDD to identified high-risk customers, such as politically exposed persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The online application process
generally takes less than ten minutes to complete, unless additional verification or ECDD is required.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Customers of Webull Securities (UK)
Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective customers of our
U.K. brokerage may apply for an account electronically via the Webull platform. In accordance with the U.K. Money Laundering and Terrorist
Financing (Amendment) Regulations 2019 (MLR 2019), a risk-based approach designed to detect and address the risks of money laundering
and terrorist financing has been implemented. The account opening and KYC procedures form an integral part of this process in which personal
information is provided by the applicant to facilitate electronic identity verification and to ensure comprehensive due diligence checks
are completed prior to account opening. This includes full name, date of birth, address, employment, and financial condition. We use a
third-party vendor, which uses comprehensive data sources to electronically verify the identity of applicants, and where a match cannot
be obtained, proof of identity and proof of address documentation are obtained from the applicant and the account is manually reviewed.
We also carry out ECDD for customers identified as high-risk by our automated processes, for which our compliance team must make a recommendation
to open the account and a member of senior management must approve that recommendation. We also conduct name screening on all customers
via Refinitiv WorldCheck to ensure that no sanctioned person is onboarded and that ECDD is applied to all identified high-risk customers,
such as politically exposed persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To mitigate impersonation
fraud risk, we implement bank account name match controls, which reject payments from accounts that are not from a U.K. regulated credit
institution in the sole or joint name of the customer. Once a customer has reached a deposit threshold of GBP2,500, the customer must
provide a capture of an identification document and selfie, which we pass through our third-party vendor&rsquo;s document validation,
face match and passive likeness process. Where this is failed, the account is restricted and escalated for manual review.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Account approval for our customers
in the U.K. generally takes about ten minutes, unless additional verification or ECDD is required.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Margin Financing Risks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have implemented a real-time
and largely automated margin call system to ensure that our customers meet their margin requirements and to continuously monitor and control
the risks involved in our margin financing services business. We allow margin customers a certain threshold basic credit ratio or a limit
equivalent to the customer&rsquo;s equity with loan, whichever is higher. Customers may apply for higher credit limits by submitting additional
financial information, including bank statements, title proof to real property, or bank reference letters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Financial, our
system is designed to ensure that customers&rsquo; trading activities are compliant with Regulation T, Apex Clearing&rsquo;s margin trading
rules, and our own margin trading rules. In general, we institute margin calls if a margin customer&rsquo;s account margin ratio falls
below certain thresholds established by Apex Clearing and us. At the end of each trading day, Apex Clearing sends us a list of customers
whose balances have fallen below Apex Clearing&rsquo;s requirements, which are set in accordance with Regulation T. We then issue margin
calls to those customers. Additionally, we also monitor customer balances on an intra-day basis. By our rules, customers whose equity
percentage falls below 25% will receive an alert that asks them to deposit more funds or sell securities to bring their equity percentage
above 25%. Once a margin call is initiated, it must be met by the due date or on demand, and no new positions are allowed if a customer
has an outstanding margin call. If the customer is unable to satisfy the margin call requirement within certain time limits, our risk
control team may liquidate their securities positions to ensure margin compliance. Our platform also enables our customers to monitor
the value of their collateral in real-time during the trade period and we forward Apex Clearing&rsquo;s automated warning messages when
they approach their margin limits, allowing them to proactively manage their margin positions. We also take into account the risk of options
exercising when determining whether to issue margin calls or make forced liquidations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Securities (Canada)
Limited, our system is designed to ensure that customers&rsquo; trading activities are compliant with CIRO regulations, CIIS minimum margin
trading rules, and our own margin trading rules. In general, we institute margin calls if the margin ratio in a customer&rsquo;s account
falls below certain thresholds established by our risk management system, which also monitors accounts intra-day for credit risk using
real-time market data including instantaneous allocation of trades. At the beginning of each trading day, we create a list of customers
whose balances have fallen below established thresholds, which are set at or above CIRO&rsquo;s minimum margin expectations, and we issue
margin calls to those customers. Customers whose equity percentage falls below 25% will receive a warning that asks them to deposit more
funds or sell securities to bring their equity percentage above 25%. Once a margin call is initiated, it must be met by the due date or
on demand, and no new positions are allowed if a customer has an outstanding margin call. If the customer is unable to satisfy the margin
call requirement within certain time limits, our risk control team may liquidate their securities positions to ensure margin compliance.
Our platform also enables our customers to monitor the value of their collateral in real-time during the trade period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Securities HK,
margin ratios are set for each stock symbol based on internal risk assessments in accordance with internal procedures and the relevant
guidelines and Financial Resources Rules from the HK SFC, with 80% of the relevant margin requirement set as the maintenance margin level.
Our system will send a margin reminder notice to the client when the relevant account&rsquo;s Net Asset Value, or NAV reaches 90% of the
margin requirement level, and, when the NAV drops below 80% of the margin requirement level, a force-liquidation notice will be sent,
followed by a force-liquidation. Our dealing team performs real-time monitoring and action during trading hours, and our risk control
team performs pre-market and post-market follow-up actions accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Securities (Singapore)
Pte. Ltd., margin ratios are set for each security in accordance with our internal risk assessment and the relevant guidelines of the
MAS, with 140% of the relevant margin as the initial margin, and 130% of the relevant margin requirement as the maintenance margin level.
Our clients&rsquo; positions are monitored by the platform, and margin requirements are calculated on a real-time basis. A margin notice
will be sent immediately when the NAV of a client&rsquo;s account falls below the maintenance margin level, and a forced liquidation may
be enforced when the NAV remains short of the initial margin upon the expiration of the margin notice or an unfavorable market movement
during the notice period that causes drastic changes to the client&rsquo;s positions. Our dealing team performs real-time monitoring and
action during trading hours, and our risk control team performs pre-market and post-market follow-up actions accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Securities (Australia)
Pty. Ltd., margin ratios are set for each security in accordance with internal procedures, with the lowest initial margin ratio being
50%. Ad-hoc reviews may be conducted from time to time to ensure the margin ratios of any security are commensurate with the risks. Such
reviews are normally triggered by adverse news, market volatility and changes in margin ratios by the peers. All margin accounts are monitored
on a real-time basis based on the latest share prices. We will send out margin notices to the clients and require them to regularize their
account whenever the account&rsquo;s NAV falls below the maintenance margin level. If the client fails to regularize their account after
the expiration of the margin notice or the account&rsquo;s NAV falls below the force liquidation level, we may enforce liquidation of
the account without prior notice.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Data and Cybersecurity Risks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain a dedicated team
of data security personnel to constantly monitor and evaluate our security system&rsquo;s performance, and we have systematically deployed
rigorous measures and controls to protect our system and customers against breaches, fraud, identity theft, and other cybersecurity attacks
and threats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the front end, we utilize
industry-standard security measures, such as two-factor authentication, to verify customer identity before they can access their accounts.
On the back end, we maintain stringent internal policies and practices to safeguard each customer&rsquo;s non-public information such
as their names, addresses, social security numbers, and bank account details. All customer non-public information is encrypted in multiple
layers using the highest standard of security (the AES 256-bit standard), which. protects our customers&rsquo; personal information from
hackers, even in the event of a breach or cybersecurity attack. Further, the back office applications used to access and process customer
information is separate and distinct for each local brokerage globally, so that if there were a breach or cybersecurity attack, the effects
would be isolated to that local brokerage. We also abide by all best practices relating to information security, including those promulgated
by our third-party service providers such as AWS and Google Cloud. We regularly perform internal tests and generate security reports to
ensure that our data protection systems are as up-to-date and secure as possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to numerous
data privacy rules, including U.S. federal, state, and local and international laws, as well as industry standards and regulations, and
contractual obligations relating to data privacy and the collection, protection, use, retention, security, disclosure, transfer, and general
processing of personal and other data. We make every effort to safeguard the data entrusted to us in accordance with applicable laws and
our data protection policies, including taking steps to reduce the potential for the improper use or disclosure of personal data, and
continue to monitor regulations related to data privacy on both a domestic and international level to assess requirements and impacts
on our business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain and segregate
all customer data in local servers, and personally identifiable information, or PII, of our customers is not transmitted to or stored
on servers outside of the jurisdiction in which the customer&rsquo;s account is registered, except in compliance with applicable laws
and our stringent data protection policies. For example, all of the PII of the customers of Webull Financial, our U.S. broker-dealer,
is stored in servers located in the United States and cannot be transmitted outside of the United States or accessed by our non-U.S. employees
without permission and oversight from the U.S. team. This helps us minimize the risk of data leakage and ensures we remain in compliance
with applicable data-related regulations.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Licenses and Applicable Jurisdictions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently conduct our licensed
brokerage business mainly in the United States, Canada, Hong Kong, Singapore, Australia, Japan, Malaysia, Thailand, and the United Kingdom.
We have also obtained and maintain broker-dealer licenses, approvals and/or registrations in Indonesia, South Africa and the Netherlands,
and may obtain broker-dealer licenses, approvals and/or registrations from authorities of additional jurisdictions. We are and will continue
to be subject to the applicable regulatory requirements of the jurisdictions in which we maintain broker-dealer licenses, approvals and/or
registrations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial is registered
as a broker-dealer with the United States Securities and Exchange Commission and is a member in good standing of FINRA, authorized to
conduct business as an introducing broker in compliance with the SEC, CFTC, NFA and FINRA rules. Webull Financial is a member of SIPC,
which protects the securities customers of its members for up to $500,000 ($250,000 of cash). See &ldquo;<I>&mdash; Regulations &mdash;
U.S. Regulatory Overview</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiary, Webull Securities
(Canada) Limited, is regulated by the Canadian Investment Regulatory Organization (CIRO) as an Order Execution Only Dealer member to engage
in securities equity trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities HK is required
to obtain licenses to conduct its business in Hong Kong pursuant to the licensing requirements of the HK SFC. Webull Securities HK currently
holds a Type 1 License for dealing in securities, a Type 2 License for dealing in futures contracts, and a Type 4 License for advising
on securities. These licenses have no expiry date and will remain valid unless suspended, revoked or cancelled by the SFC. We pay standard
governmental annual fees to the HK SFC and are subject to continued regulatory obligations and requirements. See &ldquo;<I>&mdash; Regulations
&mdash; Hong Kong Regulatory Overview</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Singapore)
Ptd. Ltd. holds a Capital Markets Services License granted by the Monetary Authority of Singapore, which enables Webull Securities (Singapore)
Pte. Ltd. to conduct dealing in capital markets products that are securities, exchange-traded derivatives contracts and collective investment
schemes, to provide product financing and to provide custodial services. See &ldquo;<I>&mdash; Regulations &mdash; Singapore Regulatory
Overview</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Australia)
Pty. Ltd. holds an Australian Financial Services License granted by the Australian Securities &amp; Investments Commission, which enables
Webull Securities (Australia) Pty. Ltd. to provide financial services in securities, derivatives, deposit products, interests in managed
investment schemes and standard margin lending facilities. Webull Securities (Australia) Pty, Ltd. is also a trading participant of the
Australian Securities Exchange (ASX) and Cboe Australia Pty Ltd (Cboe Australia). See &ldquo;&mdash; Regulations &mdash; Australia Regulatory
Overview.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Japan)
Co. Ltd. is registered with the Kanto Financial Bureau of the Ministry of Finance in Japan as a Type 1 and 2 financial instruments business
operator, which enables Webull Securities (Japan) Co. Ltd. to engage in sales and trading of securities and derivatives, investments in
funds, and investment management businesses. See &ldquo;<I>&mdash; Regulations &mdash; Japan Regulatory Overview</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (UK) Ltd.
is registered with the Financial Conduct Authority as an investment firm, which enables Webull Securities (UK) Ltd. to arrange (bring
about) deals in investments, hold client money, arrange safeguarding and administration of assets, deal in investments as agent, and make
arrangements with a view to transactions in investments. These permissions relate to clients classified as Retail and Professional. See
&ldquo;<I>&mdash; Regulations &mdash; UK Regulatory Overview</I>.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Competition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global market for online
brokerage services is rapidly evolving and highly competitive. Our primary competitors, both in the United States and other parts of the
world, include other digital brokerage companies, such as Robinhood, as well as more traditional and hybrid brokerage companies such as
Fidelity, Charles Schwab and E-Trade. As we gradually transition to a full-service investment platform, we may be subject to additional
competition from other players in the investment management sector.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe the principal competitive
factors in our market include (i) product innovations, (ii) customer services, (iii) technology capabilities and infrastructure, (iv)
brand appeal and (v) compliance and risk management capabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we are well-positioned
to effectively compete on the factors listed above. However, some of our current or future competitors may have greater financial, technical
or marketing resources than we do. See &ldquo;<I>Risk Factors &mdash; Risks Relating to our Business &mdash; We face intense competition,
and we may not compete effectively</I>.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intellectual Property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We highly value our intellectual
property, which is fundamental to our success and competitiveness. We rely on a combination of copyright and trademark law, trade secret
protection and confidentiality agreements with employees to protect our intellectual property rights. As of December 31, 2024, we have
registered 17 patents, 104 trademarks and 102 software copyrights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the employment agreements
we enter into with our employees, they acknowledge that the intellectual property developed by them in connection with their employment
with us, including our in-house developed technology and know-how, are our property.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insurance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We currently carry limited
insurance in connection with our brokerage business. However, we do not carry business interruption insurance to compensate for losses
that could occur to the extent not required. We also do not maintain cybersecurity insurance, general product liability insurance or key-man
insurance, and only maintain limited general property insurance.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Regulations</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. federal and state laws
and regulations, including federal and state securities laws and regulations, apply to the brokerage and investment advisory businesses
of our relevant U.S. subsidiaries, Additionally, the rules of various exchanges and self-regulatory organizations (SROs), of which certain
of our U.S. subsidiaries are members or through which they conduct their business, are also applicable to the brokerage and investment
advisory businesses of our U.S. subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The businesses that our U.S.
subsidiaries conduct are limited by our arrangements with and our oversight by regulators and by relevant exchanges and SROs. Participation
in new business lines, including trading of new products, participation on new exchanges, or engaging in business activities in new jurisdictions
may require the applicable subsidiary to obtain licenses or other approvals from regulators, exchanges, and/or SROs. Obtaining such licenses
or approvals may require the applicable subsidiary to expend significant time and resources and, as a result, may preclude our subsidiaries
in the United States from expanding their business activities.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Regulated U.S. Entities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial LLC, or Webull
Financial, is a broker-dealer and government securities broker registered with the SEC. Webull Financial has authority to conduct the
following types of business:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>broker retailing corporate equity securities over-the-counter;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>broker selling corporate debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>underwriter or selling group participant (corporate securities other than mutual funds);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD>mutual fund retailer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD>U.S. government securities broker;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD>put and call (options) broker;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD>non-exchange member arranging for transactions in listed securities by exchange member;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD>trading securities for own account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD>trading international securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD>clearing transactions through an omnibus account maintained at another broker dealer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, Webull Financial
is registered with the Commodity Futures Trading Commission (&ldquo;CFTC&rdquo;) as a Futures Commission Merchant, and is a member of
the National Futures Association (&ldquo;NFA&rdquo;), an SRO that regulates CFTC registrants.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Advisors LLC, or Webull
Advisors, is an investment adviser registered with the SEC. Webull Advisors provides investment advice through a robo-adviser program
accessible through the Webull website and mobile application.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Main Regulatory Bodies and Self-Regulatory
Organizations</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Financial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial is registered
as a broker-dealer with the SEC, in all 50 states and 3 territories, and is a member of six SROs, including FINRA, which are subject to
SEC oversight. Consequently, Webull Financial and its personnel are subject to federal and state securities laws and regulations, including
the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) and the rules and regulations promulgated thereunder, FINRA rules,
and the rules and requirements of various exchanges of which it is a member.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The legal and regulatory requirements
applicable to Webull Financial govern, various aspects of Webull Financial&rsquo;s business, its sales and trading practices, recordkeeping,
anti-money laundering program, use and safekeeping of customers&rsquo; funds and securities, financial and other reporting, supervision,
misuse of material non-public information, cybersecurity, privacy, risk management, and the conduct and qualifications of directors, officers
and employees. As an SEC-registered broker-dealer, Webull Financial is also subject to customer protection and capital requirements, which
include, without limitation, the requirement to maintain a specified minimum net capital. SEC and FINRA rules also require Webull Financial
to limit to the ratio of subordinated debt to equity in its capital composition, and constrain Webull Financial&rsquo;s ability to expand
its business or distribute capital under certain circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial is also registered
with the CFTC as a futures commission merchant (an &ldquo;FCM&rdquo;), and is a member of the NFA. FCMs are subject to extensive requirements
under the Commodity Exchange Act and the rules and regulations promulgated thereunder, as well as rules promulgated by the NFA, including
requirements relating to sales practices, regulatory capital, anti-money laundering, financial reporting, supervision and recordkeeping.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Advisors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Advisors is registered
as an investment adviser with the SEC under the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;). Webull Advisors and
its personnel are subject to federal and state securities laws and regulations, including the Advisers Act and the rules and regulations
promulgated thereunder. The legal and regulatory requirements applicable to Webull Advisors govern various aspects of its business, including,
without limitation, discharge of the fiduciary duty that Webull Advisors owes to its clients, anti-fraud restrictions, disclosures to
clients regarding its business, custody of client assets, recordkeeping, and marketing activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any violation by Webull Financial
or Webull Advisors of any applicable laws, regulations, or rules governing its business could result in administrative or court proceedings,
censures, fines, penalties, disgorgement of profits, suspension or expulsion from a certain jurisdiction, SRO or market, the revocation
or limitation of licenses, the issuance of cease-and-desist orders or injunctions or the suspension or disqualification of the entity
and/or its officers, employees or other associated persons.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Important Regulatory Considerations for
U.S. Regulated Entities</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net Capital Rule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC, FINRA, CFTC, and
various other U.S. regulatory agencies have strict rules and regulations regarding the maintenance of specific levels of net capital by
regulated entities. Generally, a broker-dealer&rsquo;s capital is its net worth plus qualified subordinated debt less deductions for certain
types of assets. The Net Capital Rule requires that at least a minimum part of a broker-dealer&rsquo;s assets be maintained in a relatively
liquid form. SEC and FINRA rules also require notification when a broker-dealer&rsquo;s net capital falls below certain predefined thresholds,
limits to the ratio of subordinated debt to equity in a broker-dealer&rsquo;s regulatory capital composition and constraints in the ability
of a broker-dealer to expand its business or distribute capital under certain circumstances. If a broker-dealer fails to maintain required
net capital, it may be subject to suspension or revocation of registration by the applicable regulatory agency. Suspension or expulsion
by such regulators could result in the broker-dealer&rsquo;s liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial is subject
to net capital requirements, including the Net Capital Rule (Rule 15c3-1) under the Exchange Act. As of the date of this prospectus, Webull
Financial is in compliance with all applicable regulatory capital requirements.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Supervision and Compliance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of Webull Financial and
Webull Advisors seeks to operate its business in accordance with applicable laws and regulatory requirements by employing automated compliance
systems to minimize manual steps in the compliance process, and supplement such systems with reviews by experienced employees who apply
judgment where needed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial&rsquo;s automated
systems address compliance matters which include, without limitation, trade and audit trail reporting, financial operations reporting,
enforcement of short sale rules, margin rules and pattern day trading restrictions, review of employee activities and correspondence,
archival of required records, approval and documentation of new customer accounts, surveillance of customer trading for market manipulation
or abuse or violations of exchange rules, and AML and anti-fraud surveillance. Webull Advisors&rsquo; automated systems address compliance
matters which include, without limitation, review of employee activities and correspondence, archival of required records, approval and
documentation of new customer accounts, and AML and anti-fraud surveillance. Each of Webull Financial and Webull Advisors continues to
invest in its compliance program and compliance staffing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Financial has a chief
compliance officer who reports to its chief executive officer. Webull Financial&rsquo;s chief executive officer, chief compliance officer,
and certain other senior employees are FINRA registered principals with supervisory responsibility over the compliance aspects of its
business. All employees of Webull Financial or any of its affiliates that are registered with FINRA are subject to continuing education
requirements every three years. Webull Advisors has a chief executive officer who oversees its compliance program and reports to its chief
executive officer.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AML and &ldquo;Know Your Customer&rdquo;
Requirements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bank Secrecy Act, or the
BSA, which has been amended to include certain provisions of the USA Patriot Act, imposes rigorous requirements on financial services
firms, including requiring firms to collect certain information regarding its customers and to monitor customer transactions for suspicious
activities. The SEC, CFTC, and various exchanges and SROs may also impose similar anti-money laundering (&ldquo;AML&rdquo;) and customer
due diligence rules that comport with the BSA. Violations of the BSA, USA Patriot Act, and/or governmental and SRO AML rules can result
in significant criminal, civil, and regulatory penalties, including substantial fines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with such requirements,
Webull Financial has established comprehensive AML and customer identification procedures. Webull Financial has a designated AML Compliance
Officer, and employs a mix of automated and manual reviews for AML screening. Webull Financial collects required information via its new
account opening process and screens accounts against databases for the purposes of identity verification and for review of potential negative
information and appearance on government lists, including the Office of Foreign Assets and Control, Specially Designated Nationals and
Blocked Persons lists and several other global or non-U.S. sanction lists. Webull Financial also implements restrictions to prevent certain
types of high-risk activity, including potentially manipulative patterns of trading or higher risk patterns of money movement, and generate
and review surveillance reports to identify potential money laundering, market manipulation or abuse, fraud and other suspicious activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Dodd-Frank Wall Street Reform and Consumer
Protection Act</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Dodd-Frank Wall Street
Reform and Consumer Protection Act imposes stringent reporting and disclosure requirements on the financial services industry. Each of
Webull Financial and Webull Advisors conducts regular supervisory reviews of its internal controls, including financial reporting, and
management monitors developments with respect to accounting and regulatory rulemaking for potential impacts to such reporting and internal
controls.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Business Continuity Planning</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Federal regulations and SRO
rules require brokerage firms to maintain business continuity plans that describe what actions such firms will take in the event of a
disaster (e.g., a fire, natural disaster or terrorist incident) that could significantly disrupt operations. Webull Financial has developed
business continuity plans that explain the actions that our firm will take in the event of a significant business disruption. In the event
of a significant business disruption (internal or external), we seek to continue to take, enter, and execute orders, using means of communication
that are available to us, and utilize the means closest in speed and form (written or oral) to the means that we have previously used
to communicate with our customers. We have backup capabilities for key operations that will be utilized in the event of a significant
system outage at our main organization. In addition, we have built redundancy with respect to some systems so that certain operations
can be handled remotely. Furthermore, in response to the COVID-19 pandemic, we enhanced our technical infrastructure and remote access
capabilities to enable most employees, including all with critical job functions, to work remotely. We regularly evaluate opportunities
to advance our business continuity plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>U.S. Privacy and Consumer Information Security</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of Webull Financial and
Webull Advisors, in the ordinary course of its business, accesses, collects, stores, uses, transmits and otherwise processes certain types
of data, including personal information, personal data, and personally identifiable information (collectively, &ldquo;PII&rdquo;), which
subjects it to certain federal and state privacy and information security laws, rules, industry standards and regulations designed to
regulate, secure and protect PII and mitigate identity theft. These laws impose obligations with respect to the collection, processing,
storage, disposal, use, transfer, retention and disclosure of PII, and, with limited exceptions, give consumers the right to prevent use
of their PII and disclosure of it to third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Gramm &mdash; Leach &mdash;
Bliley Act, or the GLBA, specifically regulates the privacy, security, and disclosure of PII that constitutes nonpublic personal information
that a financial firm collects about individuals, including potentially it&rsquo;s clients and investors, in connection with the provision
of financial products or services. Each of Webull Financial and Webull Advisors is required to disclose its information sharing practices
to these individuals, and to abide by their decision to opt-out of certain sharing their PII in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each of Webull Financial and
Webull Advisors is subject to SEC Regulation S-P, which requires that they maintain policies and procedures addressing the protection
of customer information and records. This includes protecting against any anticipated threats or hazards to the security or integrity
of customer records and information and against unauthorized access to or use of customer records or information. Regulation S-P also
requires each of Webull Financial and Webull Advisors to provide initial and annual privacy notices to customers describing information
sharing policies and informing customers of their rights. Regulation S-AM limits the sharing of PII with business affiliates for marketing
purposes, and Regulation S-ID requires SEC registered broker-dealers to develop and implement a written identity theft prevention program
that is designed to detect, prevent and mitigate identity theft.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the absence of a comprehensive
national data protection law in the U.S., state legislatures are rapidly adopting privacy and cybersecurity laws to protect the PII of
state residents. The California Consumer Privacy Act, or the CCPA, which took effect on January 1, 2020, imposes civil penalties for violations,
and confers a private right of action on consumers for damages arising due to certain data breaches. While PII that we process that is
regulated by the GLBA is exempt from the CCPA, the CCPA&rsquo;s definition of &ldquo;personal information&rdquo; is broad enough to include
online identifiers provided by individuals&rsquo; devices, applications, and protocols (such as IP addresses, mobile application identifiers,
and unique cookie identifiers) and individuals&rsquo; location data, if there is potential that individuals can be identified by such
data. The CCPA establishes a new privacy framework for regulated businesses by, among other requirements, establishing new privacy rights
for consumers in the State of California (including rights to deletion of and access to personal information), imposing special rules
on the collection of consumer data from minors, creating new notice obligations and new restrictions on the &ldquo;sale&rdquo; of personal
information (interpreted by some to include common advertising practices), and creating a new and potentially severe statutory damages
framework for violations of the CCPA and for businesses that fail to implement reasonable security procedures and practices to prevent
data breaches. The CCPA also offers the possibility to a consumer to recover statutory damages for certain violations and could open the
door more broadly to additional risks of individual and class-action lawsuits even though the statute&rsquo;s private right of action
is limited in scope. The California Privacy Rights Act, or the CPRA, became effective on January 1, 2023. The CPRA amended the CCPA by,
among other items, imposing additional obligations on regulated businesses and expanding consumers&rsquo; rights with respect to certain
sensitive personal information. The CPRA also creates a new state agency that will be vested with authority to implement and enforce the
CCPA and the CPRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">States continue to enact legislation
on matters of privacy, information security, cybersecurity, and data breach notification requirements. For example, in addition to California,
various states such as Nevada, Maine, Massachusetts, Virginia and Colorado, Delaware, Connecticut, Florida, Indiana, Iowa, Montana, Oregon,
Texas, Tennessee, Utah, and Virginia, have enacted data privacy laws that have gone into effective, or will go into effect through 2026,
that regulate the collection, use, disclosure, and other processing of their residents&rsquo; PII, and to ensure that such PII is adequately
protected from loss, misuse, unauthorized disclosure or data breach. Further, all 50 states, the District of Columbia, Guam, Puerto Rico,
and other U.S. territories have separate and distinct data breach notification laws that impose, in varying degrees, an obligation to
notify affected individuals and government authorities in the event of certain data or security breaches or compromises, including when
a consumer&rsquo;s PII has or may have been accessed or acquired by an unauthorized person. Each of Webull Financial and Webull Advisors
has also adopted a privacy policy, which includes certain statements about its privacy, information security, and data security practices
with regard to PII.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canada Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The regulatory environment
for broker-dealers in Canada is governed by various regulatory bodies at both the federal and provincial levels. Some of the main ones
which impact Webull Securities (Canada) Limited, or Webull Canada, are highlighted below.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canadian Securities Administrators
(CSA)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The CSA is an umbrella organization
comprising securities regulators from each province and territory in Canada. It works to harmonize and coordinate securities regulation
across the country. While there are a number of National Instruments (NI) that impact broker-dealers, the key regulation under the CSA
is (NI 31-103), which provides the framework for registration requirements, obligations, and exemptions for investment dealers, including
broker-dealers.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Canadian Investment Regulatory Organization
(CIRO):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CIRO is a national self-regulatory
organization overseeing investment dealers and trading in debt and equity marketplaces. CIRO sets rules and standards, conducts compliance
reviews, and enforces securities regulations. CIRO sets and enforces rules for the business and financial conduct of Canadian investment
and mutual fund firms and their representatives across Canada. All registered representatives are subject to high proficiency standards,
training, and supervision by member firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Examples of standards established
and enforced by CIRO concern KYC and suitability, know your product, best execution, conflicts of interest, market integrity, margin monitoring,
capital monitoring and reporting, advertising and media, and business continuity plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Canada is regulated
by and a member of CIRO.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Hong Kong Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities and Futures
Ordinance, including its subsidiary legislation, is the principal legislation regulating the securities and futures industry in Hong Kong,
including the regulation of securities, futures and leveraged foreign exchange markets, the offering of investments to the public in Hong
Kong, and intermediaries and their conduct of regulated activities. In particular, Part V of the SFO deals with licensing and registration
matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SFO is administered by
the Securities and Futures Commission of Hong Kong, or HK SFC, which is an independent statutory body in Hong Kong set up to regulate
the securities and futures markets and the non-bank leveraged foreign exchange market in Hong Kong.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Companies
(Winding Up and Miscellaneous Provisions) Ordinance including its subsidiary legislation provides that the HK SFC is responsible for authorizing
the registration of prospectuses for offerings of shares and debentures in Hong Kong and/or granting exemptions from strict compliance
with the provisions in the Hong Kong Companies (Winding Up and Miscellaneous Provisions) Ordinance. The SFO provides that the HK SFC is
also responsible for authorizing certain securities (including the relevant offering documents) that are not shares or debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Hong Kong securities and
futures industry (with respect to listed instruments) is also governed by the rules and regulations introduced and administered by the
Stock Exchange and the Futures Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SFO provides a licensing
regime where a person needs to obtain a license to carry on a business in any of the following regulated activities as defined in Schedule
5 to the SFO:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 11%"><B>License</B></TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 88%"><B>Regulated activity</B></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 1:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Dealing in securities</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 2:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Dealing in futures contracts</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 3:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Leveraged foreign exchange trading</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 4:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Advising on securities</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 5:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Advising on futures contracts</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 6:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Advising on corporate finance</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 7:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Providing automated trading services</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 8:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Securities margin financing</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 9:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Asset management</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 10:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Providing credit rating services</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">*Type 11:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Dealing in OTC derivative products or advising on OTC derivative products</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">*Type 12:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Providing client clearing services for OTC derivative transactions</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Type 13:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Providing depositary services for relevant Collective Investment Schemes</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Not yet granting licenses</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the SFO, any person
who carries on a business in a regulated activity or holds itself out as carrying on a business in a regulated activity must be licensed
under the relevant provisions of the SFO to carry on that regulated activity, unless any exemption under the SFO applies. This applies
to a corporation carrying on a business in a regulated activity and to any individuals acting on behalf of that corporation in carrying
on such activities, as further described below. It is an offense for a person to conduct any regulated activity without the appropriate
license issued by the HK SFC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, if a person (whether
by itself or another person on his behalf, and whether in Hong Kong or from a place outside of Hong Kong) actively markets to the public
any services that it provides and such services, if provided in Hong Kong, would constitute a regulated activity, then that person is
also subject to the licensing requirements under the SFO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiary, Webull Securities
HK, is required to obtain licenses to conduct its business in Hong Kong pursuant to the licensing requirements of the HK SFC. Webull Securities
HK currently holds a Type 1 License for dealing in securities, a Type 2 License for dealing in futures contracts and a Type 4 License
for advising on securities. These licenses have no expiry date and will remain valid unless suspended, revoked or cancelled by the HK
SFC. We pay standard governmental annual fees to the HK SFC and are subject to continued regulatory obligations and requirements.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Singapore Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities and Futures
Act 2001, or SFA, together with other subsidiary legislation, regulates the capital markets and financial investment sector in Singapore.
The SFA is administered by the Monetary Authority of Singapore, or MAS, who in turn, governs brokers, dealers, exchanges, market operators,
depositories and clearing houses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 82, Part 4 of the
SFA states that any person who wishes to conduct any business governed by the SFA is required to obtain a capital markets services, or
CMS, license, unless otherwise exempt. The regulated activities that may be obtained under the CMS license regime, per the Second Schedule
of the SFA, are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">dealing in capital markets products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">advising on corporate finance;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">fund management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">real estate investment trust management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">product financing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">providing credit rating services; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">providing custodial services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SFA also regulates the
offering of capital markets products in Singapore. Capital markets products refers to any securities, units in a collective investment
scheme, derivatives contracts and spot foreign exchange contracts for the purposes of leveraged foreign exchange trading. &lsquo;Securities&rsquo;
refer to shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a
corporation, partnership or limited liability partnership and debentures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Financial Advisors Act
2001, or FAA, including its subsidiary legislations and regulations, regulates financial advisers and their appointed representatives
in Singapore. Similarly, the FAA is administered by the MAS, and the regulated activities that it governs, as per the Second Schedule
of the FAA, are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Advising others, either directly or through publications or writings, and whether in electronic, print
or other form, concerning any investment product.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Advising others by issuing or promulgating research analyses or research reports, whether in electronic,
print or other form, concerning any investment product.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Arranging of any contract of insurance in respect of life policies, other than a contract of reinsurance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Section 6, Part
2 of the FAA states that any person who wishes to conduct any business governed by the FAA, is required to obtain a financial advisers
license unless otherwise exempt. &lsquo;Investment product&rsquo; means &mdash;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">any capital markets products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">spot foreign exchange contracts other than for the purposes of leveraged foreign exchange trading; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">any life policy</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is an offence for an entity
to conduct any regulated activities under the SFA and FAA without the appropriate license or exemption issued by the MAS. Only an entity
can be licensed/exempt from licensing by the MAS. Individuals who conduct such regulated activities under the SFA and FAA on behalf of
the licensed entity are known as &ldquo;representatives.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Singapore)
Pte. Ltd. currently holds a CMS license to conduct the following activities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">dealing in capital markets products that are securities, exchange-traded derivatives contracts and collective
investment schemes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">product financing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">providing custodial services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Singapore)
Pte. Ltd. is also an Exempt Financial Advisor for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Advising others by issuing or promulgating research analyses or research reports, whether in electronic,
print or other form, concerning securities, exchange-traded derivatives contracts and collective investment schemes.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Australia Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Australia)
Pty. Ltd, or Webull Australia, is the holder of an Australian Financial Services Licence, or AFSL, provided by the Australian Securities
and Investments Commission (&ldquo;ASIC&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Australia&rsquo;s AFSL
authorizes it to undertake the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">provide general financial product advice for (1) deposit and payment products limited to basic deposit
products and deposit products other than basic deposit products, (2) derivatives, (3) interests in managed investment schemes excluding
investor directed portfolio services, and (4) securities; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">deal in a financial product by (1) issuing, applying for, acquiring, varying, or disposing of a financial
product in respect of the following classes of financial products: (a) standard margin lending facility, and (b) derivatives; and (2)
applying for, acquiring, varying, or disposing of a financial product in respect of the following classes of financial products: (a) deposit
and payment products, limited to basic deposit products and deposit products other than basic deposit products, (b) interests in managed
investment schemes excluding investor directed portfolio services, (c) securities, and (d) derivatives.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASIC Act 2001 and ASIC Regulatory
Guides</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Australia is subject
to the ASIC Act 2001 which requires ASIC to maintain, facilitate and improve the performance of the financial system and entities within
it in the interests of commercial certainty, reducing business costs, and the efficiency and development of the economy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, as a licensee
and trading participant, Webull Australia must comply with all relevant ASIC Regulatory Guides.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASIC Market Integrity Rules (Securities
Markets) 2017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a trading participant,
Webull Australia is captured by the specific ASIC Market Integrity Rules (Securities Markets) 2017 that govern trading on the Australian
Market Operators such as the ASX and Cboe Australia. These rules comprise of a number of rules to include client documentation, reporting,
trading, regulatory data, management structure in place.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASIC Market Integrity Rules (Capital)
2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These rules set out the financial
requirements to include capital requirements specific to WSAPL in its capacity as the holder of an AFSL and a trading participant of the
ASX and Cboe Australia. These rules act in conjunction with ASIC Regulatory Guide 166 &mdash; Financial requirements and financial conditions
set out on the firm&rsquo;s AFSL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Australia must have
in place the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">sufficient financial resources to conduct its financial services business in compliance with the Corps
Act (including carrying out supervisory arrangements);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a financial buffer that decreases the risk of a disorderly or non-compliant wind-up if its business fails;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">incentives for the firm&rsquo;s owners to comply through the risk of financial loss.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASX Operating Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a trading participant of
the ASX, Webull Australia must comply with all operating rules and procedures, schedules, and annexures of the ASX.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cboe Operating Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a trading participant of
the Cboe, Webull Australia must comply with all operating rules and procedures, of the CBOE.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Japan Regulatory Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (Japan)
Co. Ltd., or Webull Japan, is registered with the Kanto Financial Bureau of the Ministry of Finance in Japan as a Type 1 and 2 financial
instruments business operator, which enables Webull Japan to engage in sales and trading of securities and derivatives, and investment
management business. Webull Japan is also a member of Japan Securities Dealers Association, or JSDA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Japan is also a trading
participant of both the Tokyo Stock Exchange and the Osaka Stock Exchange, and must comply with the relevant rules of each of these stock
exchanges.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For Webull Japan, the Financial
Instruments and Exchange Act, or FIEA, including its subsidiary legislation, such as the Order for Enforcement and Cabinet Office Order,
is the principal legislation regulating various securities and other financial investment products (including derivatives) and related
business operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Business activities covered
by the FIEA include underwriting, securities dealing and brokerage, investment advice, investment management, asset management and funds
management. The FIEA also covers registration, supervision, disclosure requirements, take-over bids, insider trading, business scope,
major shareholders, foreign securities firms, accounting, exchanges, clearing, self-regulatory functions and customer protection.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The main regulator for Security
Firms is the Financial Services Agency of Japan, or JFSA. The JFSA is the regulator responsible for the registration and supervision of
financial institutions, including banks, trust banks, trust companies, funds transfer/settlement-related service providers, insurers,
securities firms, investment advisors, asset managers and funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Below are the various registration
types and major business operations permitted for each under the FIEA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><U>Type I Financial Instruments
Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1. The following
businesses are permitted as Paragraph 1 Securities of the FIEA:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) Purchase
and sale of securities, market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) Intermediation,
brokerage or agency for purchase and sale of securities or market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) Intermediation,
brokerage or agency for entrustment of purchase and sale of listed securities or market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) Secondary
distribution of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e) Handling
of public offering, secondary distribution or private placement of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">2. Over-the-counter
derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">3. Operation of
the Proprietary Trading System (PTS)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">4. Underwriting
of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">5. Accepting deposits
of cash or securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Type II Financial Instruments Business</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1. The
following businesses are permitted as Paragraph 2 Securities of the FIEA:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) Purchase
and sale of securities, market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) Intermediation,
brokerage or agency for purchase and sale of securities or market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) Intermediation,
brokerage or agency for entrustment of market derivatives transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(d) Secondary
distribution of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(e) Handling
of public offering, secondary distribution or private placement of securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2. Public
offering or private placement (self-offering) of certain types of securities such as beneficiary certificates of investment trusts that
the business operator manages as the investment trust management company, and interests in collective investment schemes that it manages
as the executive partner (such as unlimited liability partner and general partner)</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">United Kingdom Regulatory Overview</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.K. General Data Protection Regulation
(UK GDPR)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The General Data Protection
Regulation, or GDPR, governs how organizations control and process personal data. Following the U.K.&rsquo;s exit from the European Union,
the U.K. enacted its own version of the GDPR under the European Union (Withdrawal Agreement) Act 2020, which came into force in January
2021. The U.K. GDPR applies both to UK organizations that collect, store or otherwise process the personal data of individuals residing
in the U.K., and to non-U.K. organizations that offer goods or services to, or monitor the behavior of, U.K. residents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Entities falling under the
scope of the UK GDPR must explain their data collection processes in a transparent and compliant privacy policy that clearly states the
legal basis for processing each category of personal information and the purposes of that processing. Appropriate technical and organizational
measures must be implemented to securely store the personal data that they process to protect against data breaches.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial Services Firm Regulation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Securities (UK) Ltd,
or Webull U.K., is regulated by the Financial Conduct Authority (&ldquo;FCA&rdquo;) and is authorized as an investment firm, under the
Markets in Financial Instruments Directive 2014/65/EU (&ldquo;MiFID&rdquo;), as transposed into U.K. law, to offer products and services
in the U.K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MiFID activities that
Webull U.K. carries out are (1) receipt and transmission of orders for clients PERG 13 Annex 2 Annex 2 A1, (2) execution of orders for
clients PERG 13 Annex 2 Annex 2 A, (3) arranging Safekeeping and administration of financial instruments for the account of clients Part
3A of Schedule 2 to the Regulated Activities Order, and (4) foreign exchange services PERG 13.4 Financial instruments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The MiFID products that Webull
U.K. offers are (1) transferable securities, (2) transferable securities money-market instruments, and (3) units of collective investment
undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As per the FCA register, Webull
U.K.&rsquo;s permissions include (1) holding and controlling client money, and (2) for investments, arranging deals, arranging safeguarding
and administration of assets, dealing as agent and making arrangements with a view to transactions. These permissions relate to regulated
activities carried out for clients classified as Retail and Professional.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Corporate History and Structure<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP></SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We commenced our operations
in February 2016 by developing and launching a mobile application providing free market information to users under Hunan Fumi Information
Technology Co., Ltd., an entity incorporated in China (&ldquo;Hunan Fumi&rdquo;). We began offering brokerage services in the United States
in May 2018 through Webull Financial LLC, a limited liability company incorporated under the laws of the State of Delaware in May 2017
(&ldquo;Webull Financial&rdquo;). We chose to launch our trading services in the United States first in order to take advantage of the
magnitude of the market opportunity there.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September 2019, we incorporated
Webull Corporation under the laws of the Cayman Islands as our group holding company. In April 2021, one of our subsidiaries entered into
a series of agreements with entities incorporated in China, including Hunan Fumi, which at the time held our primary business operations,
including Webull Financial. Following the effectiveness of those agreements, our primary operations were controlled through variable interest
entities, or VIE arrangements, rather than through equity ownership. We established these VIE arrangements out of an abundance of caution
to comply with laws in China restricting foreign ownership of certain operations. In September 2021, we determined that the nature of
our operations did not require the VIE arrangements to comply with China&rsquo;s laws, so we undertook further restructuring to reduce
complexity in our shareholding structure and give Webull Corporation equity ownership over our operations globally. In August 2022, we
terminated the VIE arrangements, following which Hunan Fumi no longer has any affiliation with us.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To facilitate our global expansion,
we have obtained broker-dealer licenses, approvals or registrations in a number of international markets including Canada, Hong Kong,
Singapore, Indonesia, Malaysia, Thailand, Australia, Japan, the United Kingdom, South Africa, and the Netherlands, and are in the process
of securing the licenses required to commence operations in additional markets in Latin America. As we continue to expand our business
globally, we will incorporate or acquire subsidiaries and obtain required licenses and approvals for our operations in additional jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We historically provided our
customers access to digital assets trading via our Webull App through a collaboration between Webull Pay LLC, a then wholly-owned subsidiary
of ours, and a third-party digital assets platform. In July 2023, we spun off Webull Pay LLC, together with its digital assets business,
into a separate entity outside of the Webull Corporation group. Pursuant to the spin-off, we ceased providing customers with access to
services relating to digital assets trading through our Webull App. We undertook the spin-off, in part, due to regulatory uncertainties
concerning the provision of digital asset trading services. For details on the risks relating to this spin-off, see &ldquo;<I>Risk Factors
&mdash; Risks Relating to Our Products and Services &mdash; We historically provided our customers access to digital assets trading via
our Webull App, which may subject us to risks</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 11, 2025, Webull entered
into a business combination agreement with Feather Sound II Inc., a direct wholly owned subsidiary of Webull and Webull Pay Inc., the
parent company of Webull Pay LLC, pursuant to which Webull Pay Inc. will merge with and into Feather Sound II Inc., with Webull Pay Inc.
surviving as a direct wholly owned subsidiary of Webull. For more information, see &ldquo;<i>Related Party Transactions &mdash; Webull
Pay Business Combination.</i>&rdquo;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following diagram illustrates
our corporate structure, including our principal broker-dealer entities and other subsidiaries as of the date of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_009.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Property, Plants and Equipment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal operations center
is located in St. Petersburg, Florida, while our principal research and development center is located in Changsha, China. We completed
the purchase of an office building in St. Petersburg, Florida with 157,755 usable square feet in November 2022. Our Changsha research
and development center is presently located on leased premises occupying 88,545 square feet, and in December 2023, we entered into a land
use agreement with City of Changsha for the right to use 288,677 square feet of land for the purpose of constructing a new research and
development facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we also have
leased offices and facilities in New York, Toronto, Hong Kong, Singapore, Tokyo, Sydney, Jakarta, Kuala Lumpur, Bangkok, London, and Johannesburg,
Mexico City, and Sao Paulo totaling 58,271 square feet in aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that our existing
facilities are sufficient for our current needs, and we will obtain additional facilities, principally through leasing, to accommodate
our future expansion plans.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Legal Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, we may
become a party to various legal or administrative proceedings arising in the ordinary course of our business, including enforcement actions
initiated by regulatory authorities, actions with respect to intellectual property infringement, violation of third-party licenses or
other rights, breach of contract and labor and employment claims. We are currently not a party to, and we are not aware of any threat
of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material and adverse effect
on our business, financial condition, cash-flow or results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_013"></a>DIRECTORS AND MANAGEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Directors and Executive Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
certain information relating to the executive officers and directors of Webull:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 27%; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors and Executive Officers</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 8%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 63%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b></font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anquan Wang</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board of Directors and Chief Executive Officer of Webull Corporation</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Denier</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and President of Webull Corporation</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. C. Wang</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and Chief Financial Officer of Webull Corporation</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin James</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director and General Counsel of Webull Corporation</font></td></tr>
  <tr style="vertical-align: top; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">William Houlihan</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Walter Bishop</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent Director</font></td></tr>
  <tr style="vertical-align: top; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Lu</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer of Webull Americas</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</i></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. Anquan Wang</I> is
our founder and has served as our chief executive officer since the inception of our company. Prior to founding our company, Mr. Wang
served as the general manager of finance business of Beijing Xiaomi Pay Technology Co., Ltd. from January 2015 to March 2016. Prior to
that, Mr. Wang held several positions at Alibaba Group and Ant Group from March 2006 to February 2012, including platform development
architect of software technology department at Alisoft, platform and technology manager of Alibaba research at Alisoft, senior technology
manager of innovative financial services department at Ant Financial Services, director of Taobao loan division at Alibaba Financial,
and assistant to general manager of innovative financial services department at Ant Group. Mr. Wang received his bachelor&rsquo;s degree
in computer science and technology in 2005 and his master&rsquo;s degree in software engineering in 2009, both from Hunan University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. Anthony Denier</I>
has served as our president since January 2024 and as our director since August 2022. Mr. Denier has also served as chief executive officer
of Webull Financial since June 2017. Mr. Denier has over 20 years of experience in management, compliance and operations of U.S. and international
equity, derivative and fixed income market products. From 2013 to 2017, as chief executive officer and chief compliance officer of LXM
USA LLP, Mr. Denier supervised the day-to-day operations of the firm and served as the point person for all audits, both financial and
compliance in scope. Mr. Denier also served as head of European equity sales and trading division at Jones Trading from 2012 to 2013.
Prior to that, he held positions in several financial services companies, including ING Financial Markets, Numis Securities, Execution,
LLC, Kaupthing Securities and Credit Suisse from 2000 to 2012. Mr. Denier received his bachelor&rsquo;s degree in political science from
Columbia University in 2000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. H. C. Wang</I> has
served as our chief financial officer since February 2021 and as our director since August 2022. Prior to joining our company, Mr. Wang
served as chief financial officer at Youxin Financial from 2018 to 2020, where he led the start-up effort and subsequent spin-off of uSmart
Securities. From 2016 to 2017, Mr. Wang worked at Uber China as co-head of Corporate Development Division, then at Didi Chuxing after
it acquired Uber China. Prior to that, Mr. Wang worked for Goldman Sachs from 2012 to 2016 and from 2006 to 2009. Mr. Wang received two
bachelor&rsquo;s degrees in mathematics and biological &amp; environmental engineering from Cornell University in 2005, and his juris
doctorate degree from New York University School of Law in 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. Benjamin James</I>
has served as our general counsel since June 2021 and as our director since August 2022. Prior to joining our company, Mr. James was a
partner in the Hong Kong office of Kirkland &amp; Ellis International LLP, where he started working as an associate in September 2011
and then as a partner from October 2013. While at Kirkland &amp; Ellis International LLP, he primarily focused on general corporate and
securities law matters. From September 2007 to September 2011, Mr. James was an associate at several international law firms, including
the Hong Kong offices of Latham &amp; Watkins LLP and Fried, Frank, Harris, Shriver &amp; Jacobson LLP, and the Dallas, Texas office of
Vinson &amp; Elkins LLP. He has been a member of the Texas Bar since November 2007. Mr. James received his bachelor&rsquo;s degree in
international studies from Brigham Young University in 2004 and his juris doctorate degree from Columbia University School of Law in 2007.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. William Houlihan</I>
began service as our independent director upon consummation of the Business Combination. He has more than 40 years of diversified financial
sector and business experience. Mr. Houlihan has served since 2013 as a director and audit committee chairman of Lument Finance Trust
(NYSE: LFT), a mortgage REIT. He has served since 2009 as a director and financial expert on the audit committee of Avem Health Partners,
previously known as First Physicians Capital Group, a healthcare investment company, which was publicly traded prior to completion of
a going-private transaction in January 2015, from April 2013 to September 2014 as non-executive chairman of its board of directors and
since May 2013 as the chairman of its audit committee. He previously served as a member of the board of directors of Angel Pond Holdings
Corporation, a blank check company, from May 2021 to December 2022, and as the chief financial officer for a number of blank check companies,
namely Thunder Bridge Acquisition Ltd. from June 2018 to July 2019, Thunder Bridge Acquisition II, Ltd. from August 2019 to June 2021,
Thunder Bridge Capital Partners III Inc. from February 2021 to December 2023, of Thunder Bridge Capital Partners IV Inc. from July 2021
until December 2024. Mr. Houlihan also served from November 2012 to June 2023 as a director and audit committee chairman for MAXEX, LLC,
a privately-owned residential mortgage loan trading business. Mr. Houlihan received a master&rsquo;s degree in business administration
in finance from New York University Graduate School of Business and a bachelor&rsquo;s degree in accounting from Manhattan College. He
was licensed as a certified public accountant, but his license is currently inactive. From January 2017 to December 2021, he served as
an adjunct professor at the Feliciano School of Business at Montclair State University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 13, 2015, Mr. Houlihan
settled an administrative proceeding brought by the SEC regarding his alleged failure to file on a timely basis required Schedule 13D
amendments and Section 16(a) reports relating to his beneficial ownership of securities of FPCG. Mr. Houlihan is a member of the board
of directors of FPCG and a greater than 10% beneficial owner of FPCG securities. In the settlement, Mr. Houlihan did not admit or deny
the SEC&rsquo;s allegations, consented to the entry of a cease and desist order requiring him not to cause any violation of Sections 13(d)(2)
and 16(a) of the Exchange Act, and agreed to pay a civil penalty of $15,000 to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. Walter Bishop </I>began
service as our independent director in June 2025. He has decades of expertise in regulatory compliance, independent financial audits,
and corporate governance. Since November 2023, he has served as lead independent director and audit committee chairman of Syntec Optics
Holdings, Inc. (Nasdaq: OPTX), a custom optics and photonics manufacturer whose board he joined following its merger with OmniLit Acquisition
Corp., a special purpose acquisition company on which he was director from April 2023 to November 2023. Mr. Bishop served from April 2019
to December 2024 as a director and audit committee chairman of Highline Management Inc., an alternative asset management company. In 2021,
he served as a senior advisor to Thunder Bridge Capital Acquisition II, which merged with Indie Semiconductor (Nasdaq: INDI). From 1997
to 2019, Mr. Bishop held multiple U.S. regional management positions at Deutsche Bank (NYSE: DB), including chief operating officer for
Deutsche Bank&rsquo;s U.S. bank, chairman of the board and audit committee for DB Trust Company Delaware, board member and branch manager
for DB Cayman Islands Branch, and head of governance for capital management and stress testing. From 1995 to 1997, he was chief administrative
officer for Barclays Bank U.S., he was deputy general manager and chief financial officer for Nordbanken U.S. from 1990 to 1995, and was
an audit manager for KPMG Peat Marwick from 1985 to 1990. Mr. Bishop received a Master of Business Administration from St. John&rsquo;s
University and his bachelor&rsquo;s in public accounting from CUNY Baruch College.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</i></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Mr. Shen Lu</I> has served
as the chief operating officer of Webull Americas since January 2023. He also served as the chief operating officer of Webull Financial
since June 2017. Prior to joining our company, Mr. Lu was the head of Trading Operation at Direct Match LLC, where he was in charge of
overseeing U.S. Treasury ATS platform from September 2015 to April 2017. He also served as a vice president at KCG Holdings, Inc. from
2012 to 2015 and a vice president at Goldman Sachs from 2007 to 2012. Prior to that, Mr. Lu worked for UBS Securities from 2006 to 2007.
He also worked for Fidelity Investments for six years from 2000 to 2006 as a senior architect and equity trader on the capital markets
team. Mr. Lu received his bachelor&rsquo;s degree from University of Science and Technology of China in 1986 and master&rsquo;s degree
in mechanical engineering from Rutgers University in 1991.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Compensation of Directors and Executive Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended December
31, 2024, Webull paid an aggregate of $4.0 million in cash to its executive officers, and Webull did not pay any compensation to the non-executive
directors during that period. For <FONT STYLE="background-color: white">additional information on employments agreements and indemnification
agreements executed by our directors and officers, please see the section below entitled &ldquo;<I>&mdash; Related Party Transactions
&mdash; Company Relationships and Related Party Transactions &mdash; Employment Agreements, Independent Director Agreements and Indemnification
Agreements.</I>&rdquo;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Global Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to promote the success and enhance the value of the company,
Webull has adopted the global share incentive plan (the &ldquo;Global Plan&rdquo;). Pursuant to the Global Plan, a maximum of 44,400,984
Class A ordinary shares in aggregate are reserved as an award pool for the purpose of share incentive award grants. As of the date of
this prospectus, options to purchase 32,504,496 Class A ordinary shares, 6,876,819 restricted share awards and 8,047,979 restricted share
units were outstanding under the Global Plan.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following paragraphs describe
the principal terms of the Global Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Types of Awards. </I>The
Global Plan permits the awards of options, restricted shares, restricted share units or any other type of awards approved by the plan
administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Plan Administration. </I>The
board of directors or a committee of one or more members of the board of directors will administer the Global Plan. The committee or the
full board of directors, as applicable, will determine the participants to receive awards, the type and number of awards to be granted
to each participant, and the terms and conditions of each award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Award Agreement. </I>Awards
granted under the Global Plan are evidenced by an award agreement that sets forth terms, conditions and limitations for each award, which
may include the term of the award, the provisions applicable in the event that the grantee&rsquo;s employment or service terminates, and
Webull&rsquo;s authority to unilaterally or bilaterally amend, modify, suspend, cancel or rescind the award. Standard award agreement
generally provides that, in the event that the grantee causes significant loss to the company or engage in any activities or take any
actions maliciously against the company, regardless of whether such grantee is still employed by Webull or not, the grantee shall return,
and Webull could forfeit, all of the ordinary shares he/she obtains from the awards granted, and the grantee shall also return the aggregate
market value of the ordinary shares that he/she already disposed of in cash to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Eligibility. </I>Webull
may grant awards to the employees, directors and consultants of the company. However, Webull may grant options that are intended to qualify
as incentive share options only to the employees and employees of Webull&rsquo;s parent companies and subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Vesting Schedule. </I>In
general, the plan administrator determines the vesting schedule, which is specified in the relevant award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exercise of Options. </I>The
plan administrator determines the exercise price for each award, which is stated in the award agreement. The vested portion of option
will expire if not exercised prior to the time as the plan administrator determines at the time of its grant. However, the maximum exercisable
term is ten years from the date of a grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Transfer Restrictions.
</I>Awards may not be transferred in any manner by the participants other than in accordance with the exceptions provided in the Global
Plan, such as transfers by will or the laws of descent and distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I></I></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Termination and Amendment
of the Global Plan. </I>Unless terminated earlier, the Global Plan has a term of ten years. The board of directors has the authority to
amend or terminate the plan. However, no such action may adversely affect in any material way any awards previously granted unless agreed
by the participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes,
as of the date of this prospectus, the outstanding options granted under the Global Plan to the directors and executive officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Name</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Ordinary</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Shares</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Underlying</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Options</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Granted</B></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Exercise</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Price</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>($/Share)</B></P></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date of Grant</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Date of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Expiration</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: left">Anthony Denier</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 11%">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: center">0.1384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 18%">June 1, 2017</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 18%">June 1, 2027</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Anthony Denier</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0.1384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2029</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Anthony Denier</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0.1384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2030</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shen Lu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0.1384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2019</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2029</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Shen Lu</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">*</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">0.1384</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">January 1, 2030</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: center; text-indent: -24pt; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="vertical-align: top; background-color: Transparent">
    <td style="width: 4%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Note:</i></font></td>
    <td style="width: 96%; font-size: 10pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i>&nbsp;&nbsp;Less than 1% of Webull&rsquo;s total outstanding shares.</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes,
as of the date of this prospectus, the outstanding restricted share units granted under the Global Plan to the directors and executive
officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 50%; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 11%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restricted<br>
Shares<br>
Units Granted</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of Grant</b></font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 18%; border-bottom: black 1.5pt solid; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date of<br>
Expiration</b></font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Denier</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2022</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2032</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Denier</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2033</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Denier</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2034</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. C. Wang</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2033</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. C. Wang</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2034</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin James</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2033</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin James</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2034</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Lu</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2022</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2032</font></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Lu</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2023</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2033</font></td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Lu</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2024</font></td>
    <td>&nbsp;</td>
    <td style="text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1, 2034</font></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt"><I>Note:</I> * Less than 1% of Webull&rsquo;s total
outstanding shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes,
as of the date of this prospectus, the outstanding restricted share awards granted under the Global Plan to the directors and executive
officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 69%; font-weight: bold">Name</TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 11%; font-weight: bold; text-align: center">Restricted <BR>
Shares <BR>
Awards <BR>
Granted</TD><TD STYLE="padding-bottom: 2.5pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <td style="border-bottom: Black 1.5pt solid; width: 18%; font-weight: bold; text-align: center">Date of <BR>
Grant</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Anthony Denier</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD><TD>&nbsp;</TD>
    <td style="text-align: center">May 1, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">H. C. Wang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD><TD>&nbsp;</TD>
    <td style="text-align: center">May 1, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Benjamin James</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD><TD>&nbsp;</TD>
    <td style="text-align: center">May 1, 2021</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shen Lu</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">*</TD><TD>&nbsp;</TD>
    <td style="text-align: center">May 1, 2021</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: center; text-indent: -24pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.45pt"><I>Note:</I>* Less than 1% of Webull&rsquo;s total
outstanding shares.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors of
Webull consists of six directors. See &ldquo;<I>&mdash; Directors and Executive Officers.</I>&rdquo; The Webull Articles provide that
the minimum number of directors shall be one and the exact number of directors shall be determined from time to time by the Webull board
of directors, subject to the total number of directors not exceeding any maximum number fixed by an ordinary resolution of the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A director is not required
to hold any shares in Webull by way of qualification. A director who is in any way, whether directly or indirectly, interested in a contract
or transaction or proposed contract or transaction with Webull is required to declare the nature of his or her interest at a board meeting.
Subject to Nasdaq listing rules and disqualification by the chairman of the relevant board meeting, a director may vote in respect of
any contract or proposed contract or arrangement in which such director may be interested provided that (a) the nature of his/her interest
is declared at a meeting of the directors, either specifically or by way of a general notice, and such director&rsquo;s vote may be counted
in the quorum at any meeting of directors at which any such contract or proposed contract or arrangement is considered, and (b) if such
contract or arrangement is a transaction with a related party, such transaction has been approved by the audit committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The directors may exercise
all the powers of the company to raise or borrow money, mortgage, or charge its undertaking, property, and assets (present or future),
uncalled capital or any part thereof, and to issue debentures, debenture stock, bonds, or other securities, whether outright or as collateral
security for any debt, liability, or obligation of the company or of any third party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No Webull non-employee director
has a service contract with Webull that provides for benefits upon termination of service.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Committees of the Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull board of directors
has an audit committee, a compensation committee, a nominating and corporate governance committee and a risk management committee. A charter
has been adopted for each of these committees. Each committee&rsquo;s members and functions are described below. We also currently rely
on certain &ldquo;controlled company&rdquo; and foreign private issuer exemptions from Nasdaq listing standards (including (i) an exemption
from the rule that a majority of our board of directors must be independent directors; (ii) an exemption from the rule that director nominees
must be selected or recommended solely by independent directors; (iii) an exemption from the rule that the compensation committee must
be comprised solely of independent directors; and (iv) an exemption from the requirement that an audit committee be comprised of at least
three members under Nasdaq Rule 5605(c)(2)(A)) and certain phase-in exemptions with respect to compliance with the audit committee requirements
set forth in Nasdaq Rule 5605(c)(2) and Rule 10A-3 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Audit Committee. </I>The
audit committee consists of Mr. Anquan Wang, Mr. William Houlihan and Mr. Walter Bishop. Mr. Houlihan is the chairperson of the audit
committee. Webull has determined that Mr. Houlihan and Mr. Bishop satisfy the &ldquo;independence&rdquo; requirements of Rule 5605(a)(2)
of the Listing Rules of Nasdaq and Rule 10A-3 under the Exchange Act. Webull has determined that Mr. William Houlihan qualifies as an
&ldquo;audit committee financial expert.&rdquo; The audit committee oversees Webull&rsquo;s accounting and financial reporting processes
and the audits of the financial statements of the company. The audit committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">appointing the independent auditors and pre-approving all auditing and non-auditing services permitted
to be performed by the independent auditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing with the independent auditors any audit problems or difficulties and management&rsquo;s response;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">discussing the annual audited financial statements with management and the independent auditors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing the adequacy and effectiveness of Webull&rsquo;s accounting and internal control policies and
procedures and any steps taken to monitor and control major financial risk exposures;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">all proposed related party transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">meeting separately and periodically with management and the independent auditors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">monitoring compliance with its code of business conduct and ethics, including reviewing the adequacy and
effectiveness of Webull&rsquo;s procedures to ensure proper compliance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Compensation Committee.
</I>The compensation committee consists of Mr. Anquan Wang, Mr. William Houlihan and Mr. Walter Bishop. Mr. Wang is the chairperson of
the compensation committee. Webull has determined that Mr. Houlihan and Mr. Bishop satisfy the &ldquo;independence&rdquo; requirements
of Rule 5605(a)(2) of the Listing Rules of Nasdaq. The compensation committee assists the board in reviewing and approving the compensation
structure, including all forms of compensation, relating to the directors and executive officers. Webull&rsquo;s chief executive officer
may not be present at any committee meeting during which his compensation is deliberated. The compensation committee is responsible for,
among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing and approving, or recommending to the board for its approval, the compensation for Webull&rsquo;s
chief executive officer and other executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing and recommending to the board for determination with respect to the compensation of its non-employee
directors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing periodically and approving any incentive compensation or equity plans, programs or similar arrangements;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">selecting compensation consultant, legal counsel or other adviser only after taking into consideration
all factors relevant to that person&rsquo;s independence from management.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Clawback Policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our board has adopted a Compensation
Recovery Policy (the &ldquo;Clawback Policy&rdquo;) designed to comply with Section 10D of the Exchange Act, the rules promulgated thereunder,
and the listing standards of Nasdaq. Webull believes that it is in the best interests of Webull and its shareholders to create and maintain
a culture that emphasizes integrity and accountability and that reinforces Webull&rsquo;s pay-for-performance compensation philosophy.
Webull&rsquo;s board of directors therefore adopted the Clawback Policy, which provides for the recoupment of certain executive compensation
in the event that Webull is required to prepare an accounting restatement of its financial statements due to material noncompliance with
any financial reporting requirement under the federal securities laws. The Clawback Policy is administered by Webull&rsquo;s Compensation
Committee. Any determinations made by the Compensation Committee are final and binding on all affected individuals. The Clawback Policy
applies to Webull&rsquo;s current and former executive officers (as determined by the Compensation Committee in accordance with Section
10D of the Exchange Act, the rules promulgated thereunder, and the listing standards of Nasdaq) and such other senior executives or employees
who may from time to time be deemed subject to the Clawback Policy by the Compensation Committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Nominating and Corporate
Governance Committee. </I>The nominating and corporate governance committee consists of Mr. Anquan Wang, Mr. William Houlihan and Mr.
Walter Bishop. Mr. Wang is the chairperson of the nominating and corporate governance committee. Mr. Houlihan and Mr. Bishop satisfy the
&ldquo;independence&rdquo; requirements of Rule 5605(a)(2) of the Listing Rules of Nasdaq. The nominating and corporate governance committee
assists the board of directors in selecting individuals qualified to become Webull&rsquo;s directors and in determining the composition
of the board and its committees. The nominating and corporate governance committee is responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">selecting and recommending to the board nominees for election by the shareholders or appointment by the
board;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing annually with the board the current composition of the board with regards to characteristics
such as independence, knowledge, skills, experience and diversity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">making recommendations on the frequency and structure of board meetings and monitoring the functioning
of the committees of the board; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">advising the board periodically with regards to significant developments in the law and practice of corporate
governance as well as Webull&rsquo;s compliance with applicable laws and regulations, and making recommendations to the board on all matters
of corporate governance and on any remedial action to be taken.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Risk Management Committees.
</I>The risk management committee consists of Mr. Anquan Wang, Mr. H. C. Wang, Mr. Benjamin James, Mr. Anthony Denier, and Mr. James Chao,
Webull&rsquo;s head of internal controls. Mr. Anquan Wang is the chairman of the risk management committee. Various of Webull&rsquo;s
local operating entities have also established risk management committees. The risk management committees assist the board of directors
and local management in fulfilling corporate governance oversight responsibilities with regard to the identification, evaluation and mitigation
of operational, strategic and external environment risks, and have overall responsibility for monitoring and approving the risk policies
and associated practices of Webull. The risk management committees are responsible for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">ensuring that Webull is taking appropriate measures to achieve a prudent balance between risk and reward
in ongoing and new business activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">evaluating significant risk exposures of Webull and assessing the management&rsquo;s actions to mitigate
the exposures in a timely manner;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">reviewing and deciding whether to approve all proposed settlements in accordance with Webull&rsquo;s settlement
guidelines; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">overseeing the implementation of Webull&rsquo;s cybersecurity policy.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Code of Business Conduct and Ethics</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board has adopted a code
of business conduct and ethics that establishes the standards of ethical conduct applicable to all of the Company&rsquo;s directors, officers,
employees, and, as applicable, consultants and contractors. The code addresses, among other things, competition and fair dealing, conflicts
of interest, compliance with applicable governmental laws, rules and regulations, company assets, confidentiality requirements and the
process for reporting violations of the code. Any waiver of the code with respect to any director or executive officer will be promptly
disclosed and posted on the Company&rsquo;s website. Amendments to the code will be promptly disclosed and posted on the Company&rsquo;s
website. The code is also available on Webull&rsquo;s website under Governance Documents at https://www.webullcorp.com/investor-relations/board.
Information contained on the Company&rsquo;s website is not incorporated by reference into this prospectus, and you should not consider
information contained on the Company&rsquo;s website to be part of this prospectus.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Duties of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Cayman Islands law,
directors owe fiduciary duties to the company, including a duty of loyalty, a duty to act honestly, and a duty to act in what they consider
in good faith to be in the company&rsquo;s best interests. Directors must also exercise their powers only for a proper purpose. Directors
also owe to the company a duty to exercise the skill they actually possess and such care and diligence that a reasonably prudent person
would exercise in comparable circumstances. It was previously considered that a director need not exhibit in the performance of his or
her duties a greater degree of skill than may reasonably be expected from a person of his or her knowledge and experience. However, English
and Commonwealth courts have moved towards an objective standard with regard to the required skill and care and these authorities will
be of persuasive authority in the Cayman Islands. In fulfilling their duty of care to us, directors must ensure compliance with the company&rsquo;s
memorandum and articles of association, as amended and restated from time to time, and the class rights vested thereunder in the holders
of the shares. In certain limited exceptional circumstances, a shareholder may have the right to seek damages derivatively in Webull&rsquo;s
name if a duty owed by the directors is breached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors has
all the powers necessary for managing, and for directing and supervising, Webull&rsquo;s business affairs. The functions and powers of
the board of directors include, among others:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">convening shareholders&rsquo; annual and extraordinary general meetings and reporting its work to shareholders
at such meetings;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">declaring dividends and distributions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">appointing officers and determining the term of office of the officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">exercising the borrowing powers of the company and mortgaging the property of the company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">approving the transfer of shares in the company, including the registration of such shares in the register
of members.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Terms of Directors and Officers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Webull Articles,
the directors may be appointed by an ordinary resolution of the shareholders. Alternatively, the board of directors may, by the affirmative
vote of a simple majority of the directors present and voting at a board meeting appoint any person as a director to fill a casual vacancy
on the board or as an addition to the existing board. An appointment of a director may be on terms that the director shall automatically
retire from office (unless he has sooner vacated office) at the next or a subsequent annual general meeting or upon any specified event
or after any specified period in a written agreement between the company and the director, if any; but no such term shall be implied in
the absence of express provision. Notwithstanding the foregoing, any director appointed by the board of directors shall, if still a director,
retire at the next annual general meeting after his appointment and be eligible to stand for election as a director at such meeting. In
addition, a director will cease to be a director if, among other things, the director (i) becomes bankrupt or makes any arrangement or
composition with his or her creditors; (ii) dies or is found to be or becomes of unsound mind; (iii) resigns his or her office by notice
in writing to the company; (iv) without special leave of absence from the board, is absent from three consecutive board meetings and the
directors resolve that his or her office be vacated; or (v) is removed from office pursuant to any other provision of the articles of
association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Officers are appointed by
and serve at the discretion of the board of directors, and may be removed by the board of directors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Employees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024, we
had a total of 1,194 employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the numbers of our employees categorized by function as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Function</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of <BR> Employees</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Research and development and technology</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">677</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Compliance and risk management</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Operations, customer service and other administrative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">305</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,194</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We enter into standard labor
contracts with our employees. We also enter into non-compete and confidentiality agreements with senior management and key personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that we maintain
a good working relationship with our employees, and we have not experienced any major labor disputes. None of our employees are represented
by a labor union.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_014"></a>MATERIAL CONTRACTS AND RELATED PARTY TRANSACTIONS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Material Contracts Relating to the Company&rsquo;s Operations
and Financing<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP></SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Omnibus Clearing Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has entered into
the Omnibus Clearing Agreement and the Fully Disclosed Clearing Agreement with Apex Clearing, as its clearing partner, to clear and settle
all stock and securities trades. For a description of the material terms of the <FONT STYLE="background-color: white">Omnibus Clearing
Agreement and the Fully Disclosed Clearing Agreement</FONT>, see <FONT STYLE="background-color: white">the section entitled <I>&ldquo;Business&mdash;
Business Overview &mdash; Investing through the Webull Platform</I>,&rdquo; which is incorporated herein and qualified by reference to
</FONT>the Omnibus Clearing Agreement and the Fully Disclosed Clearing Agreement filed as Exhibits 10.12 and 10.13, respectively, to the
registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><I>Standby Equity Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For more information on the
Purchase Agreement that was executed on July 1, 2025, see the information included in the section entitled &ldquo;<i>Committed Equity
Financing</i>&rdquo; which is incorporated by reference in this section.</p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Material Contracts Relating to the Business Combination</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Auxo Support Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the execution
and delivery of the Business Combination Agreement, SKGR, Webull and the Initial SKGR Shareholders entered into a support agreement, pursuant
to which, each Initial SKGR Shareholder agreed, among other things, (a) at any meeting of SKGR Shareholders called to seek SKGR Shareholders&rsquo;
approval of the transactions in connection with the Business Combination and the amendment to the memorandum and articles of association
of SKGR to extend the deadline for the Business Combination (the &ldquo;SPAC Shareholder Extension Approval&rdquo;), or in connection
with any written consent of SKGR Shareholders or in any other circumstances upon which a vote, consent or other approval with respect
to the Business Combination Agreement and the transactions contemplated therein, such Initial SKGR Shareholder (i) agreed to, if a meeting
is held, appear at such meeting or otherwise cause the SKGR Class B Ordinary Shares held by such Initial SKGR Shareholder to be counted
as present at such meeting for purposes of establishing a quorum, and (ii) vote or cause to be voted the SKGR Class B Ordinary Shares
held by such Initial SKGR Shareholder in favor of the relevant SKGR Shareholders&rsquo; approvals or SPAC Shareholder Extension Approval;
and (b) subject to the exceptions set forth in the Auxo Support Agreement, agreed to become subject to certain transfer restrictions with
respect to (i) any Webull Class A Ordinary Shares held by each Initial SKGR Shareholder immediately after the effective time of the First
Merger during a period of twelve (12)-months from and after the Closing Date, (ii) Webull Warrants or Webull Class A Ordinary Shares underlying
such warrants held by each Initial SKGR Shareholder immediately after the effective time of the First Merger until thirty (30) days after
the Closing Date. Among other exceptions, the transfer restrictions do not apply to (i) transfers made after the date on which the closing
price of the Webull Class A Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations,
share consolidations, reorganizations, recapitalizations and the like) for any twenty (20) Trading Days (as defined in the Auxo Support
Agreement) within a thirty (30)-Trading Day period commencing at least one hundred and fifty (150) days after the Closing Date; and (ii)
transfers of up to twenty-five percent (25%) of the number of Webull Class A Ordinary Shares (as of immediately following the Closing)
(which shall exclude any Webull Class A Ordinary Shares acquired by the Initial SKGR Shareholders upon the conversion, exercise or exchange
of Webull Warrants) held by the Initial SKGR Shareholders in order to satisfy, reduce or defray any actual or potential taxes imposed
(or in the Initial SKGR Shareholders&rsquo; reasonable judgment expected to be imposed) on the Initial SKGR Shareholders or their affiliates
as a result of any failure of the Mergers to qualify for the Intended Tax Treatment (for the avoidance of doubt, the Initial SKGR Shareholders
may avail themselves of this exception regardless of the amount of such actual or potential taxes imposed). Webull, SKGR, the Auxo and
each other Initial SKGR Shareholders acknowledge and agree that the Mergers are intended to qualify both as a reorganization within the
meaning of Section 368(a) of the Code and as an exchange described in Section 351 of the Code (the &ldquo;Intended Tax Treatment&rdquo;).
For additional information on such transfer restrictions on the Webull Class A Ordinary Shares held by the Initial SKGR Shareholders,
see &ldquo;<I>Risk Factors &mdash; Risks Relating to Ownership of Securities of Webull and this Offering</I> &mdash; <I>Future resales
of Webull Ordinary Shares issued to Webull shareholders and other significant shareholders may cause the market price of the Webull Class
A Ordinary Shares to drop significantly, even if Webull&rsquo;s business is doing well. Future resales of the Webull Private Warrants
or Webull Incentive Warrants may also cause the market price of the Webull Public Warrants or Webull Incentive Warrants to drop significantly,
even if Webull&rsquo;s business is doing well.&rdquo;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><i>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Existing Webull Shareholders
also agreed to be subject to transfer restrictions of their Webull Class A Ordinary Shares following the Closing Date. For additional
information on such transfer restrictions on the Webull Class A Ordinary Shares held by the Existing Webull Shareholders, see &ldquo;<I>Description
of Securities and Articles of Association &mdash; The Webull Articles &mdash; Transfer of Ordinary Shares</I>&rdquo; and a copy of the
Webull Articles filed as Exhibit 3.1 to the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the date of the
Business Combination Agreement, SKGR and the Auxo entered into additional Non-Redemption Agreements (the &ldquo;Additional Non-Redemption
Agreements&rdquo;) with the certain SKGR Shareholders. Pursuant to such Additional Non-Redemption Agreements, (i) on the Closing Date
and immediately prior to the First Merger Effective Time, the Auxo surrendered to SKGR and forfeited for no consideration 175,150 SKGR
Class B Ordinary Shares held by Auxo in the aggregate, (ii) SKGR issued to the SKGR Shareholders that are parties to the Additional Non-Redemption
Agreements for no additional consideration one SKGR Class A Ordinary Share for each SKGR Class B Ordinary Shares surrendered to SKGR by
Auxo, and (iii) in exchange for such issuance, the relevant SKGR Shareholders waived, and agreed not to elect or otherwise exercise, his,
her or its redemptions in connection with the Business Combination. Pursuant to the terms of the Auxo Support Agreement, the Auxo forfeited
824,850 additional SPAC Class B Ordinary Shares upon the request of Webull.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on the terms
and subject to the conditions of the Auxo Support Agreement, following the Closing until 30 days following the expiration of the statute
of limitations for the applicable taxes (or if an audit is commenced during this period, until the completion of the audit), subject to
the occurrence of certain triggering events, Webull agreed to indemnify Auxo and each other Initial SKGR Shareholder for any U.S. federal
(and applicable U.S. state and U.S. local) income taxes, together with any interests and penalties (the &ldquo;Indemnifiable Amounts&rdquo;)
payable by Auxo or the other Initial SKGR Shareholders, as applicable, solely arising from or attributable to the failure of the Mergers
to qualify for the Intended Tax Treatment, provided, however, that Webull shall not have any liability in respect of any Indemnifiable
Amounts to the extent that the aggregate amount of such Indemnifiable Amounts exceeds $5,000,000.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indemnity Letter Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 5, 2024, Webull
and the Initial SKGR Shareholders entered into an Indemnity Letter Agreement (the &ldquo;Indemnity Letter Agreement&rdquo;). The Indemnity
Letter Agreement provides that, among other things, Webull shall indemnify, to the extent permitted by law, the Initial SKGR Shareholders
against losses resulting from or based upon any untrue or alleged untrue statement of a material fact contained in any registration statement,
prospectus or preliminary prospectus, any issuer free writing prospectus, any information of Webull that it has filed or is required to
file pursuant to Rule 433(d) under the Securities Act, any written communication (within the meaning of Rule 405 under the Securities
Act) with investors, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which such statements were made, not misleading. In connection with the registration statement
in which an Initial SKGR Shareholder is participating, such Initial SKGR Shareholder shall furnish to Webull in writing the SPAC Insider
Information (as defined in the Indemnity Letter Agreement) and to the extent permitted by law, shall indemnify Webull against losses resulting
from any untrue or alleged untrue statement of a material fact contained in any registration statement, prospectus or preliminary prospectus,
any issuer free writing prospectus, any Webull information that Webull has filed or is required to file pursuant to Rule 433(d) under
the Securities Act, any written communication with investor, or any omission or alleged omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading to the extent that such untrue statement or alleged untrue statement
or omission or alleged omission of a material fact are made in reliance upon any information or affidavit furnished in writing by such
Initial SKGR Shareholder expressly for use therein. Insofar as indemnification of liabilities arising under the Securities Act may be
permitted to executive officers and directors or persons controlling us pursuant to the foregoing provisions, we have been informed that,
in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registration Rights Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull entered into the Registration
Rights Agreement with the Initial SKGR Shareholders and the Existing Webull Shareholders. For <FONT STYLE="background-color: white">additional
information on the Registration Rights Agreement, please see below &ldquo;<I>&mdash; Related Party Transactions &mdash; Business Combination
Related Agreements &mdash; Registration Rights Agreement</I>,&rdquo; which is incorporated herein.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Warrant Assignment Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, SKGR,
Webull and Continental Stock Transfer &amp; Trust Company entered into the Warrant Assignment Assumption and Amendment Agreement, pursuant
to which, among other things, SKGR assigned to Webull, and Webull assumed, all of SKGR&rsquo;s rights, title, interests, and liabilities
and obligations in and under the Warrant Agreement, dated June 23, 2022, by and between SKGR and Continental Stock Transfer &amp; Trust
Company (the &ldquo;Existing Warrant Agreement&rdquo;). In connection with such assignment, each SKGR Warrant converted into a Webull
Warrant and each Webull Warrant shall continue to have and be subject to substantially the same terms and conditions as were provided
in the Existing Warrant Agreement. <FONT STYLE="background-color: white">For more information on the Webull Warrants, see &ldquo;</FONT><I>Description
of Securities and Articles of Association <FONT STYLE="background-color: white">&mdash;</FONT> Warrants&mdash; <FONT STYLE="background-color: white">Webull
Public Warrants and Webull Private Warrants.</FONT></I><FONT STYLE="background-color: white">&rdquo;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Incentive Warrant Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, Webull
and Continental Stock Transfer &amp; Trust Company entered into a warrant agreement (the &ldquo;Incentive Warrant Agreement&rdquo;), pursuant
to which, in connection with the Mergers and on the Closing Date, Webull issued to (i) each SKGR Shareholder (other than the Initial SKGR
Shareholders or any holder of SKGR treasury shares) one Incentive Warrant to purchase one Webull Class A Ordinary Share at an initial
price of $10.00 per share (subject to adjustment pursuant to the terms of the Incentive Warrant Agreement for capitalization, share dividends
or split-up) for each SKGR Class A Ordinary Share in respect of which the holder thereof did not validly exercise his or her redemption
right, and (ii) certain shareholders of Webull, an aggregate of 20,000,000 Webull Incentive Warrants. On June 30, 2025, Webull redeemed
all of the issued and outstanding Webull Incentive Warrants pursuant to the terms of the Incentive Warrant Agreement. Prior to the redemption,
a total of 20,453,945 Webull Incentive Warrants were exercised and each converted into one Webull Class A Ordinary Share at an exercise
price of $10.00 per share, resulting in aggregate gross proceeds to Webull of approximately $204.5 million. The remaining 459,144 Webull
Incentive Warrants that were not exercised on or prior to June 30, 2025 were redeemed at $0.01 per warrant.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Service Provider Subscription Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the consummation
of the Business Combination, Webull also executed two subscription agreements on April 29, 2025 with certain service providers pursuant
to which Webull issued 100,000 Webull Class A Ordinary Shares in satisfaction for certain of the fees and expenses that such service providers
had incurred. The Webull Class A Ordinary Shares were issued at a deemed $10.00 price per share and were issued pursuant to an exemption
from registration contained in Section 4(a)(2) of the Securities Act.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employment Agreements, Independent
Director Agreements and Indemnification Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull has entered into employment
agreements with each of the executive officers, independent director agreements with each of its non-employee directors and indemnification
agreements with each of its directors and officers. For <FONT STYLE="background-color: white">additional information on the employments
agreements, independent director agreements and the indemnification agreements, please see the section below entitled &ldquo;<I>&mdash;
Related Party Transactions &mdash; Company Relationships and Related Party Transactions &mdash; Employment Agreements, Independent Director
Agreements and Indemnification Agreements</I>,&rdquo; which is incorporated herein.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Related Party Transactions</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Business Combination Related Agreements</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registration Rights Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Closing Date, Webull, the Initial SKGR Shareholders and the
Existing Webull Shareholders entered into a registration rights agreement (the &ldquo;Registration Rights Agreement&rdquo;) pursuant to
which Webull granted the Initial SKGR Shareholders and the Existing Webull Shareholders, registration rights and committed to use commercially
reasonable efforts to file a resale shelf registration statement on Form F-3 following the Closing Date, once eligible to do so, if any
of the registrable securities proposed to be sold by a holder of registration rights may at that point not be sold unconditionally without
registration in any ninety (90) day period pursuant to Rule 144 promulgated under the Securities Act. As of the date of this prospectus,
holders of 334,870,669 Webull Ordinary Shares, being 73.5% of Webull&rsquo;s then issued and outstanding Webull Ordinary Shares, have
registration rights under the Registration Rights Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registration Rights Agreement
also provides that Webull will pay certain expenses relating to such registrations and indemnify the Initial SKGR Shareholders and the
applicable shareholders of Webull against certain liabilities. The rights granted under the Registration Rights Agreement supersede any
prior registration, qualification or similar rights of the parties with respect to the securities of Webull such parties held. For more
information, also see &ldquo;<I>Plan of Distribution</I>&rdquo; and <FONT STYLE="background-color: white">&ldquo;<I>Risk Factors </I></FONT><I>&mdash;
Risks Relating to Ownership of Securities of Webull and this Offering <FONT STYLE="background-color: white">&mdash; </FONT>The grant and
future exercise of registration rights may adversely affect the market price of Webull Securities&rdquo; </I>and see <I>&ldquo;Risk Factors
&mdash; Risks Relating to Ownership of Securities of Webull and this Offering &mdash; Future resales of Webull Ordinary Shares issued
to Webull shareholders and other significant shareholders may cause the market price of the Webull Class A Ordinary Shares to drop significantly,
even if Webull&rsquo;s business is doing well. Future resales of the Webull Private Warrants or Webull Incentive Warrants may also cause
the market price of the Webull Public Warrants or Webull Incentive Warrants to drop significantly, even if Webull&rsquo;s business is
doing well.&rdquo;</i></p>


<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Webull Pay Business Combination</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&nbsp;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 11, 2025, Webull entered
into a business combination agreement with Feather Sound II Inc., a direct wholly owned subsidiary of Webull, and Webull Pay (&ldquo;Webull
Pay&rdquo;), the parent company of Webull Pay LLC, pursuant to which Webull Pay will merge with and into Feather Sound II Inc., with Webull
Pay surviving as a direct wholly owned subsidiary of Webull (the &ldquo;Webull Pay Transaction&rdquo;). At the effective time of the Webull
Pay Transaction, (a) each Webull Pay ordinary share and preferred share issued and outstanding will be automatically cancelled and cease
to exist, and each Webull Pay shareholder will receive its portion of the Webull Pay Merger consideration, which consists of a combination
of Webull Class A Ordinary Shares and cash, and (b) each Webull Pay phantom share will be automatically cancelled and in exchange each
holder of Webull Pay phantom shares will receive a combination of Webull Class A Ordinary Shares and cash.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The closing the Webull Pay
Transaction is expected to take place in August, subject to satisfaction or waiver of customary conditions including, among other things,
that the representations and warranties of the parties are true, correct and complete as of the closing date, the performance by all parties
of their respective covenants, agreements, and obligations, and the receipt of all required approvals, licenses, consents, and filings
necessary to consummate the transaction.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Water Castle Az Inc, a British Virgin Islands company wholly-owned
by our founder and chief executive officer, Mr. Anquan Wang, and Webull Partners Limited, our share-award platform entity for certain
Webull employees, which includes certain of our officers and directors, each hold a significant interest in Webull Pay. As described in
more details in the business combination agreement, Webull expects to issue an aggregate total of 2,676,468 Webull Class A Ordinary Shares,
of which (i) 870,989 Webull Class A Ordinary Shares will be issued and $10,565,108.20 in cash will be paid to Water Castle Az Inc, and
(ii) 567,812 Webull Class A Ordinary Shares will be issued and $6,887,563.31 in cash will be paid to Webull Partners Limited, in each
case in exchange for their respective interests in Webull Pay.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A special committee of independent
directors consisting of William Houlihan and Walter Bishop was formed by the board of directors of Webull to evaluate and negotiate the
terms of the Webull Pay Transaction due to Mr. Anquan Wang&rsquo;s and Webull Partners Limited&rsquo;s respective interests in Webull
Pay. Pursuant to the mandate of the special committee, it was granted the power by the board of directors to approve and enter into a
definitive agreement in connection with the proposed Webull Pay Transaction. In addition, as a related party transaction, Webull&rsquo;s
audit committee (with Mr. Anquan Wang recusing himself) also reviewed and approved the Webull Pay Transaction in accordance with the terms
of its charter. The foregoing description of the Webull Pay Transaction is <font style="background-color: white">qualified by reference
to </font>the business combination agreement, which is filed as Exhibit 10.19 to the registration statement of which this prospectus forms
a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company expects to account for the merger using the acquisition
method of accounting. Webull has been determined as the &ldquo;legal&rdquo; and &ldquo;accounting&rdquo; acquirer and Webull Pay, Inc.,
as the acquiree.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Relationships and Related Party Transactions</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Employment Agreements, Independent
Director Agreements and Indemnification Agreements<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP></SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull has entered into employment
agreements with each of its executive officers. Webull may terminate employment for cause, at any time, without advance notice or remuneration,
for certain acts of the executive officer, such as conviction or plea of guilty to a felony or any crime involving moral turpitude, negligent
or dishonest acts to Webull&rsquo;s detriment, or misconduct or a failure to perform agreed duties. Webull may also terminate an executive
officer&rsquo;s employment without cause upon three-month advance written notice. In such case of termination by Webull, Webull will provide
severance payments to the executive officer as may be agreed between the executive officer and us. The executive officer may resign at
any time with a three-month advance written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each executive officer has
agreed to hold, both during and after the termination or expiry of his or her employment agreement, in strict confidence and not to use,
except as required in the performance of his or her duties in connection with the employment or pursuant to applicable law, any of Webull&rsquo;s
confidential information or trade secrets, any confidential information or trade secrets of Webull&rsquo;s customers or prospective customers,
or the confidential or proprietary information of any third-party received by Webull and for which Webull have confidential obligations.
The executive officers have also agreed to disclose in confidence to Webull all inventions, designs and trade secrets which they conceive,
develop or reduce to practice during the executive officer&rsquo;s employment with Webull and to assign all right, title and interest
in them to Webull, and assist Webull in obtaining and enforcing patents, copyrights and other legal rights for these inventions, designs
and trade secrets.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, each executive
officer has agreed to be bound by non-competition and non-solicitation restrictions during the term of his or her employment and typically
up to two years following the last date of employment. Specifically, each executive officer has agreed not to (i) approach Webull&rsquo;s
customers, service providers, suppliers or contacts or other persons or entities introduced to the executive officer in his or her capacity
as a representative of Webull for the purpose of doing business with such persons or entities that will harm Webull&rsquo;s business relationships
with these persons or entities; (ii) assume employment with or provide services to any of Webull&rsquo;s competitors, or engage, whether
as principal, partner, licensor or otherwise, any of Webull&rsquo;s competitors, without Webull&rsquo;s express consent; (iii) seek directly
or indirectly, to solicit the employment or services of, or hire or engage, any person who is known to be employed or engaged by Webull;
or (iv) otherwise interfere with Webull&rsquo;s business or accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull has entered into independent
director agreements with each of its non-employee directors. Each agreement provides for an initial one-year term, subject to automatic
renewal unless otherwise terminated in accordance with its terms. Either party may terminate the agreement at any time upon thirty (30)
days&rsquo; prior written notice to the other party, or such shorter period as may be mutually agreed. A director may resign at any time
by written notice, and Webull may remove a director in accordance with applicable law and Webull&rsquo;s governing documents. The agreements
do not provide for severance payments or other benefits upon termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each independent director
has agreed to hold, both during and after the termination of his or her appointment, in strict confidence and not to use, except as required
in the performance of his or her duties as a director or as required by applicable law, any of Webull&rsquo;s confidential information
or trade secrets, any confidential information or trade secrets of Webull&rsquo;s customers or prospective customers, or any confidential
or proprietary information of a third party received by Webull and for which Webull has confidentiality obligations. Each independent
director has also agreed to use such information solely in connection with his or her responsibilities as a director and to take reasonable
steps to prevent any unauthorized disclosure or use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, each independent
director has agreed to be bound by customary non-solicitation and non-interference covenants during the term of his or her appointment
and for a period of one year following the end of such appointment. Specifically, each independent director has agreed not to (i) solicit
or induce any employee, independent contractor, customer, supplier, or business partner of Webull to terminate or otherwise adversely
alter their relationship with Webull; (ii) engage in or assume a position with any business entity that is competitive with Webull, if
such engagement would result in a conflict of interest prohibited by Webull&rsquo;s policies; or (iii) take any action that would interfere
with or harm Webull&rsquo;s business operations, client relationships, or corporate opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull also has entered into
indemnification agreements with each of its directors and executive officers. Under these agreements, Webull agrees to indemnify the directors
and executive officers against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their
being a director or officer of Webull.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
of liabilities arising under the Securities Act may be permitted to executive officers and directors or persons controlling us pursuant
to the foregoing provisions, we have been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to promote the success
and enhance the value of the company, Webull has adopted the Global Plan. For additional information on the Global Plan, see &ldquo;<I>Directors
and Management &mdash; Global Plan</I>,&rdquo; which is incorporated herein.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Other Related Party Transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull had historically extended
interest-free loans to (i) Mr. Anquan Wang, its founder, chairman of the board and chief executive officer, and his family member, (ii)
Mr. Jun Yuan, (iii) Mr. Xinyu Yi, its former director and vice president, and (iv) Mr. Anthony Denier, chief executive officer of Webull
Financial, for capital contribution to the subsidiaries and personal use. These loans generally have indefinite terms, except for the
one extended to Mr. Xinyu Yi which has been repaid in full. As of the date of this prospectus, the outstanding balance amount for such
loans have been fully repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_015"></a>COMMITTED EQUITY FINANCING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On July 1, 2025, we entered
into the Purchase Agreement with the Selling Securityholder. The following summary of the terms of the Purchase Agreement is only a summary
and is qualified by reference to the Purchase Agreement, which is included as Exhibit 10.17 to this Registration Statement on Form F-1.
Pursuant to the Purchase Agreement, we have the right, but not the obligation, to sell to the Selling Securityholder up to $1,000,000,000
of Webull Class A Ordinary Shares, subject to certain limitations and conditions set forth in the Purchase Agreement, from time to time
during the term of the Purchase Agreement. Sales of our Webull Class A Ordinary Shares to the Selling Securityholder under the Purchase
Agreement, and the timing of any such sales, are at our option. In accordance with our obligations under the Purchase Agreement, we have
filed the registration statement of which this prospectus forms a part with the SEC to register under the Securities Act the resale by
the Selling Securityholder of up to 75,159,236 Webull Class A Ordinary Shares, consisting of 159,236 Commitment Shares that we issued
to the Selling Securityholder as payment of a commitment fee for the Selling Securityholder&rsquo;s obligations under the Purchase Agreement,
and 75,000,000 Webull Class A Ordinary Shares that we have registered for resale in connection with the registration statement of which
this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not have the right to
commence any sales of our Webull Class A Ordinary Shares to the Selling Securityholder under the Purchase Agreement until the date on
which all of the conditions to the Selling Securityholder&rsquo;s purchase obligation set forth in the Purchase Agreement have been satisfied,
including that the registration statement of which this prospectus forms a part be declared effective by the SEC and the final form of
this prospectus is filed with the SEC. Upon the satisfaction of the conditions to the Selling Securityholder&rsquo;s purchase obligation
set forth in the Purchase Agreement, we may, from time to time, until 36 months following the date of the Purchase Agreement, direct the
Selling Securityholder to purchase a specified amount of our Webull Class A Ordinary Shares (each such sale, an &ldquo;Advance&rdquo;)
by delivering written notice to the Selling Securityholder (each, an &ldquo;Advance Notice&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any proceeds
from the sale of the securities by the Selling Securityholder. However, any Webull Class A Ordinary Shares sold by Webull to the Selling
Securityholder pursuant to the terms of the Purchase Agreement and issued pursuant to an exemption from registration contained in Section&nbsp;4(a)(2)
of the Securities Act will be sold to the Selling Securityholder at a variable price determined pursuant to the terms of the Purchase
Agreement. The Purchase Price will be calculated pursuant to the Purchase Agreement by multiplying the Market Price by 97.50%, and will
in any event be no less than the $0.00001 par value per Webull Class A Ordinary Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &ldquo;Market Price&rdquo;
will be determined pursuant to the Purchase Agreement and will equal to the volume weighted average price of the Webull Class A Ordinary
Shares as reported by Bloomberg L.P. through its &ldquo;AQR&rdquo; function (the &ldquo;VWAP&rdquo;) of the Ordinary Shares during the
relevant Pricing Period (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Pricing Period&rdquo;
means the period on an applicable date commencing with the receipt by Webull of written confirmation that the Selling Securityholder has
received a written notice by Webull setting forth the number of Webull Class A Ordinary Shares that Webull desires to issue and sell to
the Selling Securityholder, and ending at 4:00 p.m. New York City time on the same trading day (unless otherwise agreed by Webull and
the Selling Securityholder, or such a Pricing Period is terminated pursuant to the terms of the Purchase Agreement), <I>provided however</I>,
the Selling Securityholder may delay the commencement of such Pricing Period until such time that the Selling Securityholder has received
confirmation that the transfer agent of Webull has credited the Selling Securityholder&rsquo;s account (or its designee&rsquo;s account)
at DTC through its Deposit Withdrawal at Custodian System (or by such other means of delivery as may be mutually agreed upon by the parties
to the Purchase Agreement) with a number of Webull Class A Ordinary Shares equal to the number of Webull Class A Ordinary Shares that
Webull elects to sell to the Selling Securityholder, in which case such Pricing Period shall commence upon receipt by Webull of written
confirmation (which may be by e-mail) of receipt of such Webull Class A Ordinary Shares by the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no upper limit on
the subscription price per share that the Selling Securityholder could be obligated to pay for our Webull Class A Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the total number of Webull
Class A Ordinary Shares traded during the Pricing Period is less than the Volume Threshold, then the number of Webull Class A Ordinary
Shares issued and sold pursuant to an Advance Notice shall be reduced to the greater of (a) 30% of the trading volume of the Webull Class
A Ordinary Shares on Nasdaq during such Pricing Period as reported by Bloomberg L.P., or (b) the number of Webull Class A Ordinary Shares
sold by the Selling Securityholder during such Pricing Period, but in each case not to exceed the amount requested in the Advance Notice.
The &ldquo;Volume Threshold&rdquo; means a number of Webull Class A Ordinary Shares equal to the quotient of (a) the number of Webull
Class A Ordinary Shares requested to be sold by the Company in an Advance Notice divided by (b) 0.30.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will control the timing
and amount of any sales of Webull Class A Ordinary Shares to the Selling Securityholder. Actual sales of our Webull Class A Ordinary Shares
to the Selling Securityholder under the Purchase Agreement will depend on a variety of factors to be determined by us from time to time,
which may include, among other things, market conditions, the trading price of our Webull Class A Ordinary Shares and determinations by
us as to the appropriate sources of funding for our business and operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
will not be obligated to subscribe to any Webull Class A Ordinary Shares under the Purchase Agreement which, when aggregated with all
other shares then beneficially owned by the Selling Securityholder and its affiliates (as calculated pursuant to Section 13(d) of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and Rule 13d-3 promulgated thereunder), would result in
the beneficial ownership by the Selling Securityholder and its affiliates to exceed 4.99% of the outstanding voting power or number of
our Webull Class A Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The net proceeds under the
Purchase Agreement to us will depend on the frequency and prices at which we sell Webull Class A Ordinary Shares to the Selling Securityholder.
We expect that any proceeds received by us from such sales to the Selling Securityholder will be used for working capital and general
corporate purposes. For more information, also see the section entitled &ldquo;<I>Use of Proceeds</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As consideration for the Selling
Securityholder&rsquo;s commitment to purchase Webull Class A Ordinary Shares at our direction upon the terms and subject to the conditions
set forth in the Purchase Agreement, we agreed to pay the Selling Securityholder, (i) a structuring fee in the amount of $25,000 and (ii)
159,236 Commitment Shares. The Commitment Shares reflect a number of Webull Class A Ordinary Shares that is equal to 0.20% of the 1,000,000,000
Commitment Amount divided by the last closing price of the Webull Class A Ordinary Shares as of the date of signing of the Purchase Agreement
(on July 1, 2025, the last reported prices of the Webull Class A Ordinary Shares, as reported on the Nasdaq, was $12.56).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Agreement contains
customary representations, warranties, conditions and indemnification obligations of the parties. The representations, warranties and
covenants contained in such agreements were made only for purposes of such agreements and as of specific dates, were solely for the benefit
of the parties to such agreements and may be subject to limitations agreed upon by the contracting parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not effect any sales
under the Purchase Agreement and the Selling Securityholder will not have any obligation to purchase Webull Class A Ordinar Shares under
the Purchase Agreement to the extent that after giving effect to such purchase and sale the aggregate number of Webull Class A Ordinary
Shares issued under the Purchase Agreement together with any Webull Class A Ordinary Shares issued in connection with any other transactions
that may be considered part of the same series of transactions, where the number of shares issued would exceed the Exchange Cap representing
19.99% of our issued and outstanding Webull Ordinary Shares (including Webull Class A Ordinary Shares and Webull Class B Ordinary Shares
on as-converted basis). Thus, we may not have access to the right to sell the full $1,000,000,000 shares of Webull Class A Ordinary Shares
to the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 31.5pt">Unless (i) Webull obtains shareholder approval
pursuant to Nasdaq Rule 5635(d) to issue Webull Class A Ordinary Shares in excess of the Exchange Cap, or (ii) takes actions required
pursuant to Nasdaq Rule 5615(a)(3) to duly and validly rely on an exemption for foreign private issuers from applicable rules and regulations
of Nasdaq (as defined herein) by adopting a home country practice that allows Webull to issue Webull Class A Ordinary Shares to the Selling
Securityholder in connection with the Purchase Agreement without regard to the limitations imposed by Nasdaq Rule 5635(d), Webull may
not effect any sales under the Purchase Agreement to the extent that after giving effect to such sales the aggregate number of Webull
Class A Ordinary Shares issued under the Purchase Agreement together with any Webull Ordinary Shares issued in connection with any other
transactions that may be considered part of the same series of transactions, where the number of shares issued would exceed 96,891,594
Webull Ordinary Shares, i.e. the number of shares representing 19.99% of Webull&rsquo;s outstanding Webull Ordinary Shares (including
Webull Class A Ordinary Shares and Webull Class B Ordinary Shares on an as converted basis) as of the date of execution of the Purchase
Agreement, subject to certain limited exceptions. If Webull obtains shareholder approval to issue Webull Class A Ordinary Shares in excess
of the Exchange Cap or takes actions to adopt a home country practice that would allow Webull to issue Webull Class A Ordinary Shares
to the Selling Securityholder in connection with the Purchase Agreement without regard to the limitations imposed by Nasdaq Rule 5635(d),
in each case as described above, Webull may register the resale by the Selling Securityholder of additional Webull Class A Ordinary Shares
sold by Webull to the Selling Securityholder pursuant to the Purchase Agreement by filing a post-effective amendment to the registration
statement of which this prospectus forms a part or by filing one or more additional registration statements. Therefore, the 75,159,236
Webull Class A Ordinary Shares registered for resale under this prospectus are not all of the Webull Class A Ordinary Shares that may
be sold pursuant to the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not know what the subscription
price for the Webull Class A Ordinary Shares will be and therefore cannot be certain as to the number of Webull Class A Ordinary Shares
we might issue to the Selling Securityholder under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide more information
about how the Selling Securityholder may sell or otherwise dispose of the Webull Class A Ordinary Shares offered for resale pursuant to
this prospectus in the section entitled &ldquo;<I>Plan of Distribution</I>.&rdquo; We will bear all costs, expenses, and fees in connection
with the registration of the Webull Class A Ordinary Shares offered hereby. The Selling Securityholder will receive all commissions and
discounts, if any, attributable to its sales of the Webull Class A Ordinary Shares offered hereby. Though we have been advised by Selling
Securityholder and the Selling Securityholder represents in the Purchase Agreement, that the Selling Securityholder is purchasing the
Webull Class A Ordinary Shares for its own account, for investment purposes in which it takes investment risk (including, without limitation,
the risk of loss), and without any view or intention to distribute such shares in violation of the Securities Act or any other applicable
securities laws, the Selling Securityholder is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act
and any profits on the sales of shares of the Webull Class A Ordinary Shares by the Selling Securityholder and any discounts, commissions
or concessions received by the Selling Securityholder are deemed to be underwriting discounts and commissions under the Securities Act.
Please see the section of this prospectus entitled &ldquo;<I>Selling Securityholder</I>&rdquo; for additional information regarding the
Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As further described
below under &ldquo;&mdash;<I>Effect of Sales of Webull Class A Ordinary Shares under the Purchase Agreement on
Securityholders</I>&rdquo; and in other sections of this prospectus, there are substantial risks to stockholders as a result of the
sale and issuance of the Webull Class A Ordinary Shares to the Selling Securityholder under the Purchase Agreement. These risks
include the potential for substantial dilution and significant declines in the share price of our securities. See &ldquo;<I>Risk
Factors</I>&rdquo; beginning on page 11 of this prospectus for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Conditions to Each Advance</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder&rsquo;s
obligation to accept Advance Notices that are timely delivered by us under the Purchase Agreement is subject to the satisfaction, at the
applicable date of delivery of an Advance Notice, of certain conditions, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD STYLE="text-align: justify"><U>Accuracy of the Company&rsquo;s Representations and Warranties</U>. The representations and warranties of Webull in the Purchase
Agreement shall be true and correct in all material respects as of date Webull is deemed to have delivered an Advance Notice to the Selling
Securityholder, subject to the terms of the Purchase Agreement (except to the extent such representations and warranties are as of another
date, such representations and warranties shall be true and correct as of such other date).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD STYLE="text-align: justify"><U>Registration of the Ordinary Shares with the SEC</U>. There is an effective registration statement pursuant to which the Selling
Securityholder is permitted to utilize the prospectus thereunder to resell all of the Webull Class Ordinary Shares issuable pursuant to
such Advance Notice.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD STYLE="text-align: justify"><U>Authority</U>. Webull shall have obtained all permits and qualifications required by any applicable state for the offer and sale
of all the Webull Class A Ordinary Shares issuable pursuant to an Advance Notice or shall have the availability of exemptions therefrom.
The sale and issuance of such Ordinary Shares shall be legally permitted by all laws and regulations to which Webull is subject.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -31.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(iv)</TD><TD STYLE="text-align: justify"><U>No Material Outside Event</U>. No Material Outside Event (as defined in the Purchase Agreement) shall have occurred and be continuing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(v)</TD><TD STYLE="text-align: justify"><U>Board</U>. (I) The board of directors of Webull has approved the transactions contemplated by the Transaction Documents (as defined
in the Purchase Agreement), (II) said approval has not been amended, rescinded or modified and remains in full force and effect as of
the date hereof, and (III) a true, correct and complete copy of such resolutions duly adopted by the board of directors of Webull shall
have been provided to the Selling Securityholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vi)</TD><TD STYLE="text-align: justify"><U>Performance by the Company</U>. Webull shall have performed, satisfied and complied in all respects with all covenants, agreements
and conditions required by the Purchase Agreement to be performed, satisfied or complied with by Webull at or prior the applicable Condition
Satisfaction Date (as defined in the Purchase Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(vii)</TD><TD STYLE="text-align: justify"><U>No Injunction</U>. No statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered,
promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits or materially and adversely affects
any of the transactions contemplated by the Transaction Documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(viii)</TD><TD STYLE="text-align: justify"><U>No Suspension of Trading in or Delisting of Ordinary Shares</U>. (I) Trading in the Webull Class A Ordinary Shares shall not have
been suspended by the SEC, the Principal Market or FINRA, (II) Webull shall not have received any final or non-appealable notice that
the listing or quotation of the Webull Class A Ordinary Shares on the Principal Market shall be terminated on a date certain (unless,
prior to such date certain, the Webull Class A Ordinary Shares are listed or quoted on any subsequent Principal Market (as defined in
the Purchase Agreement)), nor shall there have been imposed any suspension of, or restriction on, accepting additional deposits of the
Webull Class A Ordinary Shares, electronic trading or book-entry services by DTC with respect to the Webull Class A Ordinary Shares that
is continuing, and (III) Webull shall not have received any notice from DTC to the effect that a suspension of, or restriction on, accepting
additional deposits of the Webull Class A Ordinary Shares, electronic trading or book-entry services by DTC with respect to the Webull
Class A Ordinary Shares is being imposed or is contemplated (unless, prior to such suspension or restrictions, DTC shall have notified
the Company in writing that DTC has determined not to impose any such suspension or restriction), and (IV) all of the Webull Class A Ordinary
Shares issuable pursuant to the applicable Advance Notice shall be eligible for deposit at the brokerage account provided by the Selling
Securityholder for the delivery of such Webull Class A Ordinary Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(ix)</TD><TD STYLE="text-align: justify"><U>Authorized</U>. All of the Webull Class A Ordinary Shares issuable pursuant to an applicable Advance Notice shall have been duly
authorized by all necessary corporate action of Webull. All Webull Class A Ordinary Shares relating to any prior Advance Notices required
to have been received by the Selling Securityholder under the Purchase Agreement shall have been delivered to the Selling Securityholder
in accordance with the Purchase Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(x)</TD><TD STYLE="text-align: justify"><U>Executed Advance Notice</U>. The representations contained in any Advance Notice shall be true and correct in all material respects
as of the applicable Condition Satisfaction Date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0 0pt 49.5pt; text-indent: -31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(xi)</TD><TD STYLE="text-align: justify"><U>Material Non-Public Information</U>. Neither the Company nor the Selling Securityholder shall be in possession of any material
non-public information regarding the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Termination of the Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless earlier terminated
as provided in the Purchase Agreement, the Purchase Agreement will terminate automatically on the earliest to occur of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify">&nbsp;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">&#9679;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">36 months following the date of the Purchase Agreement; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</TD>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">the date on which the Selling Securityholder shall have purchased Webull Class A Ordinary Shares under the Purchase Agreement for an aggregate gross purchase price equal to $1,000,000,000;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have the right to
terminate the Purchase Agreement at any time, at no cost or penalty, upon two (2) trading days&rsquo; prior written notice to the Selling
Securityholder, provided that there are no outstanding Advance Notices under which we are to issue Webull Class A Ordinary Shares.</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We and the Selling Securityholder
may also agree to terminate the Purchase Agreement by mutual written consent. Neither we nor the Selling Securityholder may assign or
transfer their respective rights and obligations under the Purchase Agreement, and no provision of the Purchase Agreement may be modified
or waived by us or the Selling Securityholder other than by an instrument in writing signed by both parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>No Short-Selling by the Selling Securityholder</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
has agreed that it and its affiliates will not engage in any short sales during the term of the Purchase Agreement with respect to the
Webull Class A Ordinary Shares. The Purchase Agreement stipulates that the Selling Securityholder may sell our Webull Class A Ordinary
Shares to be issued pursuant to an Advance Notice, following receipt of the Advance Notice, but prior to receiving such shares and may
sell other Webull Class A Ordinary Shares acquired pursuant to the Purchase Agreement that the Selling Securityholder has continuously
held from a prior date of acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Effect of Sales of Webull Class A Ordinary
Shares under the Purchase Agreement on Securityholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All Webull Class A Ordinary Shares that may be issued or sold by us
to the Selling Securityholder under the Purchase Agreement, when registered under the Securities Act for resale by the Selling Securityholder
in this offering are expected to be freely tradable. The Webull Class A Ordinary Shares being registered for resale in this offering may
be issued and sold by us to the Selling Securityholder from time to time at its discretion over the term of the Purchase Agreement. The
Webull Class A Ordinary Shares offered for resale pursuant to this prospectus represent a substantial percentage of our total issued and
outstanding securities and our public float. In fact, the Webull Ordinary Shares offered for resale pursuant to this prospectus represent
approximately 15.50% of the Webull Ordinary Shares issued and outstanding as of the date of this prospectus. The resale by the Selling
Securityholder of a significant amount of shares registered for resale at any given time, or the perception that such sales may occur,
could cause the market price of our Webull Class A Ordinary Shares and Webull Public Warrants to decline significantly and to be highly
volatile. The frequency of sales by the Selling Securityholder could also cause the market price of our securities to decline or increase
the volatility in the market price of our securities. Sales of shares of our Webull Class A Ordinary Shares, if any, to the Selling Securityholder
under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may ultimately decide to
sell to the Selling Securityholder all, some or none of the shares of our Webull Class A Ordinary Shares that may be available to sell
to the Selling Securityholder pursuant to the Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If and when we do elect to
sell Webull Class A Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement, the Selling Securityholder may resell
all, some or none of such shares in its discretion and at different prices subject to the terms of the Purchase Agreement. We do not know
when or in what amount the Selling Securityholder will sell its securities hereunder following the effective date of the registration
statement of which this prospectus forms a part. We do not know how long the Selling Securityholder will hold the Webull Class A Ordinary
Shares before selling them, and we are not aware of any existing arrangements between the Selling Securityholder and any other shareholder,
broker, dealer, underwriter, or agent relating to the sale or distribution of the Webull Class A Ordinary Shares being offered for resale
by this prospectus. The issuance, if any, of Webull Class A Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement
will not affect the rights or privileges of our existing shareholders, except that the economic and voting interests of each of our existing
shareholders would be diluted. Although the number of shares that existing shareholders own would not decrease as a result of sales, if
any, under the Purchase Agreement, the shares owned by our existing shareholders would represent a smaller percentage of our total outstanding
Webull Class A Ordinary Shares after any such issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result, investors who
purchase shares from the Selling Securityholder in this offering at different times will likely pay different prices for those shares,
and so may experience different levels of dilution and in some cases substantial dilution and different outcomes in their investment results.
Investors may experience a decline in the value of the shares they purchase from the Selling Securityholder in this offering as a result
of future sales made by us to the Selling Securityholder at prices lower than the prices such investors paid for their shares. In addition,
if we sell a substantial number of shares to the Selling Securityholder under the Purchase Agreement, or if investors expect that we will
do so, the actual sales of shares or the mere existence of the Purchase Agreement arrangement with the Selling Securityholder may make
it more difficult for us to sell equity or equity-related securities in the future at a desirable time and price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Securityholder for the shares that we may elect to sell to the Selling Securityholder under the Purchase
Agreement, if any, will fluctuate based on the market price of our Webull Class A Ordinary Shares during the applicable Pricing Period,
as of the date of this prospectus, we cannot reliably predict the number of Webull Class A Ordinary Shares that we will sell to the Selling
Securityholder under the Purchase Agreement, the actual purchase price per Webull Class A Ordinary Share to be paid by the Selling Securityholder
for those shares, or the actual gross proceeds to be raised by us from those sales, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, despite a potential decline in the public trading price of
our securities, the Selling Securityholder may still experience a positive rate of return on the securities they purchased and may have
an incentive to sell due to the differences in the purchase prices for the Webull Class A Ordinary Shares and the public trading price
of our Webull Class A Ordinary Shares. Our public securityholders may not experience a similar rate of return on the securities they purchased
due to differences in their purchase prices and the current trading price. The Selling Securityholder is deemed to have purchased the
Commitment Shares at $12.56 per share and therefore, upon a sale, based on the last reported trading price of the Webull Class A Ordinary
Shares on July 21, 2025 of $14.62, the Selling Securityholder may experience a potential profit of approximately $2.08 per Commitment
Share it holds. Further, as described in more detail above, Webull will be selling Webull Class A Ordinary Shares to the Selling Securityholder
pursuant to the Purchase Agreement at variable prices and at a 2.5% discount to the Market Price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus, Webull had (i) 401,758,855 Webull
Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and outstanding, and (ii) 9,675,386 Webull Warrants issued
and outstanding. Webull also has 44,400,984 Webull Class A Ordinary Shares reserved for issuance pursuant to its Global Plan (as defined
herein).</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Potential sales by our significant
shareholders could also have a significant negative impact on the market price of our securities while sales to and by the Selling Securityholder
under the Purchase Agreement occur. Immediately following the consummation of the Business Combination, 455,599,003 Webull Ordinary Shares
(including 82,988,016 Webull Class B Ordinary Shares) were held by the Existing Webull Shareholders and were subject to the transfer restrictions
in the Webull Articles and 3,892,884 Webull Ordinary Shares were held by the Initial SKGR Shareholders and certain non-redemption agreement
investors and were subject to the transfer restrictions in the Auxo Support Agreement. However, certain lock-up restrictions entered into
in connection with the Business Combination will expire one year after the Closing Date (with respect to the Webull Ordinary Shares held
by the Initial SKGR Shareholders and certain non-redemption agreement investors) and one hundred eighty days after the Closing Date (with
respect to Webull Ordinary Shares held by Existing Webull Shareholders). The lock-up restrictions described in the foregoing are subject
to specified exceptions that may result in earlier transfers or releases of such securities. For instance, the release of Webull Class
A Ordinary Shares from the transfer restrictions may occur if the Webull Class A Ordinary Shares trade above $12.00 for twenty (20) trading
days within a thirty (30)-trading day period. For more information on securities eligible for future sale, including securities not covered
by this resale prospectus and the different resale options that certain of our shareholders may have with respect to the securities that
are currently subject to transfer restrictions as described in the foregoing, see the section entitled &ldquo;<I>Securities Eligible for
Future Sale</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_016"></a>DESCRIPTION OF SECURITIES AND ARTICLES OF
ASSOCIATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The following description
of the material terms of the securities of Webull includes a summary of specified provisions of the Webull Articles. This description
is qualified by reference to the Webull Articles filed as Exhibit 3.1 to the registration statement of which this prospectus forms a part,
and all capitalized terms used in this section are as defined in the Webull Articles, unless elsewhere defined herein.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is a Cayman Islands
exempted company with limited liability and its affairs are governed by the Webull Articles, the Cayman Companies Act, and the common
law of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Articles authorize the issuance of up to 4,000,000,000 Class
A Ordinary Shares of par value of US$0.00001 each and 1,000,000,000 Class B Ordinary Shares of par value of US$0.00001 each. As of the
date of this prospectus, Webull has 401,758,855 Webull Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and
outstanding. All Webull Ordinary Shares issued and outstanding are fully paid and non-assessable.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Webull Articles</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following are summaries
of material provisions of the Webull Articles and the Cayman Companies Act insofar as they relate to the material terms of the Webull
Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Objects of the Company.
</I>Under the Webull Articles, the objects of the company are unrestricted and Webull has the full power and authority to carry out any
object not prohibited by the Cayman Islands law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Ordinary Shares. </I>Webull&rsquo;s
ordinary shares are divided into Webull Class A Ordinary Shares and Webull Class B Ordinary Shares. Holders of Webull&rsquo;s Class A
Ordinary Shares and Webull Class B Ordinary Shares have the same rights except for voting and conversion rights. Webull&rsquo;s Ordinary
Shares are issued in registered form and are issued when registered in the books and records of Webull&rsquo;s registrar and transfer
agent, Continental Stock Transfer &amp; Trust Company. Webull may not issue shares to bearer. Webull&rsquo;s shareholders who are non-residents
of the Cayman Islands may freely hold and vote their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Conversion. </I>Webull
Class B Ordinary Shares may be converted into the same number of Webull Class A Ordinary Shares by the holders thereof at any time, while
Webull Class A Ordinary Shares cannot be converted into Webull Class B Ordinary Shares under any circumstances. Upon any sale, transfer,
assignment or disposition of Webull Class B Ordinary Shares by a holder thereof to any person other than holders of Webull Class B Ordinary
Shares or their affiliates, or upon a change of ultimate beneficial ownership of any Webull Class B Ordinary Share to any person who is
not an affiliate of the holder thereof, such Webull Class B Ordinary Shares shall be automatically and immediately converted into the
same number of Webull Class A Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Dividends. </I>The holders
of Webull Ordinary Shares are entitled to such dividends as may be declared by Webull&rsquo;s board of directors or declared by Webull&rsquo;s
shareholders by ordinary resolution (provided that no dividend may be declared by Webull&rsquo;s shareholders which exceeds the amount
recommended by the directors). The Webull Articles state that dividends may be declared and paid out of the funds of Webull lawfully available
therefor. Under the laws of the Cayman Islands, the company may pay a dividend out of either profit or share premium account, provided
that in no circumstances may a dividend be paid if this would result in the company being unable to pay its debts as they fall due in
the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Voting Rights. </I>Holders
of Webull Class A Ordinary Share and Webull Class B Ordinary Share shall, at all times, vote together as one class on all matters submitted
to a vote by Webull&rsquo;s shareholders at any general meeting of the company. Each Webull Class A Ordinary Share shall be entitled to
one vote on all matters subject to the vote at general meetings of the company, and each Webull Class B Ordinary Share shall be entitled
to 20 votes on all matters subject to the vote at general meetings of the company. A resolution put to the vote of the meeting shall be
decided on a poll and not on a show of hands. A poll may be demanded by the chairperson of such meeting or any one shareholder having
the right to vote on the resolution present in person or by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An ordinary resolution to
be passed at a meeting by the shareholders requires the affirmative vote of a simple majority of the votes attaching to the ordinary shares
cast at a meeting, while a special resolution requires the affirmative vote of no less than two-thirds of the votes cast at a meeting.
A special resolution will be required for important matters such as a change of name or making changes to the Webull Articles. A special
resolution may also be passed by a unanimous written resolution signed by all the shareholders of the company and an ordinary resolution
also includes a written resolution passed by the requisite majority in accordance with the Webull Articles, as permitted by the Cayman
Companies Act and the Webull Articles. Webull&rsquo;s shareholders may, among other things, divide or combine their shares by ordinary
resolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>General Meetings of Shareholders.
</I>As a Cayman Islands exempted company, Webull is not obliged by the Cayman Companies Act to call shareholders&rsquo; annual general
meetings. The Webull Articles provide that it may (but is not obliged to) in each year hold a general meeting as Webull&rsquo;s annual
general meeting in which case Webull shall specify the meeting as such in the notices calling it, and the annual general meeting shall
be held at such time and place as may be determined by the directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders&rsquo; general
meetings may be convened by a majority of Webull&rsquo;s board of directors. Advance notice of at least ten calendar days is required
for the convening of Webull&rsquo;s annual general shareholders&rsquo; meeting (if any) and any other general meeting of Webull&rsquo;s
shareholders. A quorum required for any general meeting of shareholders consists of at least one shareholder present or by proxy, representing
not less than one-third of all votes attaching to the issued and outstanding shares in the company entitled to vote at general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cayman Companies Act provides
shareholders with only limited rights to requisition a general meeting, and does not provide shareholders with any right to put any proposal
before a general meeting. However, these rights may be provided in a company&rsquo;s articles of association. The Webull Articles provide
that upon the written requisition of any one or more of Webull&rsquo;s shareholders who together hold shares which carry in aggregate
not less than one-third of all votes attaching to the issued and outstanding shares of the company that as at the date of the deposit
carry the right to vote at general meetings of the company, Webull&rsquo;s board will convene an extraordinary general meeting and put
the resolutions so requisitioned to a vote at such meeting. However, the Webull Articles do not provide Webull&rsquo;s shareholders with
any right to put any proposals before annual general meetings or extraordinary general meetings not called by such shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Transfer of Ordinary Shares.
</I>Subject to the restrictions set out in the Webull Articles as set out below, any of Webull&rsquo;s shareholders may transfer all or
any of his or her ordinary shares by an instrument of transfer in the usual or common form or any other form approved by Webull&rsquo;s
board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors may,
in its absolute discretion, decline to register any transfer of any ordinary share which is not fully paid up or on which Webull has a
lien. The board of directors may also decline to register any transfer of any ordinary share unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is lodged with Webull, accompanied by the certificate (if any) for the ordinary
shares to which it relates and such other evidence as the board of directors may reasonably require to show the right of the transferor
to make the transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is in respect of only one class of shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the instrument of transfer is properly stamped, if required;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">in the case of a transfer to joint holders, the number of joint holders to whom the ordinary share is
to be transferred does not exceed four; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a fee of such maximum sum as Nasdaq may determine to be payable or such lesser sum as the directors may
from time to time require is paid to Webull in respect thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the directors refuse to
register a transfer they shall, within three calendar months after the date on which the instrument of transfer was lodged, send to each
of the transferor and the transferee notice of such refusal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The registration of transfers
may, on ten calendar days&rsquo; notice being given by advertisement in such one or more newspapers, by electronic means or by any other
means in accordance with the rules of Nasdaq, be suspended and the register closed at such times and for such periods as the board of
directors may from time to time determine, provided, however, that the registration of transfers shall not be suspended nor the register
closed for more than 30 calendar days in any calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, subject to certain
exceptions set forth in the Webull Articles, during the Lock-Up Period, the Lock-Up Shareholders shall not transfer any Lock-Up Shares;
<I>provided</I> that, notwithstanding the foregoing, each Lock-Up Shareholder may transfer Lock-Up Shares held by such Lock-Up Shareholder
with the prior written consent of a majority of the Directors then in office or a duly authorized committee of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Liquidation. </I>On the
winding up of the company, if the assets available for distribution amongst Webull&rsquo;s shareholders shall be more than sufficient
to repay the whole of the share capital at the commencement of the winding up, the surplus shall be distributed amongst Webull&rsquo;s
shareholders in proportion to the par value of the shares held by them at the commencement of the winding up, subject to a deduction from
those shares in respect of which there are monies due, of all monies payable to the company for unpaid calls or otherwise. If Webull&rsquo;s
assets available for distribution are insufficient to repay all of the share capital, such assets shall be distributed so that, as nearly
as may be, the losses are borne by Webull&rsquo;s shareholders in proportion to the par value of the shares held by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Calls on Shares and Forfeiture
of Shares. </I>The board of directors may from time to time make calls upon shareholders for any moneys unpaid on their shares in a notice
served to such shareholders at least fourteen calendar days prior to the specified time and place of payment. The shares that have been
called upon and remain unpaid are subject to forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption, Repurchase
and Surrender of Shares. </I>Webull may issue shares on terms that such shares are subject to redemption, at Webull&rsquo;s option or
at the option of the holders of these shares, on such terms and in such manner as may be determined, before the issue of such shares,
by either the board of directors or by Webull&rsquo;s shareholders by special resolution. The company may also repurchase any of Webull&rsquo;s
shares on such terms and in such manner as have been approved by the board of directors or by an ordinary resolution of Webull&rsquo;s
shareholders. Under the Cayman Companies Act, the redemption or repurchase of any share may be paid out of the Company&rsquo;s profits
or out of the proceeds of a new issue of shares made for the purpose of such redemption or repurchase, or out of capital (including share
premium account and capital redemption reserve) if the company can, immediately following such payment, pay its debts as they fall due
in the ordinary course of business. In addition, under the Cayman Companies Act no such share may be redeemed or repurchased (a) unless
it is fully paid up, (b) if such redemption or repurchase would result in there being no shares outstanding or (c) if the company has
commenced liquidation. In addition, the company may accept the surrender of any fully paid share for no consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Variations of Rights of
Shares.</I> If at any time, Webull&rsquo;s share capital is divided into different classes of shares, the rights attached to any class
of shares, subject to any rights or restrictions for the time being attached to any class of shares, may be varied (including where the
rights are materially adversely varied) with the consent in writing of the holders holding not less than two-thirds of the issued shares
of that class or with the sanction of a special resolution passed by a majority of the votes cast at a separate meeting of the holders
of the shares of the class. The rights conferred upon the holders of the shares of any class issued with preferred or other rights shall
not, subject to any rights or restrictions for the time being attached to the shares of that class, be deemed to be varied by, inter alia,
the creation, allotment or issue of further shares ranking <I>pari passu</I> with or subsequent to them or the redemption or purchase
of any shares of any class by the company. The rights of the holders of shares shall not be deemed to be varied by the creation or issue
of shares with preferred or other rights including, without limitation, the creation of shares with enhanced or weighted voting rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Issuance of Additional
Shares. </I>The Webull Articles authorize Webull&rsquo;s board of directors to issue additional ordinary shares from time to time as the
board of directors shall determine, to the extent of available authorized but unissued shares, without the need for any approval or consent
from Webull&rsquo;s shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Articles also authorize
Webull&rsquo;s board of directors to establish from time to time one or more series of preference shares and to determine, with respect
to any series of preference shares, the terms and rights of that series, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the designation of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the number of shares of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the dividend rights, dividend rates, conversion rights, voting rights; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the rights and terms of redemption and liquidation preferences.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The board of directors may
issue preference shares without action by Webull&rsquo;s shareholders to the extent authorized but unissued. Issuance of these shares
may dilute the voting power of holders of ordinary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Inspection of Books and
Records. </I>Holders of Webull&rsquo;s ordinary shares will have no general right under Cayman Islands law to inspect or obtain copies
of Webull&rsquo;s list of shareholders or Webull&rsquo;s corporate records (save for Webull&rsquo;s memorandum and articles of association,
Webull&rsquo;s register of mortgages and charges and any special resolutions of Webull&rsquo;s shareholders). However, Webull will provide
Webull&rsquo;s shareholders with annual audited financial statements. We also may, but are not required to, furnish to the SEC, on Form
6-K, unaudited financial information after each of our first three fiscal quarters. The SEC maintains a website at http://www.sec.gov
that contains reports and other information that the Company files with or furnishes electronically to the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Anti-Takeover Provisions.
</I>Some provisions of the Webull Articles may discourage, delay or prevent a change of control of the company or management that shareholders
may consider favorable, including provisions that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">authorize Webull&rsquo;s board of directors to issue preference shares in one or more series and to designate
the price, rights, preferences, privileges and restrictions of such preference shares without any further vote or action by Webull&rsquo;s
shareholders; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">limit the ability of shareholders to requisition and convene general meetings of shareholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, under Cayman Islands
law, the directors may only exercise the rights and powers granted to them under the Webull Articles for a proper purpose and for what
they believe in good faith to be in the best interests of the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exempted Company. </I>Webull
is an exempted company with limited liability under the Cayman Companies Act. The Cayman Companies Act distinguishes between ordinary
resident companies and exempted companies. Any company that is registered in the Cayman Islands but conducts business mainly outside of
the Cayman Islands may apply to be registered as an exempted company. The requirements for an exempted company are essentially the same
as for an ordinary company except that an exempted company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">is not required to open its register of members for inspection;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">does not have to hold an annual general meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">may have a capital divided into shares of no par value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">may obtain an undertaking against the imposition of any future taxation (such undertakings are usually
given for 20 years in the first instance);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">may register as a limited duration company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">may register as a segregated portfolio company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;Limited liability&rdquo;
means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in
exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other
circumstances in which a court may be prepared to pierce or lift the corporate veil).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Exclusive Forum. </I>Unless
Webull consents in writing to the selection of an alternative forum, the United States District Court for the Southern District of New
York (or, if the United States District Court for the Southern District of New York lacks subject matter jurisdiction over a particular
dispute, the state courts in New York County, New York) shall be the exclusive forum within the United States for the resolution of any
complaint asserting a cause of action arising out of or relating in any way to the federal securities laws of the United States, regardless
of whether such legal suit, action, or proceeding also involves parties other than Webull. However, the enforceability of similar federal
court choice of forum provisions in other companies&rsquo; organizational documents has been challenged in legal proceedings in the United
States, and it is possible that a court could find this type of provision to be inapplicable, unenforceable, or inconsistent with other
documents that are relevant to the filing of such lawsuits. If this exclusive forum provision is held to be illegal, invalid or unenforceable
under applicable law, the legality, validity or enforceability of the rest of articles of association shall not be affected and this exclusive
forum provision shall be interpreted and construed to the maximum extent possible to apply in the relevant jurisdiction with whatever
modification or deletion may be necessary so as best to give effect to Webull&rsquo;s intention. In addition, Section 22 of the Securities
Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the
Securities Act or the rules and regulations thereunder. Accepting or consenting to this forum selection provision does not represent you
are waiving compliance with federal securities laws and the rules and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><I>Indemnification
of Directors and Officers. </I>The laws of the Cayman Islands do not limit the extent to which a company&rsquo;s memorandum and articles
of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman
Islands courts to be contrary to public policy, such as to provide indemnification against the indemnified person&rsquo;s own fraud, dishonesty,
willful default, willful neglect, fraud or against the consequences of committing a crime.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Webull Articles&nbsp;provide that every director (including alternate director), secretary, or other officer for the time being and from
time to time of Webull (but not including Webull&rsquo;s auditors) and the personal representatives of the same (each an &ldquo;Indemnified
Person&rdquo;) shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or
liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person&rsquo;s own dishonesty,
willful default or fraud, in or about the conduct of Webull&rsquo;s business or affairs or in the execution or discharge of his duties,
powers, authorities or discretions, without limitation to the generality of the foregoing, any costs, expenses, losses or liabilities
incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative
proceedings (whether threatened, pending or completed) concerning Webull or its affairs in any court whether in the Cayman Islands or
elsewhere.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Webull
also entered into indemnification agreements with its directors and executive officers under the laws of the Cayman Islands, pursuant
to which Webull agrees to indemnify each such person against certain liabilities and expenses incurred by such persons in connection with
claims made by reason of their being a director or officer of Webull. Webull&rsquo;s obligations under the indemnification agreements
will be subject to certain customary restrictions and exceptions. The form of such indemnification agreement are filed as an exhibit of
this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
addition, the Registrant maintains standard policies of insurance under which coverage is provided to its directors and officers against
the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our
officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us
pursuant to the foregoing provisions, Webull has been informed that in the opinion of the SEC such indemnification is against public policy
as expressed in the Securities Act and is theretofore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrants</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Public Warrants and Webull
Private Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the consummation of the
Business Combination, each SKGR Public Warrant outstanding immediately prior to such Business Combination was assumed by Webull and converted
into a Webull Public Warrant. As of the Closing Date, there were 17,271,990 Webull Warrants (including 6,792,000 Webull Private Warrants)
issued and outstanding. Each Webull Public Warrant and Webull Private Warrant continues to have and be subject to substantially the same
terms and conditions as were applicable to such SKGR Public Warrant and SKGR Private Warrant, respectively, immediately prior to the consummation
of the Business Combination (including any redemption rights and cashless exercise provisions). Each Webull Warrant entitles the holder
thereof the right to acquire one Webull Class A Ordinary Shares at an exercise price of $11.50 per share (subject to adjustments) from
thirty (30) days after the Closing Date and will expire on earliest to occur of: (x) at 5:00 p.m., New York City time on the date that
is five (5) years after the Closing Date, (y) the liquidation of Webull, and (z) other than with respect to the Webull Warrants converted
from SKGR Private Warrants, at 5:00 p.m., New York City time on the Redemption Date (as defined in the Warrant Assignment Agreement).
The Webull Private Warrants are otherwise identical to the Webull Public Warrants, except that, as long as they are held by Auxo, they
are non-redeemable and may be exercised to purchase one Webull Class A Ordinary Share on a cashless basis. Any Webull Private Warrants
that are no longer held by Auxo and its permitted transferees will convert into Webull Public Warrants.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Redemption of Webull Public Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not less than all of the outstanding
Webull Public Warrants may be redeemed, at the option of Webull, at any time while they are exercisable and prior to their expiration,
at the office of the Warrant Agent, upon notice to the registered holders of the Webull Public Warrants, at a redemption price of $0.01
per Webull Public Warrant; <I>provided</I> that (a) the last reported sales price of the Webull Class A Ordinary Shares for any twenty
(20) Trading Days (as defined in the Warrant Assignment Agreement) within the thirty (30) Trading-Day period ending on the third Trading
Day prior to the date on which notice of the redemption is given equals or exceeds $18.00 per Webull Class A Ordinary Share (subject to
adjustment), and (b) there is an effective registration statement covering the issuance of the Webull Class A Ordinary Shares issuable
upon exercise of the Webull Public Warrants, and a current prospectus relating thereto, available throughout the period of not less than
thirty (30) days prior to the redemption date or Webull has elected to require the exercise of the Webull Public Warrants on a &ldquo;cashless
basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that Webull elects
to redeem the Webull Public Warrants, Webull shall fix a date for redemption (the &ldquo;Webull Public Warrant Redemption Date&rdquo;).
Notice of redemption shall be mailed by first class mail, postage prepaid, by Webull not less than thirty (30) days prior to the Webull
Public Warrant Redemption Date to the registered holders of the Webull Public Warrants to be redeemed at their last addresses as they
shall appear on the registration books. Any notice mailed in the manner provided in the Warrant Assignment Agreement shall be conclusively
presumed to have been duly given whether or not the registered holder received such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Public Warrants
may be exercised for cash (or on a &ldquo;cashless basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement, if applicable)
at any time after the notice of redemption shall have been given by Webull and prior to the Webull Public Warrant Redemption Date. In
the event that Webull determines to redeem the Webull Public Warrants or require all holders of Webull Public Warrants to exercise their
Webull Public Warrants on a &ldquo;cashless basis&rdquo; pursuant to the terms of the Warrant Assignment Agreement, the notice of redemption
shall contain instructions on how to calculate the number of Webull Class A Ordinary Shares to be received upon exercise of the Webull
Public Warrants. On and after the Webull Public Warrant Redemption Date, the record holder of the Webull Public Warrants shall have no
further rights except to receive, upon surrender of the Webull Public Warrants, the price per Webull Public Warrant at which any Webull
Public Warrants are redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing summary of the
terms of the Webull Warrants is only a summary and is qualified by reference to the Warrant Assignment Agreement, which is included as
Exhibit 4.4 to the registration statement of which this prospectus forms a part. For more information, also see &ldquo;<i>Risk Factors
&mdash; Risks Relating to Ownership of Securities of Webull and this Offering &mdash; We may redeem unexpired Webull Public Warrants or
Webull Incentive Warrants prior to their exercise at a time that is disadvantageous to you, thereby making such warrants worthless</i>&rdquo;
and &ldquo;<i>Risk Factors &mdash; Risks Relating to Ownership of Securities of Webull and this Offering &mdash; Holders of Webull Warrants
will only be able to exercise their Webull Warrants on a &ldquo;cashless basis&rdquo; under certain circumstances, and if they do so,
they will receive fewer Webull Class A Ordinary Shares from such exercise than if such warrants were exercised for cash.</i>&rdquo;</p>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Webull Incentive Warrants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the consummation of the
Business Combination, Webull issued 20,913,089 Webull Incentive Warrants to certain Existing Webull Shareholders and SKGR Shareholders
who did not redeem their SKGR Class A Ordinary Shares in connection with the Business Combination. Each Webull Incentive Warrant entitled
the holder thereof to purchase one Webull Class A Ordinary Share at an initial exercise price of $10.00 per share (subject to adjustment
pursuant to the terms of the Incentive Warrant Agreement). On June 30, 2025, Webull redeemed all of the issued and outstanding Webull
Incentive Warrants pursuant to the terms of the Incentive Warrant Agreement. Prior to the redemption, a total of 20,453,945 Webull Incentive
Warrants were exercised and each converted into one Webull Class A Ordinary Share at an exercise price of $10.00 per share, resulting
in aggregate gross proceeds to Webull of approximately $204.5 million. The remaining 459,144 Webull Incentive Warrants that were not exercised
on or prior to June 30, 2025 were redeemed at $0.01 per warrant.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Listing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary
Shares Webull Warrants began trading on April 11, 2025 on Nasdaq under the symbols &ldquo;BULL&rdquo; and &ldquo;BULLW,&rdquo; respectively.
On June 30, 2025, Webull redeemed all of the Incentive Warrants that initially started trading on Nasdaq under the symbol &ldquo;BULLZ&rdquo;
on April 11, 2025. Following the redemption deadline, the Webull Incentive Warrants ceased trading on Nasdaq and no Webull Incentive Warrants
are issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_017"></a>MATERIAL TAX CONSIDERATIONS</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Material U.S. Federal Income Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion is
a summary of certain material U.S. federal income tax considerations of U.S. Holders&rsquo; ownership and disposition of Webull Class
A Ordinary Shares. This discussion applies only to Webull Class A Ordinary Shares that are held as &ldquo;capital assets&rdquo; within
the meaning of Section 1221 of the Code (generally, property held for investment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following does not purport
to be a complete analysis of all potential tax considerations arising in connection with ownership and disposition of the Webull Class
A Ordinary Shares. The effects and considerations of other U.S. federal tax laws, such as estate and gift tax laws, alternative minimum
tax or Medicare contribution tax and any applicable state, local or non-U.S. tax laws, are not discussed. This discussion is based on
the Code, U.S. Treasury Regulations promulgated thereunder, judicial decisions and published rulings and administrative pronouncements
of the Internal Revenue Service (the &ldquo;IRS&rdquo;), in each case in effect as of the date hereof. These authorities may change or
be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could
adversely affect the tax consequences discussed below. Webull has not sought nor will seek any rulings from the IRS regarding the matters
discussed below. There can be no assurance that the IRS will not take or that a court will not sustain a contrary position to the tax
considerations discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This discussion addresses
only the tax considerations with respect to the ownership and disposition of Webull Class A Ordinary Shares and does not address the tax
considerations with respect to Webull Class B Ordinary Shares, Webull Warrants or any other Webull Securities that are not Webull Class
A Ordinary Shares. In addition, it does not address considerations relevant to holders&rsquo; particular circumstances or holders subject
to special rules, including, without limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons that are not U.S. Holders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Auxo and its direct and indirect owners, the Initial SKGR Shareholders, officers or directors of SKGR;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">banks, insurance companies, and certain other financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies and real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">brokers, dealers or traders in securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">traders in securities that elect to mark to market;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations or governmental organizations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">U.S. expatriates and former citizens or long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons holding any Webull Class A Ordinary Shares, as the case may be, as part of a hedge, straddle,
constructive sale or other risk reduction strategy, or as part of a conversion transaction or other integrated investment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons required to accelerate any item of gross income with respect to Webull Class A Ordinary Shares,
as the case may be, as a result of such income being taken into account in an applicable financial statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons that actually or constructively own 10% or more (by vote or value) of the outstanding Webull Ordinary
Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">S corporations, partnerships or other entities or arrangements treated as partnerships or other flow-through
entities for U.S. federal income tax purposes (and investors therein);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons subject to the &ldquo;base erosion and anti-abuse&rdquo; tax;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">U.S. Holders having a functional currency other than the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">persons who hold or received Webull Class A Ordinary Shares pursuant to the exercise of any employee share
option or otherwise as compensation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">pension plans and tax-qualified retirement plans.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If an entity or arrangement
treated as a partnership for U.S. federal income tax purposes holds Webull Class A Ordinary Shares, the tax treatment of an owner of such
entity or arrangement generally will depend on the status of the owner, the activities of the entity or arrangement and certain determinations
made at the owner level. Accordingly, entities or arrangements treated as partnerships for U.S. federal income tax purposes and the owners
in such entities or arrangements should consult their tax advisors regarding the U.S. federal income tax consequences to them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>THE U.S. FEDERAL INCOME
TAX CONSIDERATIONS OF ACQUIRING, HOLDING OR DISPOSING OF WEBULL CLASS A ORDINARY SHARES FOR ANY PARTICULAR HOLDER DEPENDS ON DETERMINATIONS
OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE
AND WILL DEPEND ON THE HOLDER&rsquo;S PARTICULAR TAX CIRCUMSTANCES. U.S. HOLDERS SHOULD CONSULT THEIR TAX ADVISOR REGARDING THE U.S. FEDERAL,
STATE AND LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO THEM, IN LIGHT OF THEIR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES
AND THE U.S. FEDERAL INCOME TAX CONSIDERATIONS OF OWNING AND/OR DISPOSING OF WEBULL CLASS A ORDINARY SHARES.</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">U.S. Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of this discussion,
a &ldquo;U.S. Holder&rdquo; is any beneficial owner of Webull Class A Ordinary Shares, as the case may be, that is for U.S. federal income
tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">an individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a corporation (or other entity taxable as a corporation) created or organized under the laws of the United
States, any state thereof, or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">an estate, the income of which is subject to U.S. federal income tax regardless of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more
&ldquo;United States persons&rdquo; (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to
be treated as a &ldquo;United States person&rdquo; (within the meaning of Section 7701(a)(30) of the Code) for U.S. federal income tax
purposes.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dividends and Other Distributions on Webull
Class A Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions on Webull Class
A Ordinary Shares will generally be taxable as a dividend for U.S. federal income tax purposes to the extent paid from Webull&rsquo;s
current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of Webull&rsquo;s
current and accumulated earnings and profits will constitute a return of capital that will be applied against and reduce (but not below
zero) the U.S. Holder&rsquo;s adjusted tax basis in its Webull Class A Ordinary Shares. Any remaining excess will be treated as gain realized
on the sale or other disposition of the Webull Class A Ordinary Shares and will be treated as described below under the heading &ldquo;&mdash;
<I>Sale, Exchange, Redemption or Other Taxable Disposition of Webull Class A Ordinary Shares</I>.&rdquo; Webull may not determine its
earnings and profits on the basis of U.S. federal income tax principles, however, in which case any distribution paid by Webull will be
treated as a dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends paid by Webull to
corporate U.S. Holders generally will be taxed at regular rates and will not qualify for the dividends received deduction generally allowed
to domestic corporations in respect of dividends received from other domestic corporations. Dividends paid by Webull to non-corporate
U.S. Holders may qualify for the lower applicable long-term capital gains rate only if Webull is a &ldquo;qualified foreign corporation&rdquo;
and other requirements are met. A non-U.S. corporation, such as Webull, will be treated as a &ldquo;qualified foreign corporation&rdquo;
(i) with respect to dividends paid by such non-U.S. corporation on shares that are readily tradable on an established securities market
in the United States or (ii) if such non-U.S. corporation is eligible for the benefits of a comprehensive income tax treaty with the United
States that includes an exchange of information program. However, a non-U.S. corporation will not be treated as a qualified foreign corporation
if it is a PFIC in the taxable year in which the dividend is paid or the preceding taxable year. The Webull Class A Ordinary Shares are
expected to be listed on the Nasdaq, which is an established securities market for such purposes. There can be no assurance, however,
that the Class A Ordinary Shares will be considered readily tradeable on an established securities market in later years.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sale, Exchange, Redemption or Other Taxable
Disposition of Webull Class A Ordinary Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the PFIC rules
discussed below under the heading &ldquo;&mdash; <I>Passive Foreign Investment Company Rules</I>,&rdquo; upon any sale, exchange, redemption
or other taxable disposition of the Webull Class A Ordinary Shares, a U.S. Holder generally will recognize gain or loss in an amount equal
to the difference between (i) the amount realized (i.e., sum of the amount of cash and the fair market value of any other property received
in such sale, exchange, redemption or other taxable disposition and (ii) the U.S. Holder&rsquo;s adjusted tax basis in such Webull Class
A Ordinary Shares. Any such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if the U.S.
Holder&rsquo;s holding period for such Webull Class A Ordinary Shares exceeds one year. Long-term capital gain realized by a non-corporate
U.S. Holder generally will be taxable at a reduced rate. The deductibility of capital losses is subject to limitations. This gain or loss
generally will be treated as U.S. source gain or loss.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Passive Foreign Investment Company Rules</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The treatment of U.S. Holders
of Webull Class A Ordinary Shares could be materially different from that described above if Webull is treated as a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. corporation will
be classified as a PFIC if either (i) at least 75% of its gross income in a taxable year, including its pro rata share of the gross income
of any corporation in which it is considered to own at least 25% of the shares by value, is passive income or (ii) at least 50% of its
assets in a taxable year (ordinarily determined based on fair market value and averaged quarterly over the year), including its pro rata
share of the assets of any corporation in which it is considered to own at least 25% of the shares by value, are held for the production
of, or produce, passive income. Passive income generally includes dividends, interest, rents and royalties (other than rents or royalties
derived from the active conduct of a trade or business) and gains from the disposition of passive assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on the composition of
the income, assets and operations of Webull and its subsidiaries for 2024, Webull does not believe it was a PFIC for the taxable year
ending December 31, 2024. However, whether Webull is treated as a PFIC for any taxable year is a factual determination that can only be
made after the close of such taxable year, involves extensive factual investigation, including ascertaining the fair market value of all
its assets on a quarterly basis and the character of each item of income that it earns, and, thus, is subject to significant uncertainty
and change. Accordingly, there can be no assurance with respect to Webull&rsquo;s status as a PFIC for the taxable year ending December
31, 2024, the current taxable year, or any future taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Changes in the composition
of Webull&rsquo;s income or assets may cause Webull to become a PFIC. The determination of whether Webull will be a PFIC for any taxable
year may depend in part upon the value of its goodwill not reflected on its balance sheet (which may depend upon the market value of the
Webull Class A Ordinary Shares from time to time, which may be volatile). It is also possible that the IRS may challenge Webull&rsquo;s
classification or valuation of its goodwill, which may result in our being or becoming a PFIC for the current or one or more future taxable
years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the PFIC rules, if Webull
were considered a PFIC at any time that a U.S. Holder owns Webull Class A Ordinary Shares, Webull would continue to be treated as a PFIC
with respect to such investment unless (i) it ceased to be a PFIC and (ii) the U.S. Holder made a &ldquo;deemed sale&rdquo; election under
the PFIC rules. If such election is made, a U.S. Holder will be deemed to have sold its Webull Class A Ordinary Shares at their fair market
value on the last day of the last taxable year in which Webull is classified as a PFIC, and any gain from such deemed sale would be subject
to the consequences described below. After the deemed sale election, the Webull Class A Ordinary Shares with respect to which the deemed
sale election was made will not be treated as shares in a PFIC unless Webull subsequently becomes a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For each taxable year that
Webull is treated as a PFIC with respect to a U.S. Holder&rsquo;s Webull Class A Ordinary Shares, the U.S. Holder will be subject to special
tax rules with respect to any &ldquo;excess distribution&rdquo; (as defined below) received and any gain realized from a sale or disposition
(including a pledge) of its Webull Class A Ordinary Shares (collectively the &ldquo;Excess Distribution Rules&rdquo;), unless the U.S.
Holder makes a valid QEF (as defined below) election or mark-to-market election as discussed below. Distributions received by a U.S. Holder
in a taxable year that are greater than 125% of the average annual distributions received during the shorter of the three preceding taxable
years or the U.S. Holder&rsquo;s holding period for the Webull Class A Ordinary Shares will be treated as excess distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under these excess distribution
rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the U.S. Holder&rsquo;s gain or excess distribution will be allocated ratably over the U.S. Holder&rsquo;s
holding period for the Webull Class A Ordinary Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the U.S. Holder&rsquo;s taxable year in which the U.S. Holder recognized the gain
or received the excess distribution, or to the period in the U.S. Holder&rsquo;s holding period before the first day of Webull&rsquo;s
first taxable year in which Webull is a PFIC, will be taxed as ordinary income;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its
holding period will be taxed at the highest tax rate in effect for individual or corporate taxpayers, as applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed
on the U.S. Holder with respect to the tax attributable to each such other taxable year of the U.S. Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Webull is a PFIC, a U.S.
Holder of Webull Class A Ordinary Shares may avoid taxation under the Excess Distribution Rules described above by making a &ldquo;qualified
electing fund&rdquo; (&ldquo;QEF&rdquo;) election. However, a U.S. Holder may make a QEF election with respect to its Webull Class A Ordinary
Shares only if Webull provides U.S. Holders on an annual basis with certain financial information specified under applicable U.S. Treasury
Regulations. Webull does not intend to provide U.S. Holders with the required information on an annual basis to allow U.S. Holders to
make a QEF election with respect to the Webull Class A Ordinary Shares in the event Webull is treated as a PFIC for any taxable year.
The failure to provide such information on an annual basis could prevent a U.S. Holder from making a QEF election or result in the invalidation
or termination of a U.S. Holder&rsquo;s prior QEF election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Alternatively, if Webull is
a PFIC and Webull Class A Ordinary Shares constitute &ldquo;marketable stock,&rdquo; a U.S. Holder may avoid the application of the Excess
Distribution Rules discussed above if such U.S. Holder makes a &ldquo;mark-to-market&rdquo; election with respect to such shares for the
first taxable year in which it holds (or is deemed to hold) Webull Class A Ordinary Shares and each subsequent taxable year. Such U.S.
Holder generally will include for each of its taxable years as ordinary income the excess, if any, of the fair market value of its Webull
Class A Ordinary Shares at the end of such year over its adjusted basis in its Webull Class A Ordinary Shares. The U.S. Holder also will
recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Webull Class A Ordinary Shares over the fair
market value of its Webull Class A Ordinary Shares at the end of its taxable year (but only to the extent of the net amount of previously
included income as a result of the mark-to-market election). The U.S. Holder&rsquo;s basis in its Webull Class A Ordinary Shares will
be adjusted to reflect any such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of its
Webull Class A Ordinary Shares will be treated as ordinary income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mark-to-market election
is available only for &ldquo;marketable stock,&rdquo; generally, stock that is regularly traded on a national securities exchange that
is registered with the Securities and Exchange Commission, including Nasdaq (on which Webull Class A Ordinary Shares are listed), or on
a foreign exchange or market that the IRS determines has rules sufficient to ensure that the market price represents a legitimate and
sound fair market value. If made, a mark-to-market election would be effective for the taxable year for which the election was made and
for all subsequent taxable years unless the Webull Class A Ordinary Shares cease to qualify as &ldquo;marketable stock&rdquo; for purposes
of the PFIC rules or the IRS consents to the revocation of the election. U.S. Holders are urged to consult their tax advisors regarding
the availability and tax consequences of a mark-to-market election with respect to Webull Class A Ordinary Shares under their particular
circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If Webull is a PFIC and, at
any time, has a foreign subsidiary that is classified as a PFIC, a U.S. Holder generally would be deemed to own a proportionate amount
of the shares of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if
Webull receives a distribution from, or disposes of all or part of its interest in, the lower-tier PFIC, or the U.S. Holder otherwise
was deemed to have disposed of an interest in the lower-tier PFIC. There can be no assurance that Webull will have timely knowledge of
the status of any lower-tier PFIC or provide information that may be required for a U.S. Holder to make or maintain a QEF election with
respect to such lower-tier PFIC. A mark-to-market election generally would not be available with respect to such lower-tier PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. Holder that owns (or
is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form 8621 (whether or not a QEF
or mark-to-market election is made) and to provide such other information as may be required by the U.S. Treasury Department. Failure
to do so, if required, will extend the statute of limitations applicable to such U.S. Holder until such required information is furnished
to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rules dealing with PFICs
and with the QEF, purging and mark-to-market elections are very complex and are affected by various factors in addition to those described
above. Accordingly, U.S. Holders are urged to consult their own tax advisors concerning the application of the PFIC rules to Webull Class
A Ordinary Shares under their particular circumstances.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Foreign Financial Asset Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. Holders may be
required to report their holdings of certain foreign financial assets, including equity of foreign entities, if the aggregate value of
all of these assets exceeds $50,000 at the end of a taxable year or $75,000 at any time during a taxable year (or, for certain individuals
living outside the United States and married individuals filing joint returns, certain higher thresholds). Webull Class A Ordinary Shares
are expected to constitute foreign financial assets subject to these requirements unless held in an account at certain financial institutions.
U.S Holders should consult their own tax advisers regarding the application of these and other applicable reporting requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information Reporting and Backup Withholding</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information reporting requirements
and backup withholding may apply to distributions on the Webull Class A Ordinary Shares, and the proceeds from the sale or other taxable
disposition of the Webull Class A Ordinary Shares effected within the United States (and, in certain cases, outside the United States),
in each case other than U.S. Holders that are exempt recipients (such as certain corporations). Backup withholding at the current rate
of 24% may apply to such amounts if the U.S. Holder fails to provide an accurate taxpayer identification number (generally on an IRS Form
W-9 provided to the paying agent of the U.S. Holder&rsquo;s broker) or is otherwise subject to backup withholding. U.S. Holders should
consult their own tax advisors regarding the application of the U.S. information reporting and backup withholding rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Backup withholding is not
an additional tax. Amounts withheld as backup withholding generally may be credited against the taxpayer&rsquo;s U.S. federal income tax
liability, and a taxpayer may obtain a refund of any excess amounts withheld under the backup withholding rules by timely filing the appropriate
claim for a refund with the IRS and furnishing any required information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B></B></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The preceding discussion
of certain material U.S. federal tax considerations is for general information purposes only. It is not tax advice to holders of Webull
Class A Ordinary Shares. Each such holder should consult its own tax advisor regarding the particular U.S. federal, state and local, and
non-U.S. tax considerations of holding and disposing of Webull Class A Ordinary Shares, including the consequences of any proposed change
in applicable law.</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cayman Islands Tax Considerations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary contains
a description of certain Cayman Islands income tax consequences of the acquisition, ownership, and disposition of Webull Ordinary Shares,
but it does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase
ordinary shares. The summary is based upon the tax laws of Cayman Islands and regulations thereunder as of the date hereof, which are
subject to change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Prospective investors should
consult their professional advisers on the possible tax consequences of buying, holding, or selling any shares under the laws of their
country of citizenship, residence or domicile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a discussion
on certain Cayman Islands income tax consequences of an investment in the Webull Ordinary Shares. The discussion is a general summary
of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor&rsquo;s
particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Existing Cayman Islands Laws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments of dividends and
capital in respect of Webull Securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the
payment of interest and principal or a dividend or capital to any holder of Webull Ordinary Shares, nor will gains derived from the disposal
of the Webull Ordinary Shares be subject to Cayman Islands income or corporation tax. The Cayman Islands currently have no income, corporation
or capital gains tax and no estate duty, inheritance tax or gift tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No stamp duty is payable in
respect of the issue of Webull Securities or on an instrument of transfer in respect of a Webull Security, unless such instrument is executed
in, or, after execution, brought within the jurisdiction of the Cayman Islands.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Tax Concessions Act</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Undertaking as to Tax Concessions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Section
6 of the Tax Concessions Act (Revised) of the Cayman Islands, Webull plans to apply an undertaking from the Governor in Cabinet:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(a) that
no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall
apply to Webull or its operations; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">(b) in
addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
tax shall be payable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(i) on
or in respect of the shares, debentures or other obligations of Webull; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(ii) by
way of the withholding in whole or part, of any relevant payment as defined in Section 6(3) of the Tax Concessions Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These concessions shall usually
be for a period of TWENTY years from the date of such undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Cayman Islands currently
levy no taxes on individuals or corporations based upon profits, income, gains, or appreciations and there is no taxation in the nature
of inheritance tax or estate duty. There are no other taxes likely to be material to Webull levied by the Government of the Cayman Islands
save certain stamp duties which may be applicable, from time to time, on certain instruments executed in or brought within the jurisdiction
of the Cayman Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_018"></a>BENFICIAL OWNERSHIP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth information as of the date of this prospectus regarding the beneficial ownership of:<SUP></SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">each beneficial owner of more than 5% of the outstanding Webull Ordinary Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">each executive officer or a director of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">all of the Company&rsquo;s executive officers and directors as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated,
the Company believes that all persons named in the table have sole voting and investment power with respect to all shares beneficially
owned by them. Except as otherwise noted herein, the number and percentage of Webull Ordinary Shares beneficially owned is determined
in accordance with Rule 13d-3 of the Exchange Act, and the information is not necessarily indicative of beneficial ownership for any other
purpose. Under such rule, beneficial ownership includes any Webull Ordinary Shares as to which the holder has sole or shared voting power
or investment power and also any Webull Ordinary Shares which the holder has the right to acquire within 60 days of the date of this prospectus
through the exercise of any option, warrant or any other right. Any securities not outstanding which are subject to such options, warrants,
rights or conversion privileges shall be deemed to be outstanding for the purpose of computing the percentage of outstanding securities
of the class owned by such person but shall not be deemed to be outstanding for the purpose of computing the percentage of the class by
any other person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Each
outstanding Webull Class A Ordinary Share is entitled to one vote on all matters submitted to a vote of shareholders. Each Webull Class
B Ordinary Share is entitled to 20 votes on all matters submitted to a vote of shareholders. Holders of Webull Ordinary Shares have no
cumulative voting rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The beneficial ownership of the Webull Ordinary Shares is based on
401,758,855 Webull Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and outstanding. The beneficial ownership
disclosure in the table below does not reflect any shares to be issued in connection with the consummation of the Webull Pay Transaction.
For more information on the shares issuable and recipients of Class A Ordinary Shares in connection with the consummation of the Webull
Pay Transaction, please see &ldquo;<I>Related Party Transactions &mdash; Webull Pay Business Combination</I>&rdquo; and &ldquo;<I>Item
7. Recent Sales of Unregistered Securities</I>&rdquo; in &ldquo;<I>Part II. Information Not Required in the Prospectus</I>&rdquo; of the
registration statement of which this prospectus forms a part. The following table also does not reflect any Webull Ordinary Shares that
may be purchased in the offering covered by this prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Name of Beneficial Owner</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Webull Class A Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of Total Webull Class A Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Webull Class B Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of Total Webull Class B Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of Total Webull Ordinary Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">% of Voting Power&dagger;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="font-weight: bold; font-style: italic">Directors and Executive Officers**:</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td><td>&nbsp;</td>
    <td colspan="2" style="text-align: right">&nbsp;</td><td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 58%; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anquan Wang<sup>(1)</sup></font></td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">&mdash;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">&mdash;</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">82,988,016</td><td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">100</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">17.1</td><td style="width: 1%; text-align: left">%</td><td style="width: 1%">&nbsp;</td>
    <td style="width: 1%; text-align: left">&nbsp;</td><td style="width: 4%; text-align: right">80.5</td><td style="width: 1%; text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony Denier<sup>(2)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. C. Wang<sup>(2)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benjamin James<sup>(2)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shen Lu<sup>(2)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">William Houlihan</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt">Walter Bishop</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; font-style: italic; text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>All Directors and Executive Officers as a Group<sup>(2)</sup></i></b></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">8,887,297</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">2.2</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">82,988,016</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">100</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">18.96</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">80.9</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; font-style: italic; text-indent: -9pt; padding-left: 9pt">5.0% Shareholders:***</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&nbsp;</td><td style="text-align: left">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gopher Asset<sup>(3)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">37,594,146</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">9.4</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7.8</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hillhouse entities<sup>(4)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">33,080,846</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">8.2</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.8</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.6</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NotNull Inc.<sup>(5)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">29,758,301</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7.4</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.1</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bojiang Capital entities<sup>(6)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">29,151,428</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7.3</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.0</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PEAK6 Group LLC<sup>(7)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">26,563,788</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.6</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.5</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.3</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">HS Investments IV Limited<sup>(8)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">28,592,200</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">7.1</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.9</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.4</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIG Global China Fund I, LLLP<sup>(9)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">24,152,813</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">6.0</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.0</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.2</td><td style="text-align: left">%</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; text-indent: -9pt; padding-left: 9pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tianjin Zhiying Enterprise Management Partnership (Limited Partnership)<sup>(10)</sup></font></td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">21,303,692</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">5.3</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">&mdash;</td><td style="text-align: left">&nbsp;</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">4.4</td><td style="text-align: left">%</td><td>&nbsp;</td>
    <td style="text-align: left">&nbsp;</td><td style="text-align: right">1.0</td><td style="text-align: left">%</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">*</TD>
    <TD STYLE="font-size: 10pt">Less than 1%.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt">**</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The business address of Mr. Anquan Wang is Building 4, Fund Town at
Binjiang Jingguan Road, Yuelu District, Changsha, Hunan, the People&rsquo;s Republic of China, while the business address of Mr. Anthony
Denier is 44 Wall Street, 2<sup>nd</sup> Floor, New York, New York 10005, the business address of Mr. H. C. Wang, Mr. Benjamin James,
Mr. Shen Lu, Mr. William Houlihan and Mr. Walter Bishop is 200 Carillon Parkway, St. Petersburg, Florida 33716.</p></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">***</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Based on information provided by such beneficial holder or as reflected
in the books and records of Webull&rsquo;s transfer agent, Continental Stock Transfer &amp; Trust Company. The beneficial ownership does
not reflect the ownership of any Webull Class A Ordinary Shares pursuant to the exercise of Webull Incentive Warrant or open market purchases
that are not reflected in the books and records of Webull&rsquo;s transfer agent.</p></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&dagger;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">For each person or group included in this column, percentage of total voting power represents voting power based on both Webull Class A Ordinary Shares and Webull Class B Ordinary Shares held by such person or group with respect to all outstanding shares of Webull Class A Ordinary Shares and Webull Class B Ordinary Shares as a single class. Each holder of Webull Class A Ordinary Shares is entitled to one vote per share. Each holder of Webull Class B Ordinary Shares is entitled to 20 votes per share. Webull Class B Ordinary Shares are convertible at any time by the holder into Webull Class A Ordinary Shares on a one-for-one basis, while Webull Class A Ordinary Shares are not convertible into Webull Class B Ordinary Shares under any circumstances.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(1)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents 82,988,016 Webull Class B Ordinary Shares held by Water Castle Az Inc., whose voting power is fully retained by Pozijie Inc., a British Virgin Islands company wholly-owned by Mr. Anquan Wang. The registered office address of Water Castle Az Inc. is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(2)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Includes Webull Class A Ordinary Shares beneficially owned by such person and held of record by Webull Partners Limited.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(3)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents 37,594,146 Webull Class A Ordinary Shares held by Tianjin
Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). The general partner of Tianjin Nuofeng Enterprise Management
Consulting Partnership (Limited Partnership) is Gopher Asset Management Co., Ltd. Gopher Asset Management Co., Ltd. is wholly owned by
Shanghai Noah Investment Management Co., Ltd. Mr. Yin Zhe serves as Executive Director of Noah Investment Management Co. and has voting
and investment control over the shares held by Tianjin Nuofeng Enterprise Management Consulting Partnership (Limited Partnership). The
business address of the above listed entities and individuals is Noah Wealth Center, No. 1226 Shenbin Sound Rd., Minhang District, Shanghai,
China.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(4)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents (i) 28,792,015 Webull Class A Ordinary Shares held on the
books of records of Webull by WBL Holding LP and (i) 4,288,831 Webull Class A Ordinary Shares held on the books of records of Webull by
WBL2 Holdings Limited. WBL Holding LP and WBL2 Holdings Limited are collectively referred to as Hillhouse entities. Each of WBL Holding
LP and WBL2 Holdings Limited is wholly owned by Hillhouse Focused Growth Fund V, L.P. Hillhouse Investment Management, Ltd. acts as the
sole management company of Hillhouse Focused Growth Fund V, L.P. and is deemed to be the beneficial owner of the shares held by WBL Holding
LP and WBL2 Holdings Limited. The registered address of WBL Holding LP is 1675 S. State Street, Suite B, Dover, DE 19901, the United States.
The registered address of WBL2 Holdings Limited is 89 Nexus Way, Camana Bay, P.O. Box 31106, Grand Cayman KY1-1205, Cayman Islands.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(5)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents 29,758,301 Webull Class A Ordinary Shares held on the books of records of Webull by NotNull Inc., whose voting power is fully retained by ToString Inc., a British Virgin Islands company wholly-owned by Mr. Jun Yuan. The registered office address of NotNull Inc. is Sertus Chambers, P.O. Box 905, Quastisky Building, Road Town, Tortola, British Virgin Islands.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">(6)</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents 7,127,532 Webull Class A Ordinary Shares held on the books
of records of Webull by Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), 11,011,948 Webull Class A Ordinary
Shares held on the books of records of Webull by Anji Boye Investment Partnership (Limited Partnership), and 11,011,948 Webull Class A
Ordinary Shares held on the books of records of Webull by Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership).
Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership), Anji Boye Investment Partnership (Limited Partnership)
and Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) are collectively referred to as the Bojiang Capital
entities. The general partner of the Bojiang Capital entities is Shanghai Bojiang Investment Management Co., Ltd., which is wholly owned
by Bojiang Group Co., Ltd. Tian Luo controls Bojiang Group Co., Ltd. by beneficially owning 49.76% equity interest therein. The registered
address of Changxing Boyi Equity Investment Fund Management Centre (Limited Partnership) is No. 668 Lvzhou Avenue, Bailian Village, Sian
Town, Changxing Country, Huzhou City, Zhejiang Province, China. The registered address of Anji Boye Investment Partnership (Limited Partnership)
is Room 217, Building #1, Lingfeng Village, Lingfeng Street, Anji County, Huzhou City, Zhejiang Province, China. The registered address
of Lishui Bojiang Chuangfu 2nd Equity Investment Partnership (Limited Partnership) is Room 3119, Building #1, No. 16 Tongyuan Road, Da
Gang Tou, Liandu District, Lishui City, Zhejiang Province, China. The business address of the above listed entities and individuals is
c/o Shanghai Bojiang Investment Management Co., Ltd., 35F, Huafeng International No. 200 Xingye St., Qianjiang CBD, Hangzhou, China.</TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
    <td style="text-align: justify">Represents (i) 25,563,788 Webull Class A Ordinary Shares held on the
books of records of Webull by PEAK6 Group LLC and (ii) 1,000,000 Webull Class A Ordinary Shares held on the books of records of Webull
by&nbsp;PEAK6&nbsp;Foundation, a charitable organization. PEAK6 Group LLC is a subsidiary of PEAK6 Investments LLC, which is in turn a
subsidiary of PEAK6 LLC. Mr. Matthew Nels Hulsizer and Ms. Jennifer Just are the only individuals with controlling power over PEAK6 LLC.
Both Mr. Hulsizer and Ms. Just disclaim beneficial ownership of the shares held by PEAK6 Group LLC, except to the extent of their respective
pecuniary interests therein. PEAK6 Foundation is a non-profit with no ownership interests. All investment and voting decisions with respect
to the shares held by PEAK6 Foundation are made by its board of directors, composed of Mr. Hulsizer, Ms. Just, and Mr. Jay Coppoletta.
The registered address of PEAK6 Group LLC is 2010 E. 6th St. Austin, TX 78702, the United States.</td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 28,592,200 Webull Class A Ordinary Shares held on the books
of records of Webull by HS Investments IV Limited. HS Investments IV Limited holds the Company&rsquo;s securities as nominee for certain
funds and investment vehicles managed and controlled by each of Hedosophia Partners IV GP Limited and Hedosophia LTC GP II Limited, as
general partners of such funds and investment vehicles. The boards of directors of each of Hedosophia Partners IV GP Limited and Hedosophia
LTC GP II Limited comprise Rob King, Fred Hervouet and Simon Williams and each director may be deemed to have shared voting and dispositive
power with respect to securities beneficially owned by funds and investment vehicles managed and controlled by each of Hedosophia Partners
IV GP Limited and Hedosophia LTC GP II Limited and each of them disclaims beneficial ownership of such securities. The address of each
of HS Investments IV Limited and Hedosophia Partners IV GP Limited, Hedosophia LTC GP II Limited and the funds and investment vehicles
managed and controlled by them is 3rd Floor, Suite 5, Weighbridge House, Lower Pollet, St. Peter Port, Guernsey GY1 1WL.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 24,152,813 Webull Class A Ordinary Shares held on the books
of records of Webull by SIG Global China Fund I, LLLP. SIG Asia Investment, LLLP, a Delaware limited liability limited partnership, is
the investment manager for SIG Global China Fund I, LLLP pursuant to an investment management agreement and, as such, has discretionary
authority to vote and dispose of the shares held by SIG Global China Fund I, LLLP. In addition, Heights Capital Management, Inc., a Delaware
corporation, is the investment manager for SIG Asia In-vestment, LLLP pursuant to an investment management agreement and, as such, has
discretionary authority to vote and dispose of the shares held by SIG Global China Fund I, LLLP. Arthur Dantchik, in his capacity as president
of SIG Asia Investment, LLLP and vice president of Heights Capital Management, Inc. may also be deemed to have investment discretion over
the shares held by SIG Global China Fund I, LLLP. Mr. Dantchik disclaims any such investment discretion or beneficial ownership with respect
to these shares. The registered address of SIG Global China Fund I, LLLP is 251 Little Falls Drive, Wilmington, DE 19808.</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
    <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents 21,303,692 Webull Class A Ordinary Shares held on the books
of records of Webull by Tianjin Zhiying Enterprise Management Partnership (Limited Partnership). The general partner of Tianjin Zhiying
Enterprise Management Partnership (Limited Partnership) is Lhasa Economic Technology Development Zone Shunwei Capital Start-up Investment
Partnership (Limited Partnership), whose general partner is Lhasa Economic Technology Development Zone Shunwei Capital Investment Consulting
Co., Ltd. Mr. Jun Lei has controlling power over Lhasa Economic Technology Development Zone Shunwei Capital Investment Consulting Co.,
Ltd. The registered address of Tianjin Zhiying Enterprise Management Partnership (Limited Partnership) is 1725-Binhai China Central Place,
Tianjin Pilot Free Trade Zone (Central Business District), Tianjin, China.</font></td></tr>
  </table>

<p style="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For further information regarding
material transactions between us and principal shareholders, see &ldquo;<I>Material Contracts and Related Party Transactions</I>.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Holders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus, we had 72 shareholders of record
of Webull Class A Ordinary Shares, one shareholder of record of Webull Class B Ordinary Shares and one holder of record for the Webull
Public Warrants. The actual number of shareholders is greater than this number of record holders and includes shareholders who are beneficial
owners but whose shares are held in street name by brokers and other nominees. This number of holders of record also does not include
shareholders whose shares may be held in trust or by other entities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Controlling Persons</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus, Mr. Anquan Wang owns approximately
17.1% of the outstanding Webull Ordinary Shares and all of the outstanding Webull Class B Ordinary Shares, representing approximately
80.5% of Webull&rsquo;s total voting power, as described in beneficial ownership table above.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_019"></a>SELLING SECURITYHOLDER</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the offer and sale from time to time by the Selling Securityholder of up to (a) 159,236 Webull Class A Ordinary Shares issued pursuant
to the Purchase Agreement to the Selling Securityholder as Commitment Shares at a deemed $12.56 purchase price per share, and (b) 75,000,000
Webull Class A Ordinary Shares that Webull may, in its discretion, elect to issue and sell to the Selling Securityholder, from time to
time, pursuant to the Purchase Agreement. The prospectus also covers any additional securities that may become issuable by reason of share
splits, share dividends or similar transactions. As used in this prospectus, the term &ldquo;Selling Securityholder&rdquo; means YA II
PN, Ltd., a Cayman Islands exempt limited partnership, and the pledgees, donees, transferees, assignees, successors, designees, and others
who later come to hold any of the Selling Securityholder&rsquo;s interest in the Webull Class A Ordinary Shares other than through a public
sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the resale
of the Webull Class A Ordinary Shares covered by this prospectus pursuant to the registration requirements under the Purchase Agreement.
We will not receive any proceeds from the sale of the securities by the Selling Securityholder. However, any Webull Class A Ordinary Shares
sold by Webull to the Selling Securityholder pursuant to the terms of the Purchase Agreement and issued pursuant to an exemption from
registration contained in Section&nbsp;4(a)(2) of the Securities Act will be sold to the Selling Securityholder at a variable price determined
pursuant to the terms of the Purchase Agreement. The Purchase Price will be calculated pursuant to the Purchase Agreement by multiplying
the Market Price by 97.50%, and will in any event be no less than the $0.00001 par value per Webull Class A Ordinary Share. The &ldquo;Market
Price&rdquo; will be determined pursuant to the Purchase Agreement and will equal to the VWAP of the Ordinary Shares during the relevant
Pricing Period. &ldquo;Pricing Period&rdquo; means the period on an applicable date commencing with the receipt by Webull of written confirmation
that the Selling Securityholder has received a written notice by Webull setting forth the number of Webull Class A Ordinary Shares that
Webull desires to issue and sell to the Selling Securityholder, and ending at 4:00 p.m. New York City time on the same trading day (unless
otherwise agreed by Webull and the Selling Securityholder, or such a Pricing Period is terminated pursuant to the terms of the Purchase
Agreement), <I>provided however</I>, the Selling Securityholder may delay the commencement of such Pricing Period until such time that
the Selling Securityholder has received confirmation that the transfer agent of Webull has credited the Selling Securityholder&rsquo;s
account (or its designee&rsquo;s account) at DTC through its Deposit Withdrawal at Custodian System (or by such other means of delivery
as may be mutually agreed upon by the parties to the Purchase Agreement) with a number of Webull Class A Ordinary Shares equal to the
number of Webull Class A Ordinary Shares that Webull elects to sell to the Selling Securityholder, in which case such Pricing Period shall
commence upon receipt by Webull of written confirmation (which may be by e-mail) of receipt of such Webull Class A Ordinary Shares by
the Selling Securityholder. As a result, investors who purchase shares from the Selling Securityholder in this offering at different times
will likely pay different prices for those shares, and so may experience different levels of dilution and in some cases substantial dilution
and different outcomes in their investment results. Investors may experience a decline in the value of the shares they purchase from the
Selling Securityholder in this offering as a result of future sales made by us to the Selling Securityholder at prices lower than the
prices such investors paid for their shares. In addition, if we sell a substantial number of shares to the Selling Securityholder under
the Purchase Agreement, or if investors expect that we will do so, the actual sales of shares or the mere existence of the Purchase Agreement
arrangement with the Selling Securityholder may make it more difficult for us to sell equity or equity-related securities in the future
at a desirable time and price. Please see the section of this prospectus entitled &ldquo;<I>Committed Equity Financing</I>&rdquo; for
more information on the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the purchase price
per share to be paid by the Selling Securityholder for the shares that we may elect to sell to the Selling Securityholder under the Purchase
Agreement, if any, will fluctuate based on the market price of our Webull Class A Ordinary Shares during the applicable Pricing Period,
as of the date of this prospectus, we cannot reliably predict the number of Webull Class A Ordinary Shares that we will sell to the Selling
Securityholder under the Purchase Agreement, the actual purchase price per Webull Class A Ordinary Share to be paid by the Selling Securityholder
for those shares, or the actual gross proceeds to be raised by us from those sales, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 192; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Though we have been advised
by Yorkville and Yorkville represents in the Purchase Agreement, that Yorkville is purchasing the Webull Class A Ordinary Shares for its
own account, for investment purposes in which it takes investment risk (including, without limitation, the risk of loss), and without
any view or intention to distribute such shares in violation of the Securities Act or any other applicable securities laws, Yorkville
is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act and any profits on the sales of shares of
the Webull Class A Ordinary Shares by Yorkville and any discounts, commissions or concessions received by Yorkville are deemed to be underwriting
discounts and commissions under the Securities Act. Please see the section of this prospectus entitled &ldquo;<I>Committed Equity Financing</I>&rdquo;
for a description of the Purchase Agreement and the section entitled &ldquo;<I>Selling Securityholder</I>&rdquo; for additional information
regarding the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we have agreed to
indemnify the Selling Securityholder in connection with any resales pursuant to this prospectus, as described in more detail in &ldquo;<I>Plan
of Distribution</I>.&rdquo; We may amend or supplement this prospectus from time to time by filing amendments or supplements as required.
You should read this entire prospectus and any amendments or supplements carefully before you make your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary Shares offered for resale pursuant to this
prospectus represent a substantial percentage of our total issued and outstanding securities and our public float. In fact, the Webull
Ordinary Shares offered for resale pursuant to this prospectus represent approximately 15.50% of the Webull Ordinary Shares issued and
outstanding as of the date of this prospectus. If and when we do elect to sell Webull Class A Ordinary Shares to the Selling Securityholder
pursuant to the Purchase Agreement, the Selling Securityholder may resell all, some or none of such shares in its discretion and at different
prices subject to the terms of the Purchase Agreement. We do not know when or in what amount the Selling Securityholder will sell its
securities hereunder following the effective date of the registration statement of which this prospectus forms a part.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of the Webull Class
A Ordinary Shares being offered pursuant to this prospectus, or the perception that these sales could occur, could result in a significant
decline in the public trading price of our securities and could impair our ability to raise capital through the sale of additional securities.
Despite a potential decline in the public trading price of our securities, the Selling Securityholder may still experience a positive
rate of return on the securities they purchased and may have an incentive to sell due to the differences in the purchase prices for the
Webull Class A Ordinary Shares and the public trading price of our Webull Class A Ordinary Shares. Our public securityholders may not
experience a similar rate of return on the securities they purchased due to differences in their purchase prices and the current trading
price. The Selling Securityholder is deemed to have purchased the Commitment Shares at $12.56 per share and therefore, upon a sale, based
on the last reported trading price of the Webull Class A Ordinary Shares on July 21, 2025 of $14.62, the Selling Securityholder may experience
a potential profit of approximately $2.08 per Commitment Share it holds. Further, as described in more detail above, Webull will be selling
Webull Class A Ordinary Shares to the Selling Securityholder pursuant to the Purchase Agreement at variable prices and at a 2.5% discount
to the Market Price. The frequency of sales by the Selling Securityholder could also cause the market price of our securities to decline
or increase the volatility in the market price of our securities. Sales of shares of our Webull Class A Ordinary Shares, if any, to the
Selling Securityholder under the Purchase Agreement will depend upon market conditions and other factors to be determined by us. We may
ultimately decide to sell to the Selling Securityholder all, some or none of the shares of our Webull Class A Ordinary Shares that may
be available to sell to the Selling Securityholder pursuant to the Purchase Agreement. For more information also see &ldquo;<i>Committed
Equity Financing</i>&mdash;<i>Effect of Sales of Webull Class A Ordinary Shares under the Purchase Agreement on Securityholders.</i>&rdquo;</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide more information
about how the Selling Securityholder may sell or otherwise dispose of the Webull Class A Ordinary Shares offered for resale pursuant to
this prospectus in the section entitled &ldquo;<I>Plan of Distribution</I>.&rdquo; We will bear all costs, expenses, and fees in connection
with the registration of the Webull Class A Ordinary Shares offered hereby. The Selling Securityholder will receive all commissions and
discounts, if any, attributable to its sales of the Webull Class A Ordinary Shares offered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The table below sets forth,
as of the date of this prospectus, the name of the Selling Securityholder for which we are registering the resale of Webull Class A Ordinary
Shares to the public and the aggregate amount of shares that the Selling Securityholder may offer pursuant to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The beneficial ownership over the Webull Class A Ordinary Shares held or to be issued to the Selling Securityholder is described in the
table below. The SEC has defined &ldquo;beneficial ownership&rdquo; of a security to mean the possession, directly or indirectly, of voting
power and/or investment power over such security. A shareholder is also deemed to be, as of any date, the beneficial owner of all securities
that such shareholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right,
(ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement, or (iv) the automatic
termination of a trust, discretionary account or similar arrangement. In computing the number of shares beneficially owned by a person
and the percentage ownership of that person, Class A Ordinary Shares subject to options or other rights (as set forth above) held by that
person that are currently exercisable, or will become exercisable within 60 days thereafter, are deemed outstanding, while such shares
are not deemed outstanding for purposes of computing percentage ownership of any other person. Based on the information provided to us
by the Selling Securityholder, the Selling Securityholder is not a registered broker-dealer and is affiliated with a registered broker-dealer,
but (i) the Selling Securityholder acquired the securities in the ordinary course of business and had no agreement or understanding, directly
or indirectly, with any person to distribute such securities, and (ii) the Selling Securityholder may affect resales through its broker-dealer
affiliate, which may receive customary commissions and fees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares in the
column entitled &ldquo;Maximum Number of Webull Class A Ordinary Shares to be Offered&rdquo; represents all of the Webull Class A Ordinary
Shares being offered for resale by the Selling Securityholder under this prospectus. We cannot advise you as to whether the Selling Securityholder
will in fact sell any or all of such securities. In addition, the Selling Securityholder may sell, transfer or otherwise dispose of,
at any time and from time to time, the securities in transactions exempt from the registration requirements of the Securities Act after
the date of this prospectus, subject to applicable law. We do not know how long the Selling Securityholder will hold the Webull Class
A Ordinary Shares before selling them, and we are not aware of any existing arrangements between the Selling Securityholder and any other
shareholder, broker, dealer, underwriter, or agent relating to the sale or distribution of the Webull Class A Ordinary Shares being offered
for resale by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Selling securityholder information
for any additional selling securityholder will be set forth in a supplement to this prospectus or, if required, a post-effective amendment
to the registration statement of which this prospectus forms a part. Any such prospectus supplement or post-effective amendment may add,
update, substitute, or change the information contained in this prospectus, including the identity of any selling securityholder and the
number of securities of the Company registered on its behalf. A Selling Securityholder may sell all, some or none of such securities in
this offering. See the section entitled &ldquo;<I>Plan of Distribution</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The percentage of Webull Class A Ordinary Shares beneficially owned
by the Selling Securityholder prior to the offering shown in the table below is based on an aggregate of 401,758,855 Webull Class A Ordinary
Shares issued and outstanding on July 22, 2025. Because the purchase price to be paid by the Selling Securityholder for Webull Class A
Ordinary Shares, if any, that we may elect to sell to the Selling Securityholder in one or more Advances from time to time under the Purchase
Agreement will be determined on the applicable Advance Dates for such Advances, the actual number of Webull Class A Ordinary Shares that
we may sell to the Selling Securityholder under the Purchase Agreement may be fewer than the number of shares being offered for resale
under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <td style="text-align: center">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Number of Webull Class A Ordinary Shares Beneficially&nbsp;Owned</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Maximum Number of Webull Class A Ordinary Shares Being</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Webull Class A Ordinary Shares Beneficially Owned After the Offered Webull Class A Ordinary Shares Are Sold</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Name of Selling Securityholder</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <td colspan="2" style="white-space: nowrap; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><B>Number<SUP>(1)</SUP></B></TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percent</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Offered</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><B>Number<SUP>(2)</SUP></B></TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><td style="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Percent</TD><td style="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 40%; text-align: left">YA II PN, Ltd.<SUP>(3)</SUP></TD><td style="width: 1%">&nbsp;</TD>
    <td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 9%; text-align: right">159,236</TD><td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 1%">&nbsp;</TD>
    <td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 9%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</TD><td style="width: 1%; text-align: left">%</TD><td style="width: 1%">&nbsp;</TD>
    <td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 9%; text-align: right">75,159,236</TD><td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 1%">&nbsp;</TD>
    <td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 9%; text-align: right">0</TD><td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 1%">&nbsp;</TD>
    <td style="width: 1%; text-align: left">&nbsp;</TD><td style="width: 9%; text-align: right">-</TD><td style="width: 1%; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 0.25in">*</TD>
    <TD STYLE="font-size: 10pt">Represents less than 1%.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">1</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Represents 159,236 Commitment Shares that we issued to the Selling Securityholder in consideration for entering into the Purchase Agreement with us. In accordance with Rule 13d-3(d) under the Exchange Act, we have excluded from the number of shares beneficially owned prior to the offering all of the shares that the Selling Securityholder may be required to purchase under the Purchase Agreement, because the issuance of such shares is at our discretion and is subject to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Securityholder&rsquo;s control, including the registration statement that includes this prospectus becoming and remaining effective. Further, the Purchase Agreement prohibits us from issuing and selling any Webull Class A Ordinary Shares to the Selling Securityholder to the extent such shares, when aggregated with all other Webull Class A Ordinary Shares then beneficially owned by the Selling Securityholder, would cause the Selling Securityholder&rsquo;s beneficial ownership of Webull Class A Ordinary Shares to exceed an 4.99% ownership limitation. The Purchase Agreement also prohibits us from issuing or selling Webull Class A Ordinary Shares under the Purchase Agreement in excess of the Exchange Cap, unless we obtain stockholder approval to do so, or unless otherwise permitted under Nasdaq rules.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">2</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Assumes the resale of all Webull Class A Ordinary Shares being offered pursuant to this prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">3</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">Investment decisions for YA II PN, Ltd. are made by Mr. Angelo. The
business address for YA II PN, Ltd. is 1012 Springfield Avenue, Mountainside, New Jersey 07092.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Material Relationships with Selling Securityholder</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except for the transactions
contemplated by the Purchase Agreement, and as set forth in the section entitled &ldquo;<I>Plan of Distribution</I>&rdquo; in this prospectus,
the Selling Securityholder has not had any material relationship with us within the past three years.&nbsp; See the section entitled &ldquo;<I>Material
Contracts and Related Party Transactions</I>&rdquo; and &ldquo;<I>Committed Equity Financing</I>&rdquo; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_020"></a>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the offer and sale from time to time by the Selling Securityholder of up to (a) 159,236 Webull Class A Ordinary Shares issued pursuant
to the Purchase Agreement to the Selling Securityholder as Commitment Shares at a deemed $12.56 purchase price per share, and (b) 75,000,000
Webull Class A Ordinary Shares that Webull may, in its discretion, elect to issue and sell to the Selling Securityholder, from time to
time, pursuant to the Purchase Agreement. The prospectus also covers any additional securities that may become issuable by reason of share
splits, share dividends or similar transactions. As used in this prospectus, the term &ldquo;Selling Securityholder&rdquo; means YA II
PN, Ltd., a Cayman Islands exempt limited partnership, and the pledgees, donees, transferees, assignees, successors, designees, and others
who later come to hold any of the Selling Securityholder&rsquo;s interest in the Webull Class A Ordinary Shares other than through a public
sale. The prospectus also covers any additional securities that may become issuable by reason of share splits, share dividends or similar
transactions. For more information on Webull Class A Ordinary Shares eligible for future sale, including alternative resale options that
the Selling Securityholder named herein may have in addition to resales covered by this prospectus, see the section entitled &ldquo;<I>Securities
Eligible for Future Sale</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo; in this prospectus. For more information on the Purchase Agreement,
risks related thereto and use of proceeds, see &ldquo;<I>Committed Equity Financing,</I>&rdquo; &ldquo;<I>Risk Factors <FONT STYLE="background-color: white">&mdash;</FONT>
Risks <FONT STYLE="background-color: white">Relating to Ownership of Securities of Webull and this Offering</FONT></I>&rdquo; and &ldquo;Use
of Proceeds.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The shares may be sold or
distributed from time to time by the Selling Securityholder directly to one or more purchasers or through brokers, dealers, or underwriters
who may act solely as agents at market prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated
prices, or at fixed prices, which may be changed. We will not receive any of the proceeds from the sale of the securities by the Selling
Securityholder. We may receive up to $1,000,000,000 aggregate gross proceeds under the Purchase Agreement from any sales we make to the
Selling Securityholder pursuant to the Purchase Agreement. The net proceeds from sales, if any, under the Purchase Agreement, will depend
on the frequency and prices at which we sell shares of common stock to the Selling Securityholder after the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale of the
Webull Class A Ordinary Shares offered by this prospectus could be effected in one or more of the following methods:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">ordinary brokers&rsquo; transactions;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">transactions involving cross or block trades;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">through brokers, dealers, or underwriters who may act solely as agents;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">&ldquo;at the market&rdquo; into an existing market for our common stock;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="width: 0.5in">&nbsp;</TD>
    <td style="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <td style="font-size: 10pt">in other ways not involving market makers or established business markets, including direct sales to purchasers or sales effected through agents;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">in privately negotiated transactions; or</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; font-size: 10pt">&#9679;</TD>
    <TD STYLE="font-size: 10pt">any combination of the foregoing.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to comply with the
securities laws of certain states, if applicable, the shares may be sold only through registered or licensed brokers or dealers. In addition,
in certain states, the shares may not be sold unless they have been registered or qualified for sale in the state or an exemption from
the state&rsquo;s registration or qualification requirement is available and complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Though we have been advised
by Yorkville and Yorkville represents in the Purchase Agreement, that Yorkville is purchasing the Webull Class A Ordinary Shares for its
own account, for investment purposes in which it takes investment risk (including, without limitation, the risk of loss), and without
any view or intention to distribute such shares in violation of the Securities Act or any other applicable securities laws, Yorkville
is an &ldquo;underwriter&rdquo; within the meaning of Section 2(a)(11) of the Securities Act and any profits on the sales of shares of
the Webull Class A Ordinary Shares by Yorkville and any discounts, commissions or concessions received by Yorkville are deemed to be underwriting
discounts and commissions under the Securities Act. Please see the section of this prospectus entitled &ldquo;<I>Committed Equity Financing</I>&rdquo;
for a description of the Purchase Agreement and the section entitled &ldquo;<I>Selling Securityholder</I>&rdquo; for additional information
regarding the Selling Securityholder.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder has informed us that it intends to use one or more registered broker-dealers, which may include an affiliate
of the Selling Securityholder, to effectuate all sales, if any, of our Webull Class A Ordinary Shares that it may acquire from us pursuant
to the Purchase Agreement. Such sales will be made at prices and at terms then prevailing or at prices related to the then-current market
price. Such registered broker-dealer including any affiliate of the Selling Securityholder may, in some circumstances (for instance if
such registered broker-dealer&rsquo;s involvement is not limited to receiving commission not in excess of the usual and customary distributors&rsquo;
or sellers&rsquo; commissions), be considered to be an underwriter within the meaning of Section 2(a)(11) of the Securities Act. The Selling
Securityholder has informed us that each such broker-dealer may receive commissions from the Selling Securityholder for executing such
sales for the Selling Securityholder and, if so, such commissions will not exceed customary brokerage commissions. Any affiliated broker-dealer
that may participate in the distribution of shares pursuant to this prospectus will do so in compliance with the provisions of Regulation
M under the Exchange Act, and, to the extent applicable, FINRA Rule 5121.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon our being notified by
any Selling Securityholder that any material arrangement has been entered into with a broker-dealer for the sale of securities offered
hereby through a block trade, special offering, exchange distribution or secondary distribution or a purchase by a broker or dealer, a
supplement to this prospectus will be filed, if required, pursuant to Rule 424(b) under the Securities Act, disclosing:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the name of the participating broker-dealer(s);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the specific securities involved;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the initial price at which such securities are to be sold;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the commissions paid or discounts or concessions allowed to such broker-dealer(s), where applicable; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">other
facts material to the transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brokers, dealers, underwriters,
or agents participating in the distribution of the Webull Class A Ordinary Shares offered by this prospectus may receive compensation
in the form of commissions, discounts, or concessions from the purchasers, for whom the broker-dealers may act as agent, of the shares
sold by the Selling Securityholder through this prospectus. The compensation paid to any such particular broker-dealer by any such purchasers
of Webull Class A Ordinary Shares sold by the Selling Securityholder may be less than or in excess of customary commissions. Neither we
nor the Selling Securityholder can presently estimate the amount of compensation that any agent will receive from any purchasers of Webull
Class A Ordinary Shares sold by the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described herein,
we know of no existing arrangements between the Selling Securityholder or any other stockholder, broker, dealer, underwriter, or agent
relating to the sale or distribution of the Webull Class A Ordinary Shares offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time file
with the SEC one or more supplements to this prospectus or amendments to the registration statement of which this prospectus forms a part
to amend, supplement, or update information contained in this prospectus, including, if and when required under the Securities Act, to
disclose certain information relating to a particular sale of shares offered by this prospectus by the Selling Securityholder, including
with respect to any compensation paid or payable by the Selling Securityholder to any brokers, dealers, underwriters, or agents that participate
in the distribution of such shares by the Selling Securityholder, and any other related information required to be disclosed under the
Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay the expenses incident
to the registration under the Securities Act of the offer and sale of the Webull Class A Ordinary Shares covered by this prospectus by
the Selling Securityholder. Further, as consideration for its irrevocable commitment to purchase our Webull Class A Ordinary Shares under
the Purchase Agreement, we have issued to the Selling Securityholder 159,236 Webull Class A Ordinary Shares as Commitment Shares upon
execution of the Purchase Agreement. In addition, we have paid the Selling Securityholder a structuring fee of $25,000 in connection with
the structuring of the transactions by the Selling Securityholder under the Purchase Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also have agreed to indemnify
the Selling Securityholder and certain other persons against certain liabilities in connection with the offering of Webull Class A Ordinary
Shares offered hereby, including liabilities arising under the Securities Act, or, if such indemnity is unavailable, to contribute amounts
required to be paid in respect of such liabilities. The Selling Securityholder has agreed to indemnify us against liabilities under the
Securities Act that may arise from certain written information furnished to us by the Selling Securityholder specifically for use in this
prospectus or, if such indemnity is unavailable, to contribute amounts required to be paid in respect of such liabilities. Insofar as
indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers, and controlling persons,
we have been advised that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act,
and is therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
has represented to us that at no time prior to the date of the Purchase Agreement has the Selling Securityholder or any entity managed
or controlled by the Selling Securityholder engaged in or effected, in any manner whatsoever, directly or indirectly, for its own account
or for the account of any of its affiliates, any short sale or any transaction that establishes a net short position with respect to
our Webull Class A Ordinary Shares. The Selling Securityholder has agreed that, during the term of the Purchase Agreement, none of the
Selling Securityholder, its officers, its sole member, or any entity managed or controlled by the Selling Securityholder will enter into
or effect, directly or indirectly, any of the foregoing transactions for its own account or for the account of any other such person
or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have advised the Selling
Securityholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation
M precludes the Selling Securityholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution
from bidding for or purchasing, or attempting to induce any person to bid for or purchase, any security that is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This offering will terminate
on the date that all shares of our Webull Class A Ordinary Shares offered by this prospectus have been sold by the Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, a Selling Securityholder
that is an entity may elect to make a pro rata in-kind distribution of securities to its members, partners or shareholders pursuant to
the registration statement of which this prospectus forms a part by delivering a prospectus with a plan of distribution. To the extent
that such members, partners or shareholders are not affiliates of ours, such members, partners or stockholders would thereby receive freely
tradable shares of Webull Class A Ordinary Shares pursuant to the distribution through a registration statement. To the extent a distributee
is an affiliate of ours (or to the extent otherwise required by law), we may file a prospectus supplement in order to permit the distributees
to use the prospectus to resell the securities acquired in the distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that the Selling Securityholder will sell all or any of the securities offered by this prospectus. In addition, the Selling Securityholder
may also sell securities under Rule 144 under the Securities Act, if available, or in other transactions exempt from registration, rather
than under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
have the sole and absolute discretion not to accept any purchase offer or make any sale of securities if they deem the purchase price
to be unsatisfactory at any particular time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
also may transfer the securities in other circumstances, in which case the donees, pledgees, transferees or other successors-in-interest
(as a gift, pledge, partnership distribution or other non-sale related transfer) that may be identified in a supplement to this prospectus
or, if required, a post-effective amendment to the registration statement of which this prospectus forms a part, will be the selling beneficial
owners for purposes of this prospectus. Upon being notified by a Selling Securityholder that such a donee, pledgee, transferee or successor
intends to sell our securities, we will, to the extent required, promptly file a supplement to this prospectus or a post-effective amendment
to the registration statement of which this prospectus forms a part to name specifically such person as a Selling Securityholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Selling Securityholder
may solicit offers to purchase the securities directly from, and they may sell such securities directly to, institutional investors or
others. In this case, no underwriters or agents would be involved. The terms of any of those sales, including the terms of any bidding
or auction process, if utilized, will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is possible that one or
more underwriters may make a market in our securities, but such underwriters will not be obligated to do so and may discontinue any market
making at any time without notice. We cannot give any assurance as to the liquidity of the trading market for our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required, we
will use our best efforts to file one or more supplements to this prospectus to describe any material information with respect to the
plan of distribution not previously disclosed in this prospectus or any material change to such information.</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_021"></a>SECURITIES ELIGIBLE FOR FUTURE SALE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future sales of substantial
amounts of Webull Class A Ordinary Shares or Webull Warrants or exercises thereof resulting in sales of Webull Class A Ordinary Shares
in the public market could adversely affect market prices prevailing from time to time for such securities. Furthermore, because only
a limited number of Webull Class A Ordinary Shares are currently available for sale after the closing of our Business Combination due
to contractual and legal restrictions on resale as described below, there may be sales of substantial amounts of Webull Class A Ordinary
Shares in the public market after the restrictions lapse. This may adversely affect the prevailing market prices of our securities and
our ability to raise equity capital in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of the date of this prospectus, Webull had (i) 401,758,855 Webull
Class A Ordinary Shares and 82,988,016 Webull Class B Ordinary Shares issued and outstanding, and (ii) 9,675,386 Webull Warrants issued
and outstanding. Webull also has 44,400,984 Webull Class A Ordinary Shares reserved for issuance pursuant to its Global Plan. Immediately
following the consummation of the Business Combination, 455,599,003 Webull Ordinary Shares (including 82,988,016 Webull Class B Ordinary
Shares) were held by the Existing Webull Shareholders and were subject to the transfer restrictions in the Webull Articles and 3,892,884
Webull Ordinary Shares were held by the Initial SKGR Shareholders and certain non-redemption agreement investors and were subject to the
transfer restrictions in the Auxo Support Agreement. For more information on the lock-up restrictions and exceptions thereto, see below
under &ldquo;<I>&mdash;Lock-up Agreements</I>.&rdquo; Webull has filed the Other Registration Statement to register for resale a portion
of the shares held by the Existing Webull Shareholders. The number of shares registered for resale under such Other Registration Statement
includes 25% of the shares that may be released from the transfer restrictions under a provision of the Webull Articles, 25% of the Webull
Class B Ordinary Shares beneficially held by our founder, Anquan Wang and held of record by Water Castle Az Inc., all of the Webull Class
A Ordinary Shares held by Webull Partners Limited (which is the record holder of certain Webull Class A Ordinary Shares beneficially held
by certain of Webull&rsquo;s directors and officers) and all of the shares held by the Initial SKGR Shareholders and the investors party
to the Non-Redemption Agreements and Additional Non-Redemption Agreements. The 127,445,012 Webull Ordinary Shares offered for resale pursuant
to the prospectus included in such Other Registration Statement represent approximately 26.3% of the Webull Ordinary Shares issued and
outstanding as of the date of this prospectus.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the expiration of
the lock-up on such shares pursuant to the Webull Articles or the Auxo Support Agreement, 106,698,008 Webull Class A Ordinary Shares covered
by the prospectus that forms a part of the Other Registration Statement will be transferable without any restrictions as long as the Other
Registration Statement remains effective or an exemption from registration under Rule 144 under the Securities Act is available. Once
the transfer restrictions in the Webull Articles expire, the balance of the Webull Class A Ordinary Shares held by the Webull Existing
Shareholders and that are not covered by the prospectus included in the Other Registration Statement may be registered for resale in a
subsequent registration statement or may be sold subject to availability of Rule 144.</p>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 82,988,016 Webull Class
B Ordinary Shares issued and outstanding as of the date of this prospectus are &ldquo;restricted securities,&rdquo; as that phrase is
defined in Rule 144, and are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption
from registration and for sale under Rule 144 under the Securities Act. Upon conversion of the 20,747,004 Webull Class B Ordinary Shares
into 20,747,004 Webull Class A Ordinary Shares covered by the prospectus included in the Other Registration Statement and following the
expiration of the lock-up pursuant to the Webull Articles on such shares, such Webull Ordinary Shares will be transferable without any
restrictions as long as the Other Registration Statement remains effective or an exemption from registration under Rule 144 under the
Securities Act is available. Once the transfer restrictions in the Webull Articles expire with respect to such shares, the balance of
the Webull Class A Ordinary Shares issuable upon conversion of Webull Class B Ordinary Shares held by our founder and that are not covered
by the prospectus included in the Other Registration Statement may be registered for resale in a subsequent registration statement or
may be sold subject to availability of Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All of the 9,675,386 Webull
Warrants are currently transferable without any restrictions, except for any Webull Warrants held by one of our &ldquo;affiliates,&rdquo;
as that term is defined in Rule 144 under the Securities Act. If any of shares issued upon exercise of Webull Warrants are held by an
&ldquo;affiliate,&rdquo; as that term is defined in Rule 144 under the Securities Act, any Webull Class A Ordinary Shares issuable upon
exercise of Webull Warrants will be freely transferable to the extent that an exemption from registration under Rule 144 under the Securities
Act is available or such shares are subsequently registered for resale pursuant to the Securities Act.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Class A Ordinary
Shares that were issued upon exercise of the Webull Incentive Warrants will be transferable without any restrictions as long as the Other
Registration Statement remains effective or an exemption from registration under Rule 144 under the Securities Act is available. If any
of shares issued upon exercise of Webull Incentive Warrants are held by an &ldquo;affiliate,&rdquo; as that term is defined in Rule 144
under the Securities Act, any Webull Class A Ordinary Shares issuable upon exercise of Webull Incentive Warrants will be freely transferable
to the extent that an exemption from registration under Rule 144 under the Securities Act is available or such shares (to the extent not
covered by the Other Registration Statement) are subsequently registered for resale pursuant to the Securities Act.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 2,676,468 Webull Class A Ordinary Shares that are expected to be
issued in connection with the Webull Pay Transaction will not be locked up. Given such shares are expected to be issued in a private placement,
such shares are &ldquo;restricted securities,&rdquo; as that phrase is defined in Rule 144, and are eligible for public sale only if they
are registered under the Securities Act or if they qualify for an exemption from registration and for sale under Rule 144 under the Securities
Act.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rule 144</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, a person who has
beneficially owned our securities that are restricted shares for at least six months would be entitled to sell such securities, provided
that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, the
sale and (ii) we are subject to, and in compliance with certain of, the Exchange Act periodic reporting requirements for at least 90 days
before the sale. If such person has beneficially owned such securities for at least one year, then the requirement in clause (ii) will
not apply to the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Persons who have beneficially
owned our securities that are restricted shares for at least six months but who are our affiliates at the time of, or any time during
the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any
three-month period only a number of securities that does not exceed the greater of either of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">1% of the number of our Webull Class A Ordinary Shares or Webull Public Warrant (as applicable) then outstanding;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<td style="width: 0.5in"></TD><td style="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><td style="text-align: justify">the average weekly trading volume of our Webull Class A Ordinary Shares or Webull Public Warrant (as applicable)
on the Nasdaq during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale provided, in each case,
that we are subject to, and in compliance with certain of, the Exchange Act periodic reporting requirements for at least 90 days before
the sale. Such sales must also comply with the manner of sale and notice provisions of Rule 144.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Equity Incentive Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We expect to file a registration
statement on Form S-8 under the Securities Act to register the Webull Class A Ordinary Shares reserved for issuance under our equity incentive
plans. Webull currently has 44,400,984 Webull Class A Ordinary Shares reserved for issuance pursuant to its Global Plan. The Webull Class
A Ordinary Shares to be covered by such registration statement are eligible for sale in the public markets, subject to vesting restrictions
and any applicable holdings periods, any applicable lock-up agreements and Rule 144 limitations applicable to affiliates.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lock-up Agreements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Articles include
certain transfer restrictions applicable to the Existing Webull Shareholders. Pursuant to the Auxo Support Agreement and the Webull Articles,
(i) the Initial SKGR Shareholders and certain non-redemption agreement investors and (ii) the Existing Webull Shareholders, respectively,
are restricted, subject to certain exceptions, from selling any of their Webull Class A Ordinary Shares for one year after the consummation
of the Business Combination, in the case of the Initial SKGR Shareholders and certain non-redemption agreement investors, and for 180
days after the consummation of the Business Combination in the case of the Existing Webull Shareholders. The Auxo Support Agreement permits
a release of the Webull Class A Ordinary Shares subject to lock-up if after the Closing Date, the closing price of the Webull Class A
Ordinary Shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations,
reorganizations, recapitalizations and the like) for any twenty (20) Trading Days (as defined in the Auxo Support Agreement) within a
thirty (30)-Trading Day period commencing at least one hundred and fifty (150) days after the Closing Date. 25% of the shares held by
the Initial SKGR Shareholders were released from the Auxo Support Agreement lock-up immediately as of the Closing Date, as provided by
the Auxo Support Agreement, in order to satisfy, reduce or defray any actual or potential taxes imposed (or in the Initial SKGR Shareholders&rsquo;
reasonable judgment expected to be imposed) on the Initial SKGR Shareholders or their affiliates as a result of the Business Combination
potentially not qualifying for the Intended Tax Treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Webull Articles also provide
that a majority of the directors of Webull then in office or a duly authorized committee of the Webull board of directors may release
the Webull Class A Ordinary Shares held by the Existing Webull Shareholders from the lock-up included in the Webull Articles. Further,
the Webull Articles provide that following the date on which the closing price of the Webull Class A Ordinary Shares equals or exceeds
$12.00 per share (as adjusted for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations
and the like) for any twenty (20) Trading Days (as defined in the Webull Articles) within a thirty (30)-Trading Day period, Webull may,
at its discretion, release up to twenty-five percent (25%) of the shares held by an Existing Webull Shareholder (determined as of the
date immediately before the date of such determination) from the transfer restrictions included in the Webull Articles; provided that
if Webull releases any of the shares subject to lock-up, the same percentage of lock-up shares held by other Existing Webull Shareholders
as the percentage of the shares subject to lock-up that are subject to the release shall be deemed to have also been simultaneously released;
provided further that the foregoing shall not apply to any shares held by a Water Castle Az Inc., NotNull Inc., Webull Partners Limited
(which are the record holders of certain shares held by certain of Webull&rsquo;s directors and officers) and any other person to whom
any such person may transfer any shares subject to lock-up. The foregoing descriptions of the Webull Articles and the Auxo Support Agreement
and the rights and restrictions contemplated thereby does not purport to be complete and is qualified in its entirety by the terms of
the Webull Articles and the Auxo Support Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_022"></a>EXPENSES OF THE OFFERING</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that our expenses
in connection with this offering of Webull Class A Ordinary Shares for resale, other than underwriting discounts and commissions, will
be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Expenses</b></font></td>
    <td>&nbsp;</td>
    <td colspan="2" style="text-align: center; border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amount</b></font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 89%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S. Securities and Exchange Commission registration fee</font></td>
    <td style="width: 1%">&nbsp;</td>
    <td style="width: 1%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="width: 8%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">143,951.06</font></td>
    <td style="width: 1%">&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer agent fee</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Printing and engraving expenses</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,000.00*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Legal fees and expenses</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounting fees and expenses</font></td>
    <td>&nbsp;</td>
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miscellaneous costs</font></td>
    <td>&nbsp;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</font></td>
    <td>&nbsp;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></font></td>
    <td>&nbsp;</td>
    <td style="border-bottom: black 4.5pt double"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 4.5pt double; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>*</b></font></td>
    <td>&nbsp;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Estimated solely for purposes of this section. Actual expenses
may vary. Some of these fees are calculated based on the securities offered and the number of issuances and accordingly cannot be defined
at this time.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">We
will bear all costs, expenses and fees in connection with the registration of the securities offered by this prospectus, whereas the Selling
Securityholder will bear all incremental selling expenses, including commissions, brokerage fees and other similar selling expenses. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the execution
of the Purchase Agreement, Webull issued 159,236 Webull Class A Ordinary Shares to the Selling Securityholder as Commitment Shares pursuant
to the Purchase Agreement on July 1, 2025. The Commitment Shares were issued at a deemed $12.56 purchase price per share. The Commitment
Shares reflect a number of Ordinary Shares that is equal to 0.20% of the Commitment Amount divided by the last closing price of the Webull
Class A Ordinary Shares as of the date of signing of the Purchase Agreement (on July 1, 2025, the last reported prices of the Webull Class
A Ordinary Shares, as reported on the Nasdaq, was $12.56). Such Commitment Shares were issued to the Selling Securityholder as consideration
for the Selling Securityholder&rsquo;s irrevocable commitment to purchase Webull Class A ordinary Shares at Webull&rsquo;s election and
in Webull&rsquo;s discretion from time to time from the date of the Purchase Agreement until 36 months following the date of the Purchase
Agreement, upon the terms and subject to the satisfaction of the conditions set forth in the Purchase Agreement. Webull also paid the
Selling Securityholder a structuring fee of $25,000 in connection with the execution of the Purchase Agreement. For more information on
the Purchase Agreement, also see &ldquo;<I>Committed Equity Financing.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_023"></a>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">The
validity of the Webull Class A Ordinary Shares offered in this prospectus shall be passed on by Ogier, as our counsel with respect to
certain legal matters as to Cayman Islands law. </FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_024"></a>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Webull as of December 31, 2024 and 2023, and for each of the years in the three year period ended December 31, 2024 have
been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein,
and upon the authority of said firm as experts in accounting and auditing. The registered business address of KPMG LLP is 345 Park Avenue,
New York, New York 10154.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements of
SK Growth Opportunities Corporation as of December 31, 2023 and 2024 and the related statements of operations, changes in shareholders&rsquo;
deficit, and cash flows for the years ended December 31, 2023 and 2024, appearing in this prospectus, have been audited by WithumSmith+Brown,
PC, independent registered public accounting firm, as set forth in their report thereon (which contains an explanatory paragraph relating
to substantial doubt about the ability of SK Growth Opportunities Corporation to continue as a going concern as described in Note 1 to
the financial statements), appearing elsewhere in this prospectus, and are included in reliance upon such report given on the authority
of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_025"></a>ENFORCEMENT OF CIVIL LIABILITIES UNDER U.S.
SECURITIES LAWS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull is incorporated in
the Cayman Islands as an exempted company with limited liability in order to enjoy the following benefits:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">economic stability;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">an effective judicial system;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">a favorable tax system;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the absence of exchange control or currency restrictions; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the availability of professional and support services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, certain disadvantages
accompany incorporation in the Cayman Islands. These disadvantages include but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">the Cayman Islands has a less developed body of securities laws as compared to the United States and these
securities laws provide significantly less protection to investors as compared to the United States; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt; font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD><TD STYLE="text-align: justify">Cayman Islands companies may not have standing to sue before the federal courts of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The memorandum and articles
of association do not contain provisions requiring that disputes, including those arising under the securities laws of the United States,
between Webull, its officers, directors and shareholders, be arbitrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of Webull&rsquo;s
directors and executive officers reside outside the United States, and most of the assets of its non-U.S. subsidiaries are located outside
the United States. As a result, it may be difficult for a shareholder to effect service of process within the United States against Webull
or those non-U.S. resident persons based on the civil liabilities or judgments obtained in United States courts, including judgments predicated
upon the civil liability provisions of the securities laws of the United States or any state in the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull has been informed by
Ogier, its counsel as to Cayman Islands law, that there is uncertainty as to whether the courts of the Cayman Islands would (i) recognize
or enforce judgments of U.S. courts obtained against Webull or its directors or officers that are predicated upon the civil liability
provisions of the federal securities laws of the United States or the securities laws of any state in the United States, or (ii) entertain
original actions brought in the Cayman Islands against Webull or its directors or officers that are predicated upon the federal securities
laws of the United States or the securities laws of any state in the United States. Webull has also been advised by Ogier that although
there is no statutory enforcement in the Cayman Islands of judgments obtained in the federal or state courts of the United States (and
the Cayman Islands are not a party to any treaties for the reciprocal enforcement or recognition of such judgments), a judgment obtained
in such jurisdiction will be recognized and enforced in the courts of the Cayman Islands at common law, without any reexamination of the
merits of the underlying dispute, based on the principle that a judgment of a competent foreign court imposes upon the judgment debtor
an obligation to pay the liquidated sum for which such judgment has been given, provided such judgment (a) is given by a foreign court
of competent jurisdiction, (b) imposes on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given,
(c) is final, (d) is not in respect of taxes, a fine or a penalty, and (e) was not obtained in a manner and is not of a kind the enforcement
of which is contrary to natural justice or the public policy of the Cayman Islands. However, the Cayman Islands courts are unlikely to
enforce a judgment obtained from the U.S. courts under civil liability provisions of the U.S. federal securities law if such judgment
is determined by the courts of the Cayman Islands to give rise to obligations to make payments that are penal or punitive in nature. A
Cayman Islands court may stay enforcement proceedings if concurrent proceedings are being brought elsewhere.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a_027"></a>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement (which may include amendments and exhibits to the registration statement) on Form F-1 under the Securities Act.
This prospectus, which is part of the registration statement, does not contain all of the information set forth in the registration statement
and the exhibits and schedules to the registration statement. For further information, we refer you to the registration statement and
the exhibits and schedules filed as part of the registration statement. If a document has been filed as an exhibit to the registration
statement, we refer you to the copy of the document that has been filed. Each statement in this prospectus relating to a document filed
as an exhibit is qualified in all respects by the filed exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the informational
requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports
on Form 20-F and reports on Form 6-K. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements
and other information we have filed electronically with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a foreign private issuer,
we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and
our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions
contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and
financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The mailing address of Webull&rsquo;s
principal executive office is: 200 Carillon Parkway, St. Petersburg, Florida 33716, Attention: Benjamin James, General Counsel, and its
telephone number is +1 (917) 725-2448. Webull&rsquo;s agent for U.S. federal securities law purposes is Webull Holdings (US) Inc., 200
Carillon Parkway, St. Petersburg, Florida 33716. We maintain a corporate website at www.webullcorp.com. The reference to our website is
an inactive textual reference only and information contained therein or connected thereto are not incorporated into this prospectus or
the registration statement of which it forms a part.</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white"><A NAME="a_026"></A>INDEX
TO FINANCIAL STATEMENTS</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Webull Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 90%"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></TD>
    <td style="font-family: Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 10%; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><b>Financial Statements</b></font></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><a href="#f_001"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Report
    of Independent Registered Public Accounting Firm (PCAOB 185)</font><font style="font-family: Times New Roman, Times, Serif"></font></a></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><a href="#f_002"><font style="font-size: 10pt">Consolidated
    Statements of Financial Position as of December&nbsp;31, 2024 and 2023</font></a></font></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><a href="#f_003"><font style="font-size: 10pt">Consolidated
    Statements of Operations and Comprehensive (Loss) Income for the Years Ended December&nbsp;31,&nbsp;2024, 2023 and 2022</font></a></font></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><a href="#f_004"><font style="font-size: 10pt">Consolidated
    Statements of Changes in Shareholders&rsquo; Deficit for the Years Ended December&nbsp;31, 2024, 2023 and 2022</font></a></font></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><a href="#f_005"><font style="font-size: 10pt">Consolidated
    Statements of Cash Flows for the Years Ended December&nbsp;31, 2024, 2023 and 2022</font></a></font></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</font></TD></TR>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in"><font style="font-family: Times New Roman, Times, Serif"><a href="#f_006"><font style="font-size: 10pt">Notes
    to Consolidated Financial Statements</font></a></font></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</font></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>SK Growth Acquisition Corporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="background-color: White">
    <td style="vertical-align: top"><B>Financial Statements:</B>&nbsp;</td>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</td></tr>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top; width: 90%"><A HREF="#fin2_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public Accounting Firm&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt">F-57</FONT></TD></TR>
  <tr style="background-color: White">
    <td style="vertical-align: top"><A HREF="#fin2_002"><FONT STYLE="font-size: 10pt">Balance Sheets&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-58</FONT></TD></TR>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><A HREF="#fin2_003"><FONT STYLE="font-size: 10pt">Statements of Operations&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-59</FONT></TD></TR>
  <tr style="background-color: White">
    <td style="vertical-align: top"><A HREF="#fin2_004"><FONT STYLE="font-size: 10pt">Statements of Changes in Shareholders&rsquo; Deficit&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-60</FONT></TD></TR>
  <tr style="background-color: rgb(204,238,255)">
    <td style="vertical-align: top"><A HREF="#fin2_005"><FONT STYLE="font-size: 10pt">Statements of Cash Flows&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-61</FONT></TD></TR>
  <tr style="background-color: White">
    <td style="vertical-align: top"><A HREF="#fin2_006"><FONT STYLE="font-size: 10pt">Notes to Financial Statements&nbsp;</FONT></A></TD>
    <td style="white-space: nowrap; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">F-62</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 110.1pt 0pt 114.8pt; text-align: center"><B><A NAME="f_001"></A>Report
of Independent Registered Public Accounting Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Opinion on the Consolidated Financial
Statements</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
statements of financial position of Webull Corporation&nbsp;and subsidiaries (the Company) as of December 31, 2024 and 2023, the related
consolidated statements of operations and comprehensive (loss) income, changes in shareholders&rsquo; deficit, and cash flows for each
of the years in the three-year period ended December 31, 2024, and the related notes (collectively, the consolidated financial statements).&nbsp;In
our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as
of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-year period ended
December 31, 2024, in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Basis for Opinion</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These consolidated financial statements are
the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on these consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with
the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures
to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits
provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-size: 10pt">/s/ KPMG LLP</font></p>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have served as the Company&rsquo;s auditor since 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York<BR>
April 25, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_002"></A>Webull Corporation<BR>
Consolidated Statements of Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">270,728,008</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">372,340,353</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Cash and cash equivalents segregated under federal and foreign requirements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">939,232,153</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">621,802,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Receivables from brokers, dealers, and clearing organizations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262,093,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,717,238</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Receivables from customers, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">301,107,428</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,877,829</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,344,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67,403,943</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Customer-held fractional shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">108,252,531</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">45,528,829</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,931,757,996</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,182,670,306</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Right-of-use assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,293,751</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,907,557</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Property and equipment, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,629,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,298,383</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Intangible assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,415,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,397,953</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,197,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,197,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,374,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,646,193</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Other</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">19,301</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total non-current assets</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">136,911,421</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">77,466,825</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total assets</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,068,669,417</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,260,137,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities, mezzanine equity, and shareholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Payables due to customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,378,625,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">624,728,444</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Payables due to brokers, dealers, and clearing organizations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,490,537</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,661,653</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease liabilities - current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,969,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,474,199</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Accounts payable and other accrued expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">61,079,799</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,650,338</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,446,165,425</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">680,514,634</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Lease liabilities - non-current portion</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,438,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,594,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Deferred tax liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,292,255</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,771,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total non-current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,730,810</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">15,366,273</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,461,896,235</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">695,880,907</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Commitments and contingencies (Note 24)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Mezzanine equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Convertible redeemable preferred shares
    (aggregate liquidation preference of $644,132,365 and $604,506,258 as of December 31, 2024 and 2023, respectively; and aggregate
    redemption value of $2,861,748,733 and $2,326,363,413 as of December 31, 2024 and 2023, respectively; Note 15)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,861,748,733</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,326,363,413</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total mezzanine equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,861,748,733</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,326,363,413</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Shareholders&rsquo; deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Class A ordinary shares ($0.0001 par value; 4,000,000,000 shares authorized,
    143,531,581 and 139,307,224 shares issued and outstanding, respectively, as of December 31, 2024; 4,000,000,000 shares authorized,
    143,531,581 and 137,077,382 shares issued and outstanding, respectively, as of December 31, 2023)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,708</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Class B ordinary shares ($0.0001 par value, 1,000,000,000 shares authorized
    as of December 31, 2024 and 2023, no shares issued and outstanding as of December 31, 2024 and&nbsp;2023)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 20pt">Treasury shares (4,224,356 and 6,454,198 shares as of December 31, 2024 and
    2023, respectively)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Additional paid in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 20pt">Accumulated deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,241,066,624</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,755,921,317</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 20pt">Accumulated other comprehensive loss</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(15,195,946</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(6,859,801</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Total shareholders&rsquo; deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,256,248,639</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,762,767,410</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Noncontrolling interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,273,088</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">660,221</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,254,975,551</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(1,762,107,189</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total liabilities, mezzanine equity, and total deficit</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,068,669,417</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,260,137,131</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of the consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_003"></A>Webull Corporation<BR>
Consolidated Statements of Operations and Comprehensive (Loss) Income<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; padding-left: 10pt">Equity and option order flow rebates</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">197,069,562</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">192,232,715</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">278,981,134</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Interest related income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,451,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">155,792,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,882,243</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Handling charge income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,044,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,677,177</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,500,321</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Other revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,663,533</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,900,349</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,969,222</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total revenues</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">390,229,672</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">389,602,570</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">388,332,920</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Brokerage and transaction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,306,618</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,418,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,764,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Technology and development</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,840,463</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,156,468</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,773,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,721,231</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,258,002</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,280,587</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">General and administrative</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">122,714,628</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">95,789,803</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">72,960,209</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total operating expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">404,582,940</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">366,623,191</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">319,778,027</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Other (income) expense, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,302,693</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,801,285</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,869,397</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">(Loss) income from continuing operations, before income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,050,575</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,178,094</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,685,496</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">13,823,355</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,140,571</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">32,211,527</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">(Loss) income from continuing operations, net of tax</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,873,930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,037,523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,473,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income from discontinued operations, net of tax (Note
    4)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,691,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,784,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,603,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net (loss) income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(23,182,152</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,821,988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,077,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Less net loss attributable to noncontrolling interest
    (Note 5)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(488,504</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(247,296</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net (loss) income attributable to the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,693,648</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,069,284</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,077,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Preferred shares redemption value accretion</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(495,088,038</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(340,080,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(51,409,749</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Net loss attributable to ordinary shareholders</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(517,781,686</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(334,010,716</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,332,123</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Amounts attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">(Loss) income from continuing operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(25,873,930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,037,523</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">33,473,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Less loss from continuing operations attributable to noncontrolling
    interest</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(488,504</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(247,296</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">(Loss) income from continuing operations attributable to the Company</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,385,426</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,284,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,473,969</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Preferred shares redemption value accretion</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(495,088,038</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(340,080,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(51,409,749</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Loss from continuing operations attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(520,473,464</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(335,795,181</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,935,780</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Income from discontinued operations attributable to ordinary
    shareholders</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,691,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,784,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,603,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Net loss attributable to ordinary shareholders</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(517,781,686</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(334,010,716</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(1,332,123</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss per share from continuing operations attributable to ordinary shareholders (Note 19)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(3.75</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2.43</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Income per share from discontinued operations attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.02</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.01</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">0.12</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net loss attributable to ordinary shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(3.73</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(2.42</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(0.01</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted-average shares outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt; padding-left: 10pt">Basic and diluted</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">138,828,900</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">137,965,591</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">134,489,965</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net (loss) income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(23,182,152</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,821,988</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,077,626</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Other comprehensive (loss) income, net of tax:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Change in cumulative foreign currency translation adjustment</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,430,811</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,660,040</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,551,836</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other comprehensive (loss) income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,430,811</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,660,040</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,551,836</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Comprehensive (loss) income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,612,963</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,482,028</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,525,790</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Less comprehensive loss attributable to noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(488,504</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(247,296</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Less foreign currency translation adjustment attributable to noncontrolling interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(94,666</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,713</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 10pt">Preferred shares redemption value accretion</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(495,088,038</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(340,080,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(51,409,749</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Comprehensive loss attributable to ordinary shareholders</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(526,117,831</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(332,347,963</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">(4,883,959</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of the consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_004"></A>Webull Corporation<BR>
Consolidated Statements of Changes in Shareholders&rsquo; Deficit<BR>
For the Years Ended December 31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Class A Ordinary</TD><TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Treasury Share
    Reserve</TD><TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Additional</B></P> <P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Paid
                                            -In</B></P></TD><TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; font-weight: bold; text-align: center">Subscription</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; font-weight: bold">Accumulated</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; font-weight: bold">Accumulated Other Comprehensive</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; font-weight: bold">Total Shareholders&rsquo;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; font-weight: bold">Noncontrolling</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 8pt; text-align: center; font-weight: bold">Total</TD><TD STYLE="font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom">
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Capital</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; font-weight: bold; text-align: center">Receivable</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center; font-weight: bold">Deficit</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center; font-weight: bold">Loss</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center; font-weight: bold">Deficit</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center; font-weight: bold">Interest</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: center; font-weight: bold">Deficit</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; width: 23%; font-weight: bold">Balance as of December 31, 2021</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">134,486,491</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">13,449</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(6,370,243</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(3,449</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(1,473,025,700</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(4,970,718</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(1,477,986,418</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 1%; text-align: left">$</TD><TD STYLE="font-size: 8pt; width: 4%; text-align: right">(1,477,986,418</TD><TD STYLE="font-size: 8pt; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Issuances of vested restricted stock awards</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,267,639</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">127</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,267,639</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">127</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">127</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Issuance of shares to treasury share reserve</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,674,846</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Share-based compensation</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">30,085,992</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">30,085,992</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">30,085,992</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Receipt of subscription receivable</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,449</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,449</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">3,449</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Net income</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,077,626</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,077,626</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">50,077,626</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Preferred shares redemption value accretion</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(30,085,992</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(21,323,757</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(51,409,749</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(51,409,749</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation
    adjustment, net of $0 income taxes</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(3,551,836</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(3,551,836</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(3,551,836</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2022</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">135,754,130</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">13,576</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(7,777,450</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,444,271,831</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(8,522,554</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,452,780,809</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,452,780,809</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Issuances of vested restricted stock awards</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,323,252</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">132</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,323,252</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(132</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Share-based compensation</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,375,956</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,375,956</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">29,375,956</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Spin-off of subsidiary to shareholders</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7,014,594</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7,014,594</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7,014,594</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Acquisition of PT Webull Sekuritas Indonesia</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">910,230</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">910,230</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Net income attributable to the Company</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,069,284</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,069,284</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,069,284</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Net loss attributable to noncontrolling interest</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(247,296</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(247,296</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Preferred shares redemption value accretion</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(29,375,824</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(310,704,176</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(340,080,000</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(340,080,000</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation
    adjustment, net of $0 income taxes</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">1,662,753</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">1,662,753</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(2,713</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">1,660,040</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; font-weight: bold; padding-bottom: 1.5pt">Balance as of December 31, 2023</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">137,077,382</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">13,708</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(6,454,199</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,755,921,317</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(6,859,801</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,762,767,410</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">660,221</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(1,762,107,189</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9pt; padding-left: 9pt">Increase in noncontrolling interest attributable
    to loan conversion</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,196,037</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,196,037</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Issuances of vested restricted stock awards</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,791,669</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">179</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,791,669</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(179</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Options exercised</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">438,173</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">44</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">438,173</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">48,947</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">48,991</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">48,991</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Share-based compensation</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,587,611</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,587,611</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,587,611</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Net loss attributable to the Company</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(22,693,648</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(22,693,648</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(22,693,648</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Net loss attributable to noncontrolling interest</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(488,504</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(488,504</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; text-align: left">Preferred shares redemption value accretion</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(32,636,379</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(462,451,659</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(495,088,038</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(495,088,038</TD><TD NOWRAP STYLE="font-size: 8pt; text-align: left">)&nbsp;</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Foreign currency translation
    adjustment, net of $0 income taxes</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(8,336,145</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(8,336,145</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(94,666</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-size: 8pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-size: 8pt; text-align: right">(8,430,811</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font-size: 8pt; font-weight: bold; padding-bottom: 4pt">Balance as of December 31, 2024</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">139,307,224</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">13,931</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">(4,224,356</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">&ndash;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">(2,241,066,624</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">(15,195,946</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">(2,256,248,639</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">)&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">1,273,088</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-size: 8pt; text-align: right">(2,254,975,551</TD><TD NOWRAP STYLE="font-size: 8pt; padding-bottom: 4pt; text-align: left">)&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of the consolidated financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_005"></A>Webull Corporation<BR>
Consolidated Statements of Cash Flows<BR>
For the Years Ended December 31, 2024, 2023 and 2022</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 6pt"><b>&nbsp;</b></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt"><I></I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2022</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Cash flows from operating activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Net (loss) income</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">(23,182,152</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">5,821,988</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 9%; text-align: right">50,077,626</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Adjustments to reconcile net income to net cash provided
    by (used in) operating activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Deferred tax expense</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,743,603</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,083,233</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,427,880</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Depreciation and amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,506,395</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,778,476</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,423,830</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Gain on forgiveness of accrued interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,414,529</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Non-cash loss on deconsolidation of
    subsidiaries</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">963,138</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Provision for contingent liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,236,905</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">326,711</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(252,949</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Provision for expected credit losses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">332,076</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Share-based compensation</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">32,587,611</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,411,885</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">30,022,322</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Unrealized foreign exchange (gain)
    loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(419,753</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,270</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,418,131</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Net effect of changes in assets and liabilities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Net receivables from brokers, dealers
    and clearing organizations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(202,094,775</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(26,008,752</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,561,079</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Net customer receivables and customer
    payables</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">466,726,102</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">545,640,513</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,602,492</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Customer-held fractional shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(62,723,702</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(45,042,939</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(485,890</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Prepaid expenses and other current
    assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">17,053,709</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(27,617,754</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(16,225,779</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Operating lease right-of-use assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(54,386,194</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(819,913</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,510,736</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Accounts payable and other accrued
    expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">11,979,068</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(13,754,009</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(94,978,200</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Operating lease liabilities-current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,495,760</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">963,137</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,025,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Operating lease
    liabilities-non-current</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">847,942</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(33,548</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,989,338</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Net cash provided by (used in) operating
    activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">185,215,389</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">470,596,832</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(31,213,001</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from investing activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Purchase of property and equipment
    and intangible assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(2,412,229</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,543,933</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(31,550,704</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Proceeds from sale of investment securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">239,937</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Purchases of investment securities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,009,400</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash paid for
    acquisition, net of cash acquired</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,495,863</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(109,163</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,412,229</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,039,796</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(32,429,330</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from financing activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Proceeds from issuance of preferred
    shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">40,297,282</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Borrowing from revolving credit agreement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Principal payments made on revolving
    credit agreement</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Proceeds from exercise of options</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">48,991</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Spin-off of subsidiary to shareholders</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,162,982</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Receipt of preferred shares subscription
    receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">73,723,814</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Payment of preferred share repurchase
    payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(55,000,006</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Receipt of ordinary shares subscription
    receivable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">3,449</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt">Repayment of loan</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(10,839,877</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Proceeds from exercise of preferred
    share warrant</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">10,000,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Net cash provided by financing activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40,346,273</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">12,837,018</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">17,887,380</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Net increase (decrease) in cash, cash equivalents, segregated
    cash and cash of discontinued operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">223,149,433</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">473,394,054</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(45,754,951</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Effect of exchange rate changes</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,331,739</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">2,451,391</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(5,447,352</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Cash,
    cash equivalents, segregated cash, and cash of discontinued operations at beginning of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">994,142,467</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">518,297,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">569,499,325</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Cash,
    cash equivalents, segregated cash, and cash of discontinued operations at end of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,209,960,161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994,142,467</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">518,297,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 7pt"><I>&nbsp;</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Cash, cash equivalents, segregated cash and cash of discontinued
    operations</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Cash and cash equivalents</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">270,728,008</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">372,340,353</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">436,219,931</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Segregated cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">939,232,153</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">621,802,114</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">61,096,843</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Cash of discontinued
    operations (Note 5)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">20,980,248</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Cash,
    cash equivalents, segregated cash and cash of discontinued operations at end of the year</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,209,960,161</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">994,142,467</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">518,297,022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><font style="font-size: 6pt"><i>&nbsp;</i></font></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Non-cash investing and financing activities:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Accretion to preferred
    shares redemption value</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">495,088,038</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">340,080,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">51,409,749</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Conversion of
    loan payable to noncontrolling interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,196,037</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Note receivable
    issuance</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,852,106</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental disclosure:</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Income taxes paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,965,370</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">19,474,921</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,169,843</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 10pt">Interest paid</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,042</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 6pt"><i>&nbsp;</i></font></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The accompanying notes are an integral part
of the consolidated financial statements.&nbsp;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="f_006"></A>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 1 &mdash;&nbsp;DESCRIPTION OF BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Organization</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Webull Corporation (&ldquo;Webull
Corp&rdquo; and, together with its subsidiaries, &ldquo;Webull&rdquo;, the &ldquo;Company&rdquo;, &ldquo;we&rdquo;, or &ldquo;us&rdquo;)
was incorporated in the Cayman Islands with limited liability in September&nbsp;2019, and its corporate headquarters is located in St.
Petersburg, Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Business Overview</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate a digital investment
platform built upon a next-generation, global infrastructure. Our investment platform provides customers with extensive features and
functions that go beyond what is offered by most retail investment platforms in the market today. Our platform allows retail investors
worldwide to trade securities through our licensed broker dealer subsidiaries located in various parts of the world, including the United&nbsp;States
(&ldquo;US&rdquo;), Canada, the United Kingdom (&ldquo;UK&rdquo;), Australia, Hong&nbsp;Kong, Indonesia, Singapore, Malaysia, Thailand,
Japan, South Africa, and the Netherlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the US, which is our
principal market, Webull Financial LLC, our US broker dealer subsidiary, utilizes a clearing organization to handle the clearing of the
security transactions of our account holders. Most of our customer accounts were cleared on a fully disclosed basis during the years
2022 and 2023. During 2024, we migrated most of our US client accounts to an omnibus basis with our clearing organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We generally refer to
our platform users throughout our consolidated financial statements as customers. However, most of our platform users do not meet the
definition of a customer under ASC 606, <I>Revenues from Contracts with Customers</I>. As particularly discussed in Note 2 &ndash; Summary
of Significant Accounting Principles &ndash; Revenue Recognition, our customers from which we earn and receive revenue are the following:
(i) market makers in which we route platform users&rsquo; trading orders, (ii) platform users who pay us index option fees, large order
option fees, future contract commissions or fixed income execution fees, and (iii) our international platform users who pay trading commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Changes in Capital Structure</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Change to Authorized Share Capital</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, the Company
increased its authorized share capital to 4,000,000,000 Class A Ordinary Shares and 1,000,000,000 Class B Ordinary Shares by means of
a fifth amendment to our memorandum of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Preferred Share Repurchase</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2025, immediately
prior to the closing of the Amended BCA, the Company repurchased 3,017,119 Series D Preferred Shares from certain preferred shareholders
in exchange for promissory notes with an aggregate principal balance of $100,000,000. The promissory notes mature on April 9, 2027 and
their principal balance may be paid in whole or in part prior to maturity. The promissory notes require quarterly interest payments in
arrears based on the Federal Reserve&rsquo;s Daily Secured Overnight Financing Rate plus a spread. The required spread for the first
year is one percent and four percent for the second year the promissory notes are outstanding. The effective rate as of April 10, 2025
is 5.4%</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion of Preferred Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2025, after
the Company&rsquo;s repurchase of 3,017,119 Series D, all remaining Preferred Shares converted into 80,188,056 Class A Ordinary Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Stock Split</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2025, immediately
after the conversion of Preferred Shares and prior to the effectuation of the mergers as discussed in the Amended BCA, Webull increased
its outstanding Class A Ordinary Shares by a factor of 3.3593 per outstanding share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 1 &mdash;&nbsp;DESCRIPTION OF BUSINESS </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Closing of Business Combination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 10, 2025, the
Company closed on a business combination transaction with SK Growth Opportunities Corporation, as particularly described in Note 5 &ndash;
Acquisitions &ndash; Business Combination Agreement. In connection with the closing of the business combination, the Company (i) received
net trust proceeds of $366,702, (ii) issued an aggregate of 5,852,239 Class A Ordinary Shares to SKGR shareholders and affiliates, (iii)
issued an aggregate of 312,065,312 Class A Ordinary Shares to former Webull preferred shareholders, (iv) issued an aggregate of 56,321,319
Class A Ordinary Shares to Webull shareholders, (v) issued 82,988,016 Class B Ordinary Shares to its founder, (vi) issued an aggregate
of 20,913,089 incentive warrants to SKGR shareholders and certain Webull shareholders, and (vii) assumed an aggregate of 17,271,990 SKGR
issued and outstanding warrants.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have retroactively
reflected certain changes made to our capital structure on April 10, 2025 in our consolidated financial statements as of the earliest
period presented. The capital structure changes consist of (i) a stock split and (ii) an increase to the authorized number of Class A
Ordinary Shares and Class B Ordinary Shares as discussed in Note 29 &ndash; Subsequent Events. The changes made (i) increased the amount
of issued, authorized and outstanding Class A Ordinary and Class B Ordinary Shares on our Consolidated Statements of Financial Position
and disclosed in Note 16 &ndash; Ordinary Shares, (ii) increased the number of weighted-average shares outstanding used in the computation
of loss per share on our Consolidated Statements of Operations and Comprehensive (Loss) Income, (iii) increased the number of share-based
awards and decreased the exercise prices of our Option Awards as disclosed in Note 19 &ndash; Share-Based Compensation, (iv) increased
the conversion ratio for our Preferred Shares as disclosed in Note &ndash; 15 Convertible Redeemable Preferred Shares , and (v) increased
the number of potential ordinary shares outstanding as disclosed in Note 19 &ndash; Net Loss Per Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The significant accounting
policies used in the preparation of the accompanying consolidated financial statements are summarized below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Basis of Presentation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements have been prepared in accordance with the accounting principles generally accepted in the United&nbsp;States (&ldquo;US GAAP&rdquo;).
Our consolidated financial statements include the financial statements of Webull Corporation and all of its direct and indirect subsidiaries.
All intercompany balances and transactions have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain reclassifications
have been made to prior period amounts to conform to the current period&rsquo;s presentation. The impact of these reclassifications is
immaterial to the presentation of the audited financial statements taken as a whole and had no impact on net income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following presents
our significant consolidated subsidiaries, all of which are wholly owned either directly or indirectly by Webull Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Significant
    Subsidiary</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 24%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date
    of Incorporation/Establishment</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 16%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Domicile
    Location</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal
    Activity</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Financial LLC</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 24, 2017</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Dealer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Holdings (US) Inc.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 16, 2017</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Holdings (Singapore) Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 12, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Securities (Singapore) Pte. Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 12, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Singapore</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Dealer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Securities Limited</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 11, 2017</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Dealer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Webull Securities (Japan) Co., Ltd.*</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 23, 1948</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Japan</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker Dealer</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HongKong Webull Limited</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 19, 2019</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hong Kong</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holding Company</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hunan Weibu Information Technology Co., Ltd.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 6, 2021</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mainland China</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology Support and
    Development Subsidiary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Formerly known as Madison Securities Co., Ltd.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Variable Interest Entities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We evaluate our ownership,
contractual and other interests in entities to determine if we have a variable interest in an entity. These evaluations are complex,
involve judgment, and the use of estimates and assumptions based on available historical and prospective information, among other factors.
If we determine that an entity for which we hold a contractual or ownership interest in is a variable interest entity and that we are
the primary beneficiary, we consolidate such entity in our consolidated financial statements. The primary beneficiary of a VIE is the
party that meets both of the following criteria: (1) has the power to make decisions that most significantly affect the economic performance
of the VIE; and (2) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant
to the VIE. We continually assess whether any changes to our interest in or relationship with the VIE impacts our prior determination
of us being considered the primary beneficiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If it is determined we
are no longer the primary beneficiary of a VIE and no longer have a controlling financial interest in the VIE, we deconsolidate the entity
and apply other applicable US GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Use of Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of the
consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, related disclosures of contingent assets and liabilities at the date of the consolidated financial
statements, and the reported revenues and expenses during the reporting period and accompanying notes. Making estimates requires management
to exercise significant judgment. It is reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the future
due to one or more future confirming events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Such estimates reflected
in our consolidated financial statements include, but are not limited to, the fair value of share-based compensation expense, redemption
value of our redeemable preferred shares, depreciable lives of property and equipment, useful lives of intangible assets, purchase price
allocation for business combinations, allowances for expected credit losses, loss contingency accruals, present value of lease liabilities,
and provision for income tax, including unrecognized tax benefits and deferred tax asset valuation allowances. These estimates are based
on historical experience and on various other assumptions that are believed to be reasonable. Actual results could differ from those
estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Segment Reporting</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate as a single
reportable segment under Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 280, <I>Segment Reporting</I>. For further information
on our single reportable segment determination and required segment disclosures, refer to Note 27 &ndash; Segment Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Cash and Cash Equivalents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash and cash equivalents
represent demand deposits held at banks which are unrestricted as to withdrawal or use and highly liquid investments with original maturities
of less than 90&nbsp;days. As of December&nbsp;31, 2024 and 2023, our cash and cash equivalents were $270,728,008 and $372,340,353, respectively,
and consisted of demand deposits held at various banks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Cash and Cash Equivalents Segregated for
Federal and Foreign Requirements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to segregate
cash and cash equivalents for the exclusive benefit of customers in accordance with federal and foreign regulatory requirements. Our
US broker dealer is required to segregate cash and cash equivalents in accordance with the provision of Rule&nbsp;15c3-3 under the Exchange&nbsp;Act.
Certain of our international broker dealers are required to segregate cash and cash equivalents in accordance with the regulatory authority
of the country in which they operate. As of December&nbsp;31, 2024 and 2023, we held segregated cash and cash equivalents of $939,232,153
and $621,802,114, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Foreign Currency Translation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating results
are reported in the consolidated statement of operations and other comprehensive (loss) income pursuant to ASC Topic&nbsp;220, <I>Income
Statement&nbsp;&mdash;&nbsp;Reporting Comprehensive Income </I>(&ldquo;ASC&nbsp;220&rdquo;). ASC&nbsp;220 defines comprehensive income
as consisting of all components of net income and all components of other comprehensive income. Our other comprehensive (loss) income
is comprised of gains and losses resulting from translating our subsidiaries&rsquo; foreign currency financial statements during consolidation.
Our reporting currency is the U.S.&nbsp;dollar and our foreign subsidiaries use functional currencies other than the US dollar. A foreign
subsidiary&rsquo;s assets and liabilities are translated into US dollars at period-end exchange rates and its revenues and expenses are
translated at average exchange rates during the period. The translation gain or loss is included within accumulated other comprehensive
(loss) income within our statement of financial position, net of tax, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Current Expected Credit Losses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for current
expected credit losses on our financial instruments in accordance with ASC Topic&nbsp;326, <I>Financial Instruments&nbsp;&mdash;&nbsp;Credit
Losses</I> (&ldquo;ASC&nbsp;326&rdquo;). ASC&nbsp;326 impacts the impairment model for certain financial assets by requiring a current
expected credit loss (&ldquo;CECL&rdquo;) methodology to estimate expected credit losses over the entire life of the financial asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ASC&nbsp;326 does afford
us the ability to determine that there are no expected credit losses in certain circumstances (e.g., based on the credit quality of the
customer). We utilize the practical expedient in determining (i) the allowance for credit losses with respect to our receivables from
customers, net and (ii) the amount of our indemnification obligation that represents off balance sheet credit exposure in connection
with the debit balances of our platform users&rsquo; accounts that are on a fully disclosed basis with our clearing broker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Receivables from Brokers, Dealers, and Clearing
Organizations</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our receivables from brokers,
dealers, and clearing organizations are trade receivables which are typically short-term in nature and were not 30&nbsp;days past due
as of December&nbsp;31, 2024 and 2023. We determined no allowance for credit losses was required for these trade receivables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Receivables from customers, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our receivables from customers,
net primarily consist of fully collateralized margin loans originated from our broker-dealer subsidiaries. The value of our receivables
from customers, net represents the amount of margin loaned. Margin loans are collateralized by our customers&rsquo; securities balances
and are reported at their outstanding principal balance, net of an allowance for credit losses. We utilize a collateral maintenance program
whereby we monitor margin levels and require customers to deposit additional collateral, or reduce margin positions, to meet minimum
collateral requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We apply the practical
expedient to estimate an allowance for credit losses on our receivables from customers, net. We record an allowance for the unsecured
portion of margin loans, which represents the amount by which the margin loan exceeds the fair value of its collateral. We based our
decision to use the practical expedient on the following: (i) utilization of a collateral maintenance program, (ii) collateral is comprised
of liquid securities with readily determinable fair values, and (iii) credit losses on fully secured margin loans are expected to be
minimal. We have established an allowance for credit losses as of December 31, 2024 and 2023 in the amount of $1,114,751 and $225,572,
respectively. We have classified the change in the allowance as a brokerage and transaction expense within the consolidated statements
of operations and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We write-off unsecured
balances when we deem the balance to be uncollectible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Off Balance Sheet Credit Exposure</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have an indemnification
obligation to our clearing broker for any debit balance in customer accounts that are on a fully disclosed basis. Most debit balances
represent margin loans that are generated in the normal course of securities trading when customers purchase securities on margin; margin
loans are originated as secured debits fully covered by the customers&rsquo; securities. If the value of the customers&rsquo; securities
drops below the originated loan amount and the customers do not provide additional collateral, we have an obligation to indemnify our
clearing broker for any losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other debit balances may
result from, but not limited to, fraudulent, unlawful, or otherwise unusual user behavior, such as when platform users initiate deposits
into their accounts, trade on our platform and incur losses, and then reverse the deposits, resulting in a debit balance in platform
users&rsquo; accounts. We also indemnify our clearing broker for these debit balances, which typically are small in value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2024, we changed to
the practical expedient for determining our indemnification obligation for credit losses with respect to the margin loans of our fully
disclosed platform users. The change resulted in a decrease of $557,103 to our indemnification obligation. We based our decision to use
the practical expedient on the following: (i) utilization of a collateral maintenance program, (ii) collateral is comprised of liquid
securities with readily determinable fair values, and (iii) credit losses on fully secured margin loans are expected to be minimal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024 we determined we had no indemnification obligation to recognize. As of December 31, 2023, we had estimated and recognized an indemnification
obligation of $557,103 and classified it within accounts payable and other accrued expenses in our consolidated statements of financial
position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Apex Clearing originates
margin loans and determines the margin criteria with respect to brokerage accounts that are on a fully introduced basis. We do not carry
these margin loans on our consolidated statement of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We originate margin loans
and determine the margin criteria with respect to brokerage accounts that are on an omnibus basis. We do carry these margin loans on
our consolidated statements of financial position within customer receivables, net.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Fractional Shares Program</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We enable our platform
users to purchase and sell fractional shares through our fractional shares program operated by our clearing broker for both fully disclosed
accounts and accounts cleared on an omnibus basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For fully introduced accounts,
we have determined that we have no obligation to repurchase customer fractional shares and fractional share transactions do not pass
through our accounts. We are acting solely as an agent in the transmission of our platform users&rsquo; fractional share transactions
to Apex Clearing for fulfillment. The platform users are customers of Apex Clearing, and Apex Clearing has accepted the repurchase obligation
pursuant to the terms of the Apex Fractional Share Program. Therefore, fractional share balances held by fully introduced accounts are
not reflected in our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For accounts cleared on
an omnibus basis, when platform users purchase fractional shares, their credit balance is reduced and the fractional shares are held
at our clearing broker in our omnibus account. We also recognize the cash received for fractional share purchases as pledged collateral,
recorded as customer-held fractional shares, with the fractional share repurchase obligation as an offsetting liability. This is because
we determined that we did not meet the criteria for derecognition under ASC&nbsp;860 were not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected to apply
fair value measurement to our customer-held fractional shares and our repurchase obligation at fair value at each reporting period. Changes
in the fair value of the customer-held fractional shares are offset with the corresponding changes in the value of the fractional share
repurchase obligation with no realized or unrealized gains or losses recognized in our consolidated statements of operations and comprehensive
(loss) income. The value of fractional shares held by users cleared on an omnibus basis as of December&nbsp;31, 2024 and 2023, was $108,252,531
and $45,528,829. We have classified the offsetting fractional share repurchase obligation within payables to customers on our consolidated
statements of financial position. See Note 25 &ndash; Fair Value Measurement for more information on the fair value measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not earn revenue
from our platform users in connection with their fractional share transactions. We do earn revenue from market makers with regard to
our platform users&rsquo; fractional share transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Receivables from and Payables to Brokers,
Dealers and Clearing Organizations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Receivables from and payables
to brokers, dealers and clearing organizations include receivables and payables from unsettled trades, receivables arising from equity
and option order flow revenues earned as an introducing broker from exchanges or market makers, cash deposits maintained at clearing
organizations and amounts payable to clearing organizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payables due to Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our payables due to customers
include the cash we are holding for customers&rsquo; brokerage accounts we carry on an omnibus basis and our recorded fractional share
repurchase obligation. At December 31, 2024, our payables due to customers consisted of $1,270,372,599 of customer cash and a fractional
share repurchase obligation of $108,252,531. At December 31, 2023, our payables due to customers consisted of $579,199,615 of customer
cash and a fractional share repurchase obligation of $45,528,829.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Leases</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We review all relevant
contracts to determine if the contract contains a lease at its inception date. A contract contains a lease if the contract conveys to
us the right to control the use of an underlying asset for a period of time in exchange for consideration. If we determine that a contract
contains a lease, we recognize in our consolidated statement of financial position a lease liability and a corresponding right-of-use
asset on the commencement date of the lease. The lease liability is initially measured at the present value of the future lease payments
over the lease term. The interest rate used to determine the present value of the future lease payments is our incremental borrowing
rate because the interest rate implicit in our leases is not readily determinable. Our incremental borrowing rate is estimated to approximate
the interest rate that we would pay to borrow on a collateralized basis with similar terms and payments as the lease. An operating lease
right-of-use asset (&ldquo;ROU&rdquo;) is initially measured at the value of the lease liability plus initial direct costs incurred and
any prepayments of rent less any lease incentives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our leases are primarily
for the lease of corporate office space around the world. Our leases have remaining terms of one to nine&nbsp;years, and some include
options to terminate the lease upon notice. We consider these options when determining the lease term used to calculate the right-of-use
asset and the lease liability when we are reasonably certain we will exercise such option. Our leases do not contain any residual value
guarantees, financial restrictions or covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In 2024, we entered into
a land lease agreement for the right to use 288,690 square feet of land in Changsha, China. The purpose of the land lease is for the
future construction of a research and development center. The land lease expires on December 4, 2063.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have elected not to
recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12&nbsp;months or less. We recognize
the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term. Our operating leases
contain both lease components and non-lease components. Non-lease components are distinct elements of a contract that are not related
to securing the use of the underlying assets, such as common area maintenance and other management costs. We have elected to measure
the lease liability by combining the lease and non-lease components as a single lease component. Fixed payments and variable payments
that depend on a rate or index that relate to the lease and non-lease components are included within the measurement of the lease liability
and right-of-use asset. Certain of the non-lease components are variable in nature and not based on an index or rate and, accordingly,
are not included in the measurement of the lease liability and right-of-use asset, rather they are recognized in the period in which
they become determinable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating lease expense
is recognized on a straight-line basis over the lease term and is included in general and administrative expense in our consolidated
statements of operations and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have leased portions
of office space we own to two third parties. These leases were determined to be operating leases. Accordingly, lease income is recognized
on a straight-line basis over the term of the lease. We have elected to account for leases and non-lease components as a single component
and have elected to exclude sales tax from the consideration in the contract. Lease income is reported as other revenue on our consolidated
statements of operations and other comprehensive (loss) income. We recognized operating lease income of $1,135,608, $1,102,459 and $127,768
for the years ended December&nbsp;31, 2024, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Asset Acquisitions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for the acquisition
of an entity as an asset acquisition when substantially all the fair value of the gross assets acquired is concentrated in a single identifiable
asset or group of similar identifiable assets. In accordance with ASC 805, <I>Business Combinations</I>, the value of the consideration
paid in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair values
with no resulting goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Business Combinations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for acquisitions
of entities or asset groups that qualify as businesses in accordance with ASC 805, <I>Business Combinations</I>. The purchase price of
the acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values
at the acquisition date. The excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. During
the measurement period, which may be up to one year from the acquisition date, we may record adjustments to the assets acquired and liabilities
assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values
of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the consolidated statements
of operations and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Goodwill</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Goodwill represents the
excess of the purchase price over the fair value of net assets acquired in a business combination and is allocated to reporting units
expected to benefit from the business combination. We test goodwill for impairment at least annually, in the fourth quarter, or whenever
events or changes in circumstances indicate that goodwill might be impaired. In testing for goodwill impairment, we first assess qualitative
factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the
fair value of a reporting unit is less than its carrying amount. If, after assessing the totality of events or circumstances, we determine
it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then additional impairment testing
is not required. However, if we conclude otherwise, we proceed to a quantitative assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The quantitative assessment
compares the estimated fair value of a reporting unit to its book value, including goodwill. If the fair value exceeds book value, goodwill
is considered not to be impaired and no additional steps are necessary. However, if the book value of a reporting unit exceeds its fair
value, an impairment loss will be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to
that reporting unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.25in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024,
we performed a qualitative assessment of our goodwill. Based upon our assessment, we noted no qualitative factors that indicate our goodwill
is more than likely impaired; and, therefore, we did not perform the quantitative assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Property, Equipment, and Intangible Assets</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Property and Equipment, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our property and equipment,
except for land, is carried at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following
estimated useful lives:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Property
    and Equipment</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Useful
    Life</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(in&nbsp;Years)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Land</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office buildings</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30 &ndash; 39</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Building improvements</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Site improvements</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Electronic equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 &ndash; 5</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office equipment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3 &ndash; 10</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leasehold improvements</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shorter of lease term
    or useful life</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Repairs and maintenance
that do not enhance or extend an asset&rsquo;s useful life are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Intangible Assets, net</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our intangible assets
and their respective useful lives are presented below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 84%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intangible
    Assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Useful
    Life</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(in&nbsp;Years)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domain</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating license</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock exchange trading right</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trademarks</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copyrights and patents</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Software</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our indefinite-lived intangible
assets are reviewed for impairment at least annually or whenever events or changes in circumstances exist that may indicate that an intangible
asset is impaired. We have elected to perform a qualitative assessment by evaluating all relevant events and circumstances to determine
if it is more likely than not that the indefinite-lived intangible assets are impaired; this includes considering any potential effect
on significant inputs to determine the fair value of the indefinite-lived intangible assets. When it is more likely than not that an
indefinite-lived intangible asset is impaired, we calculate the fair value of the intangible asset and perform a quantitative impairment
test. For the years ended, December&nbsp;31, 2024, 2023 and 2022, we did not recognize an impairment relating to our indefinite-lived
intangible assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Software includes both
purchased and internally-developed software. Internally-developed software is capitalized when preliminary project efforts are successfully
completed, it is probable that both the project will be completed and the software will be used as intended, and the useful life is more
than one year. Capitalized costs consists of compensation for employees (inclusive of share-based compensation) and costs incurred for
significant upgrades and functionality enhancements. Other costs are expensed as incurred.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our finite-lived intangible
assets are amortized over their respective useful lives using the straight-line method. Our finite-lived intangible assets are reviewed
for impairment at least annually or whenever events or changes in circumstances exist that may indicate that an intangible asset is impaired.
For the years ended, December&nbsp;31, 2024, 2023 and 2022, we did not recognize an impairment relating to our finite-lived intangible
assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Loss Contingencies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to claims
and lawsuits in the ordinary course of business, including arbitration and other litigation, some of which include claims for substantial
or unspecified damages. We are also the subject of inquiries, investigations, and proceedings by regulatory and other governmental agencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We review our lawsuits,
regulatory inquiries and other legal proceedings on an ongoing basis and provide disclosures and record loss contingencies in accordance
with the loss contingencies accounting guidance. We establish an accrual for losses at management&rsquo;s best estimate when we assess
that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate
is a range and no amount within that range is considered a better estimate than any other amount, an accrual is recorded based on the
bottom amount of the range. Accruals for loss contingencies are recorded in accrued expenses and other current liabilities on the consolidated
statement of financial position and expensed in other expenses in our consolidated statements of operations and other comprehensive (loss)
income. We monitor these matters for developments that would affect the likelihood of a loss and the accrued amount, if any, and adjust
the amount as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fair Value Measurements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for our investments
in securities and our financial liabilities arising from securities sold not yet purchased in accordance with ASC Topic&nbsp;820, <I>Fair
Value Measurements</I> (&ldquo;ASC&nbsp;820&rdquo;), which defines fair value, establishes a framework for measuring fair value and requires
enhanced disclosures about fair value measurements. Under ASC&nbsp;820, fair value is defined as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants on measurement dates. ASC&nbsp;820
establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of
unobservable inputs by requiring that the most observable inputs be used when available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Observable inputs are
inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent
of us. Unobservable inputs reflect the Company&rsquo;s assumptions about the inputs market participants would use in pricing the asset
or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based
on the reliability of inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <td style="vertical-align: bottom; width: 0.5in">&nbsp;</TD>
    <td style="vertical-align: top; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&nbsp;1</FONT></TD>
    <td style="vertical-align: top; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <td style="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuations
    based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
    Valuation adjustments and block discounts are not applied to Level 1 securities. Since valuations are based on quoted prices that
    are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment.</FONT></TD></TR>
  <TR>
    <td style="text-align: justify; vertical-align: bottom">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top">&nbsp;</TD>
    <td style="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <td style="text-align: justify; vertical-align: bottom">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&nbsp;2</FONT></TD>
    <td style="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <td style="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuations
    based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.</FONT></TD></TR>
  <TR>
    <td style="text-align: justify; vertical-align: bottom">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top">&nbsp;</TD>
    <td style="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <td style="text-align: justify; vertical-align: bottom">&nbsp;</TD>
    <td style="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level&nbsp;3</FONT></TD>
    <td style="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD>
    <td style="vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuations
    based on inputs that are unobservable and significant to the overall fair value measurement.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities owned and securities
sold not yet purchased and traded on a national securities exchange are stated at the last quotations on the&nbsp;day of the valuation;
other securities for which no sales were reported on that date are stated at the last quoted bid price. Restricted securities or other
securities for which quotations are not available are valued by management on an individual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The year-end values of
our securities owned and securities sold not yet purchased is presented in Note&nbsp;25. There can be no assurance that we could purchase
or sell a security at the price used to calculate the year-end fair value. Changes in the estimated fair value of securities may be less
frequent and of greater magnitude than changes in the price of securities valued at their last sale price, by an independent pricing
service, or based on market quotations. Those estimated values do not necessarily represent the amounts that may be ultimately realized,
due to the occurrence of future circumstances that cannot be reasonably determined. We use our inventory of securities for our customer
reward program. New customers opening an account may qualify to receive shares or fractional shares of stock transferred into their account
from our portfolio of securities owned. At the time the security is transferred to the customer&rsquo;s account at our clearing broker,
the marketing expense is determined at fair value of the securities transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Revenue Recognition</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We utilize the guidance
of ASC 606, <I>Revenue from Contracts with Customers</I> to identify our customers for purposes of revenue recognition and accounting
for consideration payable to customers. We have determined that our market makers are customers as we route our platform users&rsquo;
trading orders to market makers in an agency capacity, as we do not buy or resell securities from or to platform users or market makers,
in return for the market makers&rsquo; payments for order flow. In limited circumstances, we charge trading fees to our platform users;
and, therefore, we have determined that (i) our platform users who pay us index option fees, large order option fees, futures contract
commissions or fixed income execution fees and (ii) our international platform users who pay trading commissions are considered customers
under ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize revenue from
contracts with customers when we satisfy our performance obligations by transferring the promised services to our customers. A service
is transferred to a customer when the customer obtains control of that service. A performance obligation may be satisfied at a point
in time or over time. Revenue from a performance obligation satisfied at a point in time is recognized at the point in time that we determine
the customer obtains control over the promised service. Revenue from a performance obligation satisfied over time is recognized by measuring
our progress in satisfying the performance obligation in a manner that depicts the transfer of the services to the customer. The amount
of revenue recognized reflects the consideration we expect to receive in exchange for those promised services (i.e., the &ldquo;Transaction
Price&rdquo;). In the event we have consideration payable to a customer, we account for consideration payable as a reduction to the Transaction
Price when (i) the payment is not in exchange for a distinct good or service or (ii) the fair value of the consideration payable to the
customer exceeds the fair value of the distinct good or service received from the customer in which case the excess fair value is accounted
as a reduction to the Transaction Price. Our revenues from contracts with customers are recognized when the performance obligations are
satisfied at an amount that reflects the consideration expected to be received in exchange for such services. Most of our performance
obligations are satisfied at a point in time upon the successful execution of a platform user&rsquo;s trade order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No significant judgement
is required to assess the timing of satisfaction of our performance obligations, the Transaction Price or the amounts allocated to distinct
performance obligations. The payment terms with our customers do not give rise to a significant financing component as the period between
when we satisfy our performance obligations and when our customers are required to pay is one year or less. Our revenue does not include
any variable consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our significant sources
of revenue are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>(i)</i></font></td><td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Equity
and Option Order Flow Rebates</i></font></td>
</tr></table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We primarily earn transaction-based
revenues from routing users&rsquo; orders for options and equities to market makers. The transaction-based revenue for options is on
a per contract basis, while for equities it is based on a percentage of the notional value of the underlying securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company primarily
earns order flow revenues from routing users&rsquo; orders for equities and options to market makers on a trade-date basis when the performance
obligation is satisfied, which is at the point in time when a routed order is executed by the market maker. The rebates are determined
differently depending on the type of assets being traded. The rebates for options are on a per contract basis, while that for equities
is primarily based on the notional value of the underlying securities. For each trade type, the Company negotiates the same rate for
its orders across the market makers and exchanges to which it routes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Payments for order flow
are collected monthly, in arrears. No significant judgment is required to assess the timing of satisfaction of our performance obligations,
the transaction price or the amounts allocated to distinct performance obligations. The payment terms with customers do not give rise
to a significant financing component as the period between when we perform and when the customer pays is one year or less and does not
include variable consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="text-align: left; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(ii)</I></FONT></TD>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Stock Loan Income</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We receive stock loan
rebates from our clearing broker that represents interest earned on fully paid stocks that customers lend to our clearing broker and
are recognized over the period of time that the lending activities are outstanding and accrued monthly. Hard to borrow rebates are fees
charged to customers for locating securities that are in high demand and are recognized over the period of time that the lending activities
are outstanding and accrued monthly. Stock loan income is recorded as interest related income in the consolidated statements of operations
and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(iii)</I></FONT></TD>
    <td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Handling Charge Income</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our handling charge income
is mainly generated from option trading activity. Our option related handling charge income consists of trade fees, which represent pass-through
fees charged by regulatory authorities and exchanges, and fees we charge on our customers&rsquo; index and large option orders. We also
include within handling charge income the commissions we earn on our customers&rsquo; futures trading transactions and the commissions
our non-US broker dealers charge their customers for securities transactions, including the related trade fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">These fees are earned
and recognized on a trade date basis, which is when our performance obligation is satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(iv)</I></FONT></TD>
    <td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Syndicate Fees</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company participates
in IPO, secondary, and SPAC offerings as a member of the syndicate selling group. As a member of the selling group, the Company does
not commit any capital. The Company publicizes to its users the opportunity to subscribe to offerings in which the Company is a selling
group member. The Company is allocated shares by the lead underwriter at a discount to the offering price. The Company then allocates
those shares among the users that subscribe to the offering at the offering price, thereby capturing the selling group spread. Revenue
is recognized when realized on the trade date of the sale of allocated shares to users. Syndicate fees are recorded as other revenues
in the consolidated statements of operations and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>&nbsp;</B></P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(v)</I></FONT></TD>
    <td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Trade Fees</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Trade fees are fees charged
to customers which most often, but not exclusively, represent the pass-through of trading fees charged to the Company by regulatory authorities
and exchange fees passed through to the Company by market makers, which may include SEC fees, OCC fees, and index option per contract
charges. Trade fees are recorded within handling charge income in the consolidated statements of operations and other comprehensive (loss)
income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(vi)</I></FONT></TD>
    <td style="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market Information
    and Data Income</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our platform users can
subscribe to certain equity and option market pricing information and other market data. We offer monthly or annual subscriptions. Revenue
from these subscriptions is earned over the term of the subscription and recorded within other revenues in the consolidated statements
of operations and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="text-align: left; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(vii)</I></FONT></TD>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest Income</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Interest income includes
(i) interest rebates received from our clearing broker on platform users&rsquo; accounts that are on a fully disclosed basis, (ii) interest
earned on our platform users&rsquo; cash balances that are on an omnibus basis with our clearing broker, (iii) interest earned on our
corporate cash and cash equivalents, and (iv) a spread we earn on our platform users&rsquo; cash balances participating in our off-balance
sheet bank sweep program. Our interest income is accrued monthly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <td style="text-align: left; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(viii)</I></FONT></TD>
    <td style="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Margin Loan Income</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left; text-indent: -0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We receive a portion,
in the form of a rebate, of the margin loan interest our clearing broker earns from our platform users&rsquo; margin accounts that are
on a fully disclosed basis. We also earn margin loan interest on our platform users&rsquo; margin accounts that are on an omnibus basis
with our clearing broker. Margin loan income is recorded as interest related income in the consolidated statements of operations and
other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Consideration Payable to Customers</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We offer marketing promotions
to our platform users that are intended to increase the amount of platform users&rsquo; assets on the Company&rsquo;s platform by incentivizing
platform users to deposit more cash or transfer securities from other third-party brokerages into their Webull brokerage account in return
for a promotional payment in cash or shares. These promotions are not linked to any historical trading activity and do not require future
trading activity on the part of the platform user. Once the platform user completes the specific action, the platform user has then earned
the promotional payment and there is no further requirement on the part of the platform user. For our platform users who are not determined
to be customers, we account for these promotional payments as marketing and branding expense. However, with respect to our platform users
that have been determined to be customers under ASC 606, we have determined that we are not receiving a distinct good or service for
these promotional payments; and, accordingly, we account for the consideration payable as a reduction in revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended December
31, 2024, 2023 and 2022, we classified $3,623,929, $518,110 and $541,356, respectively, of promotional expenses as a reduction to handling
charge income within our consolidated statements of operations and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Brokerage and Transaction</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Brokerage and transaction
costs primarily consist of clearing and operation costs, market information and data fees, and handling charge expenses. Clearing costs
mainly represent services fees paid to our clearing broker, and operation costs consist of customer verification fees, transaction fees,
and customer debit balances for which we are responsible. Market information and data fees mainly represent the information and data
fees paid to stock exchanges and market data providers. Handling charge expenses mainly represent fees charged by the Options Clearing
Corporation for the clearing of settled option transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Technology and Development</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Technology and development
costs consist of research and development expenses and related costs, cloud service fees and system cost. Cloud service fees represent
the data storage and computing service fees. System cost represents fees to software providers to access and use their systems. These
costs are expensed as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Marketing and Branding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Marketing and branding
expenses primarily consist of advertising and promotion costs, mainly including free stock promotions, cash matches on deposits/transfers,
traffic acquisition and brand advertising, as well as expenses for personnel engaged in marketing and business development activities.
Marketing and branding expenses are expensed as incurred in the consolidated statements of operation and other comprehensive (loss) income.
The expense of free stock promotions is determined when an eligible customer receives free stocks. The expense is determined by the fair
value of the stock transferred to customers. At the end of a reporting period, the Company estimates an unsettled stock award obligation
and records a corresponding estimated free stock promotion expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>General and Administrative</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">General and administrative
expenses consist of compensation and benefits, office expenses, travel expenses, property management expenses, professional service fees,
rental payments on office and related occupancy costs, depreciation, and amortization expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Deferred Equity Offering Costs</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have incurred direct
costs with respect to our ongoing efforts to raise capital from the public markets through the issuance of our ordinary shares in the
United&nbsp;States. We have deferred these costs through capitalization. Upon the closing of an equity offering, we will reclassify these
deferred costs as a reduction in paid in capital within the consolidated statements of financial position. As of December&nbsp;31, 2024
and 2023, we have capitalized $7,603,867 and $2,340,539, respectively, of related costs. These costs have been classified in prepaid
expenses and other current assets within our consolidated statements of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Foreign Currency Exchange Gains or Losses</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign currency exchange
gains or losses result from transactions and account balances denominated in currencies other than the functional currency of the entity
to which they relate. Such transactions and account balances are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured
at the applicable rates of exchange in effect at that date. Foreign currency exchange gains or losses resulting from the settlement of
such transactions and from remeasurement at period-end are classified within other expense, net in the consolidated statements of operation
and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Employee Retirement Benefits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>United&nbsp;States</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have a retirement savings
plan in the US that qualifies under Section&nbsp;401(k)&nbsp;of the Internal Revenue Code (&ldquo;401(k)&nbsp;Plan&rdquo;). Eligible
employees may contribute a portion of their salary into the 401(k)&nbsp;Plan, subject to certain limitations. In 2023, we began matching
employee contributions each pay period at 50% up to 2.5% of pre-tax earnings. We have recognized 340,367, and $31,261 of employee benefits
expense from such contributions for the years ended December 31, 2024 and 2023, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Mainland China</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our employees located
in mainland China are entitled to benefits pension insurance through a PRC government-mandated defined contribution plan. Mainland China
labor regulations require that we make contributions to the government for these benefits based on certain percentages of our employees&rsquo;
salaries, up to a maximum amount specified by the local government. We have no obligation for benefits beyond the required contribution.
We incurred $4,664,052, $3,009,712 and $5,220,133 of employee benefit expense relating to such contributions for the years ended December&nbsp;31,
2024, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Hong&nbsp;Kong</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We make retirement contributions
on behalf of our Hong&nbsp;Kong employees in accordance with the Mandatory Provident Fund, a government-mandated retirement program.
We have no obligation for benefits beyond the required contributions. We incurred $72,453, $65,214 and $46,889 of employee benefit expense
relating to such contributions for the years ended December&nbsp;31, 2024, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Singapore</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to contribute
to a retirement plan on behalf of our employees in accordance with Singapore&rsquo;s Central Provident Fund. We incurred $311,149, $358,879
and $236,175 of employee benefit expense relating to such contributions for the years ended December&nbsp;31, 2024, 2023 and 2022, respectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Japan</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are required to contribute
to Japan&rsquo;s Employees&rsquo; Pension Insurance system for our employees. We incurred $288,095, $140,256 and $81,128 of employee
benefit expense relating to such contributions for the years ended December&nbsp;31, 2024, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Others</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate in other countries
throughout the world. The aggregate amount of required statutory retirement contributions for our other jurisdictions was $739,351, $305,333
and $102,517 for the years ended December 31, 2024, 2023 and 2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Share-based Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We apply the guidance
of ASC Topic&nbsp;718, <I>Compensation&nbsp;&mdash;&nbsp;Stock Compensation </I>(ASC&nbsp;718) with regard to our share-based awards
issued to employees and non-employees. Accordingly, we must review each share-based award to determine the appropriate classification
as either an equity or liability award. Our outstanding awards were determined to be equity awards and are classified as such as of December&nbsp;31,
2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">ASC&nbsp;718 requires
share-based compensation to be based on fair value. The fair value of our share-based awards is measured at the grant date which is when
vesting commences. The grant date fair value is the basis for determining the amount of share-based compensation to recognize from the
issuance of a share-based award. We record share-based compensation as an operating expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize share-based
compensation using the graded vesting method of attribution and account for forfeitures in the period in which the share-based award
is forfeited. See Note&nbsp;18 &mdash; Share-Based Compensation for further information on our share-based awards and the share-based
compensation we recognized for the years ended December&nbsp;31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Convertible Redeemable Preferred Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have various series
of convertible redeemable preferred shares issued and outstanding. Our preferred shares have voting, dividend, redemption, conversion,
and liquidation rights. See Note&nbsp;15 &mdash;&nbsp;Convertible Redeemable Preferred Shares for further discussion on these rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We evaluate our preferred
share issuances under the guidance of ASC Topic&nbsp;480, <I>Distinguishing Liabilities from Equity</I> (&ldquo;Topic&nbsp;480&rdquo;)
to determine if our preferred shares are required to be accounted for as a liability. We have determined that our preferred shares are
not mandatorily redeemable and, accordingly, not required to be classified as a liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also evaluate the embedded
features of our preferred share issuance under the guidance of ASC Topic&nbsp;815, <I>Derivatives and Hedging</I> (&ldquo;ASC&nbsp;815&rdquo;)
to determine if the embedded features meet the requirements for bifurcation and separate accounting apart from the preferred shares.
We have determined that none of the embedded features meet ASC&nbsp;815&rsquo;s definition of a derivative; therefore, the embedded features
are not required to be separately valued and bifurcated from the preferred shares carrying amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have classified our
preferred shares as mezzanine equity within our consolidated statements of financial position following the SEC&rsquo;s guidance as codified
in ASC&nbsp;480-10-S99-3A.&nbsp;We made this determination because events that may cause our preferred shares to be redeemable in the
future are not solely within our control. We have also made the determination that the redemption of such shares is probable and have
elected to recognize changes in our preferred shares maximum redemption value at the end of each reporting period. We have classified
this change as preferred shares redemption value accretion in determining our net loss attributable to ordinary shareholders within our
consolidated statements of operation and other comprehensive (loss) income. For the years ended December&nbsp;31, 2024, 2023 and 2022,
we recognized preferred shares redemption value accretion of $495,088,038, $340,080,000 and 51,409,749, respectively.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our income tax expense
is an estimate of current income taxes payable in the current fiscal year based on reported income before income taxes. Deferred income
taxes reflect the effect of temporary differences and carryforwards that we recognize for financial reporting and income tax purposes
at enacted tax rates expected to be in effect when taxes are actually paid or recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We account for income
taxes in accordance with ASC Topic&nbsp;740, <I>Income Taxes </I>(&ldquo;ASC&nbsp;740&rdquo;). ASC&nbsp;740 requires the use of the asset
and liability method, which requires recognition of deferred income tax assets and liabilities for the expected future tax consequences
of events that have been recognized in our consolidated financial statements, but have not been reflected in our taxable income. Deferred
tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe that they will not be realized.
We consider many factors when assessing the likelihood of future realization of our deferred tax assets including, but not limited to,
historical cumulative loss experience and expectations of future earnings, tax planning strategies, and the carry-forward periods available
for tax reporting purposes. Our judgment regarding future profitability may change due to many factors, including future market conditions
and the ability to successfully execute business plans and/or tax planning strategies. Should there be a change in the ability to recover
deferred tax assets, our tax provision would increase or decrease in the period in which the assessment is changed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize a tax benefit
from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolutions
of any related appeals or litigation, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition
threshold at the effective date to be recognized. We account for uncertain tax positions, including net interest and penalties, as a
component of income tax expense or benefit. We make adjustments to these uncertain tax positions in accordance with applicable income
tax guidance and based on changes in facts and circumstances. To the extent that the final tax outcome of these matters is different
from the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made
and could have a material impact to our consolidated financial statements and operating results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;<B><I>Earnings per Share</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic and diluted earnings
per share are computed using the two-class method, which considers participating securities as a separate class of shares. Our participating
securities consist of our Class&nbsp;A and Class&nbsp;B ordinary shares and all series of our convertible redeemable preferred stock.
Under the two-class method, net income is allocated to participating securities based upon their participating rights, and net loss is
allocated when the participating securities have a contractual obligation to share losses. We have not allocated net loss to the convertible
redeemable preferred stock as the preferred shareholders do not have a contractual obligation to share in our losses. We also have not
presented basic and diluted earnings per share for Class&nbsp;B ordinary shares as these shares have not been issued and the only difference
between the rights of the share classes relates to voting. We have calculated basic and diluted loss per share based upon the loss from
continuing operations attributable to ordinary shareholders. See Note 19 &mdash; Loss Per Share for the computation of basic and diluted
per share amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic earnings per share
is computed by dividing net income available to our ordinary shareholders, adjusted to exclude earnings allocated to participating securities,
by the weighted-average number of shares of ordinary shares outstanding during the period. Diluted earnings per share is computed on
the basis of the weighted-average number of shares of ordinary shares plus the effect of dilutive potential ordinary shares outstanding
during the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Concentrations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Concentrations of Revenue</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the counterparties
with whom we conducted business during the year ended December 31, 2024, we had three counterparties who each made up 10% or more of
our revenues. Their revenue percentages were approximately 24%, 19% and 11%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the counterparties
with whom we conducted business during the year ended December 31, 2023, we had three counterparties who each made up 10% or more of
our revenues. Their revenue percentages were approximately 41%, 24% and 11%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Of the counterparties
with whom we conducted business during the year ended December 31, 2022, we had three counterparties who each made up 10% or more of
our revenues. Their revenue percentages were approximately 26%, 22% and 14%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Concentration of Receivables</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December 31, 2024
and 2023, we had one counterparty with current, outstanding receivable balances exceeding 10% of our receivables from brokers, dealers,
and clearing organization. The counterparty&rsquo;s receivables represented approximately 85% and 76% of such receivables as of December
31, 2024 and 2023, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Execution and Clearing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the US, we utilize
a single third-party clearing broker for the security transactions of our platform users. In the event our clearing broker does not fulfill
its obligation we may be exposed to adverse risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We engage in various investment
and brokerage activities in which the counterparties primarily include broker-dealers, banks, and other financial institutions. In the
event counterparties do not fulfill their obligations, we may be exposed to risk. The risk of default depends on the creditworthiness
of the counterparty or issuer of the instrument. Our policy is to act only as an agent in a transaction and to review the credit standing
of each counterparty as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We maintain our cash and
cash equivalents and cash segregated under federal and foreign requirements in financial institutions throughout the world. As of December
31, 2024, financial institutions in the U.S., mainland China, and Hong&nbsp;Kong held approximately 81%, 2%, and 6%, respectively, of
our total cash. As of December 31, 2023, financial institutions in the U.S., mainland China, and Hong&nbsp;Kong held approximately 72%,
10%, and 5%, respectively, of our total cash. Our cash in accounts at financial institutions exceed insured limits. We are subject to
credit risk to the extent any financial institution we use is unable to fulfill their contractual obligations. We have not experienced
any losses in such accounts, and we believe that we have placed our cash on deposit with financial institutions which are financially
stable. We do not believe we are subject to any significant credit risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Off-Balance Sheet Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities sold not yet
purchased represent obligations of us to deliver securities at a future date. These transactions result in off-balance sheet risk in
an amount by which future fair values may exceed the amount reflected in the statement of financial position. We may, at our discretion,
purchase the securities at prevailing market prices at any time. The value of securities sold not yet purchased at December&nbsp;31,
2024 and 2023 was $2,196 and $2,083, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Foreign Currency Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our consolidated financial
statements are prepared using the US dollar as our reporting currency. Our non-US subsidiaries operating around the world primarily use
the currency of their country of domicile as their functional currency. Each of our non-US subsidiaries&rsquo; financial statements is
first prepared in its functional currency and then translated into our reporting currency. Changes in foreign exchange rates between
the US dollar and the functional currencies of our non-US subsidiaries may result in material foreign currency translation gains and/or
losses that are accounted for as an item of other comprehensive (loss) income within our statements of operations and other comprehensive
(loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2 &mdash; SUMMARY OF SIGNIFICANT ACCOUNTING
PRINCIPLES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also enter into transactions
that result in monetary assets and liabilities that are denominated in a foreign currency. These transactions are remeasured each reporting
period and may result in material foreign currency exchange gains and/or losses depending on changes in the applicable foreign exchange
rate. Our cash accounts at financial institutions are mainly held in U.S.&nbsp;dollar denominated accounts to limit foreign currency
risk. As of December&nbsp;31, 2024 and 2023, approximately 90% and 89%, respectively, of our total cash balances were held in US dollar
denominated accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 3 &mdash;&nbsp;RECENT ACCOUNTING PRONOUNCEMENTS</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Recently Adopted Accounting Pronouncements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October&nbsp;2021,
the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) issued Accounting Standards Update&nbsp;2021-08, <I>Business Combinations</I>
(Topic&nbsp;805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. This guidance requires contract
assets and contract liabilities from contracts with customers that are acquired in a business combination to be recognized and measured
as if the acquirer had originated the original contract. The guidance is effective for fiscal&nbsp;years beginning after December&nbsp;15,
2023 on a prospective basis, including interim periods within those fiscal&nbsp;years. The Company adopted this guidance effective January
1, 2024 without any material impact to our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2023, the
FASB issued Accounting Standards Update 2023-07, &ldquo;Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.&rdquo;
The amendments in guidance improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant
segment expenses. This guidance is effective for fiscal years beginning after December 15, 2024, and interim periods within fiscal years
beginning after December 15, 2024. The amendments are required to be applied retrospectively to all prior periods presented in the Company
financial statements. The Company adopted this guidance effective January 1, 2024 and has applied it on a retroactive basis. The adoption
of this guidance did not have a material impact on our consolidated financial statements and related disclosures. For further information,
refer to Note 27 &mdash; Segment Information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In January 2025, the SEC
issued Staff Accounting Bulletin No. 122 (&ldquo;SAB 122&rdquo;) which rescinds the interpretive guidance in Section FF of Topic 5 in
the Staff Accounting Bulletin Series entitled <I>Accounting for Obligations to Safeguard Crypto-Assets and Entity Holds for its Platform
Users, </I>which required entities that had an obligation to safeguard their platform users&rsquo; digital assets to recognize a safeguarding
liability and offsetting asset on the entity&rsquo;s statement of financial position at fair value with remeasurement each reporting
period. SAB 122 requires the effect of the rescission on a fully retrospective basis in annual periods beginning after December 15, 2024.
As permitted, we early adopted SAB 122. The adoption of this guidance did not have a material impact on our consolidated financial statements
disclosures for the years ended December 31, 2024 and 2023 as we had already derecognized the safeguarding liability and asset recorded
in the December 31, 2022 consolidated statement of financial position from our balance sheet when we spun-off our digital asset business
on July 14, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>Recently Issued Accounting Pronouncements
Not Yet Adopted</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In October 2023, the FASB
issued Accounting Standards Update 2023-06, &ldquo;Disclosure Improvements: Codification Amendments in Response to the SEC&rsquo;s Disclosure
Update and Simplification Initiative.&rdquo; This amendment will impact various disclosure areas, including the statement of cash flows,
accounting changes and error corrections, earnings per share, debt, equity, derivatives, and transfers of financial assets. The amendments
in this guidance will only become effective if the SEC removes the related disclosures requirements from Regulation S-X or Regulation
S-K by June 30, 2027. Early adoption is prohibited. We are currently evaluating the impacts of the amendment on our consolidated financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In December 2023, the
FASB issued Accounting Standards Update 2023-09, &ldquo;Income Taxes (Topic 740): Improvements to Income Tax Disclosures.&rdquo; This
guidance provides amendments related to the rate reconciliation and income taxes paid disclosures that improve the transparency of income
tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income
taxes paid disaggregated by jurisdiction. Other amendments with this guidance improve the effectiveness and comparability of disclosures
by (1) adding disclosures of pretax income or loss and income tax expense or benefit to be consistent with U.S. Securities and Exchange
Commission Regulation S-X 210.4-08(h), <I>Rules of General Application &ndash; General Notes to Financial Statements: Income Tax Expense</I>,
and (2) removing disclosures that no longer are considered cost beneficial or relevant. The guidance is effective for fiscal years beginning
after December 15, 2024 with early adoption permitted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 3 &mdash;&nbsp;RECENT ACCOUNTING PRONOUNCEMENTS </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The guidance should be
applied on a prospective basis, although retrospective application is permitted. We are in process of evaluating the impact of these
amendments on our prospective reporting disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In June 2024, the SEC adopted final rules under SEC Release No. 33-11275
and 34-99678, &ldquo;The Enhancement and Standardization of Climate-Related Disclosure for Investors&rdquo; (the &ldquo;Final Rules&rdquo;),
which will require registrants to provide certain climate-related information in their registration statements and annual reports. The
Final Rules will require information about a registrant&rsquo;s climate-related risks that have materially impacted, or are reasonably
likely to have a material impact on, its business strategy, results of operations, or financial condition. The Final Rules will also require
certain disclosures related to severe weather events and other natural conditions in a registrant&rsquo;s audited financial statements.
The disclosure requirements of the Final Rules will begin phasing in for annual periods beginning in fiscal year 2025. In April 2024,
the SEC issued an order staying the Final Rules pending judicial review. On March 27, 2025, the SEC announced that it had voted to end
its defense of the Final Rules. However, we are currently monitoring (i) the U.S. Court of Appeals for the Eight Circuit (the &ldquo;Eight
Circuit&rdquo;) to see if the Eight Circuit will make a ruling on the legal challenges made with respect to the Final Rules and (ii) the
new SEC Administration&rsquo;s approach to climate-related disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2024, the
FASB issued Accounting Standards Update 2024-03, &ldquo;Income Statement &ndash; Reporting Comprehensive Income &ndash; Expense Disaggregation
Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.&rdquo; This guidance provides amendments that require a public
business entity to disclose certain disaggregated information about its expenses in the notes to its financial statements to help investors
to (i) better understand the entity&rsquo;s performance, (ii) better assess the entity&rsquo;s prospects for future cash flows, and (iii)
compare an entity&rsquo;s performance over time and with that of other entities. The amendments are effective for annual reporting periods
beginning after December 15, 2026, and interim reporting periods with annual reporting periods beginning after December 15, 2027. Early
adoption is permitted. We do not expect these amendments to have a material impact on our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>NOTE 4 &mdash;&nbsp;DISCONTINUED OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;On July&nbsp;14,
2023, we entered into a series of transactions that spun off our digital asset business to our ordinary and preferred shareholders (the
&ldquo;Spin-off Transaction&rdquo;). This was accomplished by first transferring Webull Pay LLC, Webull Pay Pte. Ltd., and Webull Pay
(Australia) Pty. Ltd. to Webull Pay Inc., a newly created entity incorporated in the Cayman Islands with limited liability and then transferring
all our ownership in Webull Pay Inc. to our shareholders in proportion to their ownership of us as a distribution. However, certain of
our shareholders elected to receive their distribution in cash instead of shares in Webull Pay Inc. The aggregate amount of the cash
distribution was $2,852,106 and was paid during 2024. Immediately prior to the Spin-off Transactions, we had entered into a loan agreement
whereby Webull Pay Inc. was obligated to reimburse us for the cash distribution. The loan agreement provided for a non-interest-bearing
loan with an initial maturity date of July 13, 2024 and a principal amount of $2,852,106 and was secured with the equity interests of
entities that Webull Pay Inc. owned. The principal amount was repaid in its entirety during 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>NOTE 4 &mdash;&nbsp;DISCONTINUED OPERATIONS
</B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Spin-off Transaction
was accounted for as a nonreciprocal transfer to our owners and the distribution was recorded within our consolidated statements of changes
in shareholders deficit based upon the carrying value of the net assets of Webull Pay Inc. The net assets of Webull Pay Inc. represent
the net assets of Webull Pay LLC, Webull Pay Pte. Ltd., and Webull Pay (Australia) Pty. Ltd., as the transfer of these entities to Webull
Pay Inc. was determined to be a common control transaction. The net asset value of Webull Pay Inc. distributed to our shareholders was
$7,014,594.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the composition of Webull Pay Inc.&rsquo;s net assets deconsolidated as of July 14, 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash and cash equivalents and segregated cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">7,162,982</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivables from brokers, dealers, and clearing organizations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479,145</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">666,872</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Right-of-use asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173,623</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accrued expenses and other current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,290,637</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Operating lease liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(177,391</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net assets distributed</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,014,594</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the Spin-off
Transaction, we no longer have significant involvement with Webull Pay Inc. or its subsidiaries and are no longer required to consolidate
them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the major classes of line items constituting pretax income of the discontinued operations for the years ended 2024, 2023 and 2022:&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Revenues:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Handling charge income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">3,990,950</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">16,491,869</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest related income and other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,619</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,010</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brokerage and transaction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Marketing and branding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118,874</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">700,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">General and administrative</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,586,587</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,202,480</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Pretax income of discontinued operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,305,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,660,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income tax (benefit) expense attributable to discontinued operations</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,691,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">520,725</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,943,602</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Income from discontinued operations</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,691,778</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,784,465</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">16,603,657</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our discontinued operations
had total operating and financing cash used in discontinued operations of $1,904,163 and $11,928,000 respectively, and no cash flows
from investing activities for the year ended December 31, 2023. Our discontinued operations had cash provided from operations of $6,638,275
and no cash flows from investing or financing activities for the year ended December 31, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5 &mdash;&nbsp;ACQUISITIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Asset Acquisition &ndash; Indonesian Operating
License</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January&nbsp;18, 2023,
Webull Securities Limited acquired an 80.1% equity interest in PT Mahastra Andalan Sekuritas, subsequently renamed PT Webull Sekuritas
Indonesia (&ldquo;Webull Indonesia&rdquo;), for $3,663,788. The acquisition was accounted for using the asset acquisition method as substantially
all the fair value of the gross assets acquired, excluding cash and cash equivalents and segregated cash, is concentrated in the indefinite-lived
operating license which is classified as an intangible asset. Webull Indonesia is a licensed broker-dealer in Indonesia. The acquisition
of Webull Indonesia further expands our operations in Asia.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents,
on a condensed basis, the estimated fair values of the assets, liabilities and net assets that were acquired:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash and cash equivalents and segregated cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2,119,445</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivables from brokers, dealers, and clearing organizations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,455</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Receivables from customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,551</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,342</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Intangible asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,962,202</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payables due to customers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,210</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Payables due to brokers, dealers, and clearing organizations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,468</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accrued expenses and other liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,614</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Deferred tax liability</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(651,684</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net assets acquired</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">4,574,019</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The 80.1% equity interest
provides us with a controlling financial interest through voting interests; and, consequently, we consolidate Webull Indonesia and recognize
a noncontrolling interest which represents the 19.9% of equity interests in Webull Indonesia that are not owned by us. Upon the asset
acquisition, we have initially recognized a noncontrolling interest in the amount of $910,230. As of December 31, 2024 and 2023 our equity
interest in Webull Indonesia was unchanged at 80.1%. For the years ended December 31, 2024 and 2023, the Company&rsquo;s net loss attributable
to noncontrolling interest was $488,504 and $247,296, respectively. The carrying value of the Company&rsquo;s noncontrolling interest
as of December 31, 2024 and 2023 was $1,273,088 and $660,221, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Asset Acquisition &ndash; Brazil Operating
License</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 28, 2023,
Webull Securities Holdings (Brazil) ltda., a subsidiary of Webull Holdings (Singapore) Pte. Ltd., entered into a Share Purchase Agreement
(the &ldquo;Purchase Agreement&rdquo;) for the acquisition of 100% of the share capital of H.H. Picchioni S.A. Corretora de Cambio e
Valores Mobiliarios (&ldquo;Picchioni&rdquo;), a corporation organized under the laws of the Federative Republic of Brazil. The aggregate
purchase price is 10,000,000 Brazilian Reals (&ldquo;BRL&rdquo;), which as of December 28, 2023 was equivalent to $2,060,836. The purchase
price is subject to potential adjustment based upon the change in Picchioni&rsquo;s net equity as of the closing date and 60 days prior
to the closing date. An adjustment may result in an increase or decrease in the purchase price in the amount of the change. The closing
of the Purchase Agreement will occur upon the Central Bank of Brazil&rsquo;s unconditional approval of Picchioni&rsquo;s change of control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the execution of
the Purchase Agreement, we made the following payments: (1) a nonrefundable payment of BRL 2,500,000 or the equivalent of $510,502, and
(2) a payment of BRL 7,500,000 or the equivalent of $1,531,484 to an escrow account to be paid upon the closing of the Purchase Agreement
and subject to the potential purchase price adjustment. We expect the transaction to close before December 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The acquisition of Picchioni
will provide us with a broker-dealer license in Brazil and further expand our operations in Latin America. We expect to account for this
acquisition using the asset acquisition method of accounting.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5 &mdash;&nbsp;ACQUISITIONS </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Business Combination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October&nbsp;28, 2023,
Webull Holdings (Singapore) Pte. Ltd. entered into a sale and purchase agreement (the &ldquo;SPA&rdquo;) for the acquisition of 100%
of the share capital of Miflink, S.A.P.I. de C.V. (&ldquo;Miflink&rdquo;) and Vifaru, S.A. de C.V., Casa de Bolsa (&ldquo;Vifaru&rdquo;),
both companies are incorporated under the laws of Mexico. The aggregate purchase price is $17,000,000, subject to potential adjustment
for a net balance excess or deficit as determined as of the closing date. The net balance is determined on a combined basis for Miflink
and Vifaru, including their subsidiaries, and calculated as cash, including restricted cash held for regulatory purposes, less debts,
excluding liabilities incurred in normal course of operations. A net balance excess or deficit will occur in the event the net balance
is greater or less than $5,000,000. If the net balance excess or deficit is greater than $50,000, then an adjustment to the purchase
price will equal the amount of the excess or deficit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 23, 2023,
Webull Holdings (Singapore) Pte. Ltd. made a first payment in the amount of $5,000,000 as the seller satisfied certain initial closing
obligations. Upon making the first payment, Webull Holdings (Singapore) Pte. Ltd. obtained all of the voting equity interests in Miflink.
After receiving unconditional approval of the acquisition of Vifaru from the National Banking and Securities Commission of Mexico, Webull
Holdings (Singapore) Pte. Ltd. will make a final payment in the amount of $12,000,000 in either cash or Series D convertible preferred
stock of Webull Corporation or any combination of such as agreed to by Webull and the sellers, subject the net balance excess or deficit
adjustment and any indemnification adjustments as provided by the SPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The first payment of $5,000,000
was attributed to the acquisition of Miflink as it was made concurrently with obtaining control of Miflink. The remaining payments to
be made will be applied to the acquisition of Vifaru. The acquisition of Vifaru is expected to close before December 31, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November 10, 2023,
Webull Holdings Singapore made a pre-acquisition loan to Miflink (the &ldquo;Pre-acquisition Loan&rdquo;) of $2,000,000 to fund its operations.
This loan became an intercompany loan upon the closing of the Miflink acquisition. The elimination of the Pre-acquisition Loan is treated
as additional consideration and included in the purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On October 2024, Webull
Holdings Singapore notified the seller that it has exercised its right to designate Webull Securities Limited as a deemed purchaser under
the SPA. Webull Securities Limited has all the rights and obligations in connection with the SPA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of the
consideration transferred for the acquisition of Miflink was $7,000,000 (the &ldquo;Purchase Consideration&rdquo;). The following presents
the components of the Purchase Consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash consideration</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">5,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Elimination of pre-acquisition loan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">2,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Fair value of consideration transferred</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The excess of the Purchase
Consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill, which is not
deductible for income tax purposes. Goodwill is primarily attributed to the assembled workforce of Miflink. The fair values assigned
to tangible and identifiable intangible assets acquired and liabilities assumed are based upon management&rsquo;s estimates and assumptions
as of the acquisition date. The recorded amount of goodwill is subject to revision based upon the net balance excess or deficit adjustment
which will be determined following the closing of the acquisition of Vifaru, as the net balance adjustment is calculated on a combined
basis of Miflink and Vifaru. The following table presents the fair value of the net assets acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">1,048,480</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">708,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Software</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">657,793</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goodwill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,197,438</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accrued expenses and other current liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(612,623</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 4pt">Net assets acquired</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">7,000,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5 &mdash;&nbsp;ACQUISITIONS </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Tangible net assets were
valued at their respective carrying amounts as of the acquisition date, as these amounts approximated fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pro forma results of operations
of Miflink have not been presented as the effect of this acquisition was not material to our consolidated statements of operations and
comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>Business Combination Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 10, 2024,
we formed Feather Sound I, Inc. (&ldquo;Feather Sound I&rdquo;) and Feather Sound II, Inc. (&ldquo;Feather Sound II&rdquo;), each an
exempted company incorporated in the Cayman Islands with limited liability, to enter into a business combination agreement as further
discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 27, 2024,
Webull Corporation, Feather Sound I and Feather Sound II entered into a business combination agreement (the &ldquo;BCA&rdquo;) with SK
Growth Opportunities Corporation (&ldquo;SKGR&rdquo;), an exempted company limited by shares incorporated under the laws of the Cayman
Islands. The BCA was unanimously approved by the board of directors of Webull and SKGR, and the closing of the transactions as contemplated
by the BCA is subject to the satisfaction of certain customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 5, 2024, the
parties to the BCA entered into an Amendment to Business Combination Agreement (the &ldquo;Amended BCA&rdquo;). The Amended BCA provides
for, among other things, (i) a change in the agreed upon enterprise value from $7,700,000,000 to $5,000,000,000 and (ii) the issuance
of an aggregate of 20,000,000 incentive warrants to certain shareholders of Webull.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 6 &mdash;&nbsp;RECEIVABLES FROM AND PAYABLES TO BROKERS,
DEALERS AND CLEARING ORGANIZATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our receivables from and
payables to brokers, dealers and clearing organizations consisted of the following as of December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold"></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Receivable from brokers, dealers, and clearing organizations:</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Receivable from brokers and dealers</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">38,047,956</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12,953,439</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Receivable from clearing organization</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">224,045,084</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">47,763,799</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">262,093,040</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">60,717,238</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Payable to brokers, dealers, and clearing organizations:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payable to brokers and dealers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,192,873</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,661,653</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Payable due to clearing organizations</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">297,664</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt">Total</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">1,490,537</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">2,661,653</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 7 &mdash;&nbsp;CONTRACT BALANCES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We classify our right
to consideration in exchange for services transferred to a customer as either a receivable or a contract asset. A receivable is a right
to consideration that is unconditional as compared to a contract asset which is a right to consideration that is conditional upon factors
other than the passage of time. We recognize accounts receivable in our consolidated statement of financial position when we perform
a service in advance of receiving consideration and have an unconditional right to receive consideration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Contract assets are recognized
when we have transferred services to a customer before payment is received or is due, and our right to consideration is conditional on
future performance or other factors in the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Contract liabilities are
recognized when we receive consideration from customers in advance of us satisfying our performance obligations under the contract and
are recognized as revenue either when a milestone is met, and we have an unconditional right to receive the consideration or when the
performance obligation is satisfied. As of December&nbsp;31, 2024 and 2023, we have recognized contract liabilities in connection with
our market data subscription services and have classified it in accrued expenses and other current liabilities in the consolidated statements
of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 7 &mdash;&nbsp;CONTRACT BALANCES </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the balances related to enforceable contracts as of December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Contract balances:</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Accounts receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">265,864,685</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">61,411,007</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Contract assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Contract liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">450,360</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">326,044</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts receivable are
classified within receivables from brokers, dealers, and clearing organizations and prepaid expenses and other current assets within
the consolidated statements of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the changes in contract assets for the years ended December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Contract assets as of beginning of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">187,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Collection of prior year contract assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(187,500</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Net increase in contract assets
    during the year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Contract assets as of end of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the changes in contract liabilities for the years ended December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Contract liabilities as of beginning of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">326,044</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">264,340</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Revenue recognized from prior year contract liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(326,044</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(264,340</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Net increase in contract liabilities
    during the year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">450,360</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">326,044</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Contract liabilities as of end of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">450,360</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">326,044</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 8 &mdash;&nbsp;PREPAID EXPENSES AND OTHER CURRENT ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our prepaid expenses and
other current assets consist of the following as of December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prepaid
    expenses<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">3,123,125</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">16,070,168</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Deposit settlement receivables</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">22,700,382</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">12,210,112</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Federal income tax receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,425,403</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,190,754</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Deposits</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,983,679</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,106,374</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Deferred equity issuance costs</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,603,867</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,340,539</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Accounts receivables</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,771,645</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">693,769</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Non-income based foreign tax receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,568,822</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,895,925</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Note receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,852,106</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,167,913</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,044,196</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">50,344,836</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">67,403,943</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 35px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $13,772,358 of unamortized sponsorship fees as of December 31, 2023. See Note&nbsp;24 &mdash; Commitments and Contingencies for sponsorship
    details.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 9 &mdash;&nbsp;PROPERTY AND EQUIPMENT, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our property and equipment
consisted of the following as of December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Property and equipment:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Office buildings</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">22,082,349</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">21,679,642</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Land</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Building improvements</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,186,959</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,190,569</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Leasehold improvements</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,077,471</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,930,706</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Office equipment</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,287,029</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,229,709</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Electronic equipment</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,522,767</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,817,121</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Site improvements</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,265,886</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,114,362</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Construction in process</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,114,097</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">319,550</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(6,906,788</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(3,983,276</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Property and equipment, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">33,629,770</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">34,298,383</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In November 2022, we acquired
a 5-story office building located in St. Petersburg, Florida to function as our corporate headquarters. The total cost of the office
building was $29,502,000, including land, building improvements, and site improvements and was paid in cash. We lease a floor of the
office building to a corporate tenant. See Note&nbsp;13 &mdash; Leases for details of the lease agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depreciation expense was
$3,010,300, $2,675,628 and $1,261,687 for the years ended December&nbsp;31, 2024, 2023 and 2022 and is recorded in general and administrative
expenses in our consolidated statements of operations and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 10 &mdash; INTANGIBLE ASSETS, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
the components of our intangible assets:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Finite-lived intangible assets:</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Software</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">955,466</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">916,069</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Copyrights</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">61,040</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">62,744</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,773</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,020</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: accumulated amortization</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(529,883</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(71,110</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Net finite-lived intangible assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">495,396</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">916,723</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Indefinite-lived intangible assets:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Operating licenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">18,689,581</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,247,909</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Stock exchange trading right</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">128,821</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">128,062</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Trademarks</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">87,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">89,709</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,127</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,550</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Intangible assets, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">19,415,963</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">21,397,953</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 10 &mdash; INTANGIBLE ASSETS, NET</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Amortization expense was
$496,095, $102,848 and $5,837 for the years ended December 31, 2024, 2023 and 2022. There was no impairment of intangible assets for
the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is the estimated
future amortization expense of finite-lived intangible assets as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 88%; text-align: left">2025</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">446,784</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2026</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,076</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2027</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,076</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2028</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,076</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2029</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,076</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">24,308</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">495,396</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The weighted-average remaining
amortization period for finite-lived intangible assets is 1.1 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 11 &mdash; GOODWILL </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
the carrying amount of goodwill:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Beginning balance &ndash; January 1, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 88%; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Miflink
    business combination<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,197,438</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Impairment</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Ending balance &ndash; December 31, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Impairment</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Ending balance &ndash; December 31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 35px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the addition of goodwill from the acquisition of Miflink. See Note 5 &mdash; Acquisitions for further acquisition related details.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There was no impairment
of goodwill for the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 12 &mdash;&nbsp;ACCOUNTS PAYABLE AND OTHER ACCRUED EXPENSES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our accounts payable and
other accrued expenses consist of the following as of December&nbsp;31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Accounts payable</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">9,666,387</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,440,048</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Other accrued expenses:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Accrued compensation and benefits expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23,780,237</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">18,305,434</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Accrued marketing and branding expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,937,744</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,151,604</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Accrued data and cloud services fee</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,029,746</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,779,591</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Contingent liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,206,905</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,095,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Professional fees payable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,185,803</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,545,631</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Security deposit</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,847,861</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,837,861</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Unpaid spin-off distribution</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,852,106</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Taxes payable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,274,769</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">407,209</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Indemnification obligation</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">557,102</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,150,347</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">678,752</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">61,079,799</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">49,650,338</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 13 &mdash;&nbsp;LEASES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Lessor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On November&nbsp;16, 2022
and April 19, 2023, we entered into office lease agreements (the &ldquo;Office Leases&rdquo;) whereby we leased 30,744 and 3,843, respectively,
rentable square feet of our corporate headquarters located in St. Petersburg, Florida to two corporate tenants. The lease dated November
16, 2022 is for a 10-year non-cancellable term, and the lease dated April 19, 2023 is for a 2-year non-cancellable term. Both leases
provide the tenants with two options to extend for five&nbsp;years each under prevailing market terms and conditions upon option exercise.
The weighted average remaining non-cancellable lease term is 7.9&nbsp;years as of December&nbsp;31, 2024. For the years ended December
31, 2024, 2023 and 2022, we recognized operating lease income of $1,135,608, $1,102,459 and $127,768, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Office Lease contains
additional rent which consists of after-hours HVAC fees, reimbursement of operating expenses and taxes that exceed a predefined threshold.
This additional rent has been determined to be a variable lease payment and is recognized in the period in which the reimbursable amounts
are determinable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Office Lease contains
no guarantee of residual value upon lease termination. To mitigate this risk, we have received a tenant security deposit and have obtained
property casualty and liability insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a maturity
analysis of the annual undiscounted cash flows to be received with respect to the Office Leases as of December&nbsp;31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 88%; text-align: left">2025</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">974,622</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2026</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">979,145</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2027</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,008,506</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2028</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,038,789</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2029</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,069,994</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,158,279</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">8,229,335</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Lessee</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our operating lease cost
for the years ended December&nbsp;31, 2024, 2023 and 2022 was $4,983,212, $3,499,918 and $1,929,884, respectively, and was recorded in
general and administrative expenses on our consolidated statements of operations and other comprehensive (loss) income. We classify operating
lease payments as cash outflows from operating activities in the consolidated statements of cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also present the change
in the carrying amount of the right-of-use assets and operating lease liabilities as two adjustments in determining net cash provided
by operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
balances reported in our consolidated statements of financial position related to our operating leases as of December 31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Right-of-use assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">66,293,751</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">11,907,557</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Lease liabilities &ndash; current</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,969,959</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,474,199</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Lease liabilities &ndash; non-current</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">10,438,555</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,594,373</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total lease liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">15,408,514</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">13,068,572</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2024, the Company
recognized a right-of-use asset in connection with a land lease in Changsha, China. The land lease is for 288,680 square feet of land
and will be used for the purpose of constructing a research and development center. As of December 31, 2024, the carrying amount of the
right-of-use asset was $53,825,646. The land lease expires on December 4, 2063.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 13 &mdash;&nbsp;LEASES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of supplemental information pertaining to our operating leases as of December&nbsp;31, 2024, 2023 and 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Weighted average remaining lease term (in
    years)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5.44</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5.65</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">6.02</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Weighted average discount rate</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5.28</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4.69</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4.71</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Cash payments for operating leases</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">47,136,626</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,349,052</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,665,561</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Lease liabilities arising from obtaining right-of-use
    assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,745,979</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,584,020</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,340,721</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a maturity
analysis of the annual undiscounted cash flows to be paid on operating leases as of December&nbsp;31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 88%; text-align: left">2025</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,611,005</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2026</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,277,749</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2027</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,484,428</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2028</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,373,566</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">2029</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,266,921</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Thereafter</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,571,652</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total undiscounted operating lease payments</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">17,585,321</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: imputed interest</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,176,807</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Present value of lease liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">15,408,514</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 14 &mdash; REVOLVING CREDIT AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 6, 2024,
Webull Financial LLC, our U.S. broker dealer subsidiary (&ldquo;Webull Financial&rdquo;), as borrower, and Webull Corporation, as guarantor,
entered into a revolving credit agreement with a national bank (the &ldquo;Revolving Loan&rdquo;). The Revolving Loan provides for loans
up to an aggregate principal amount of $75,000,000. The Revolving Loan&rsquo;s outstanding principal is prepayable in whole or in part
and any outstanding principal matures on September 5, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Revolving Loan requires
monthly interest payments made in arrears. The interest payments are calculated using a daily rate that is based on the greater of (i)
the secured overnight financing rate as administered by the Federal Reserve Bank of New York for such day plus 0.11448%, (ii) the Federal
Funds Rate for such day, and (iii) 0.25% plus 2.5% per annum, which was 6.94% as of December 31, 2024. We also are required to pay a
quarterly commitment fee at a rate of 0.50% per annum on the average daily unused portion of available credit. During the year ended
December 31, 2024, we incurred a total of $122,778 in commitment fees, which were recorded as interest expense. As of December 31, 2024,
we had no outstanding principal balance under the Revolving Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Revolving Loan contains
financial covenants. Webull Financial shall at all times maintain (i) a tangible net worth of not less than $110,000,000, (ii) excess
net capital of not less than $75,000,000, and (iii) a total assets to total regulatory capital ratio of not more than 8.0 to 1.0. As
of December 31, 2024, Webull Financial was in compliance with the Revolving Loan&rsquo;s financial covenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>&nbsp;</B>We have various
series of convertible redeemable preferred shares (collectively, &ldquo;Preferred Shares&rdquo;) issued and outstanding. The table below
presents the number of authorized and outstanding shares of our various series convertible redeemable preferred shares as of December
31, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Series</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Authorized</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Issued
    <BR> and Outstanding</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Authorized</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Issued
    <BR> and Outstanding</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%; text-align: left">A-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">16,518,502</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">16,518,502</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,536,099</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,536,099</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">C</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">D</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">12,963,577</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">15,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,747,760</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">87,286,300</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">83,205,175</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">87,286,300</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">81,989,358</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
December 31, 2022, we issued 2,100,000 shares of Series B-3 preferred shares in connection with an exercise of a Series B-3 preferred
stock warrant that was issued during 2020. Total proceeds from the exercise were $10,000,000. Upon exercise of the warrant, the intrinsic
value of the preferred stock was $40,379,000. We also recognized preferred stock redemption value accretion in the same amount upon issuance
of the preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of January 1, 2022,
we had an outstanding preferred share subscription receivable in the amount of $73,723,814 that originated from our July 16, 2020 original
issuance of preferred shares Series A-1 through B-2. During the year ended December 31, 2022, we received the entire receivable balance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 19, 2023, we
issued 603,424 shares of Series D preferred shares to an accredited investor for total proceeds of $20,000,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 26, 2023, by
way of a fourth amendment to our memorandum of association, our share capital with respect to our Series D preferred shares was increased
to 15,000,000 shares from 11,144,336 to accommodate future Series D issuances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On January 10, 2024, we
issued 1,215,817 shares of Series D preferred shares to an accredited investor for total proceeds of $40,297,282.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides
a breakdown of our various series of convertible redeemable preferred shares that are aggregated on our consolidated statements of financial
position as well as presents the activity for the year ended December&nbsp;31, 2022, 2023 and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    A-1 <BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    A-2 <BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    A-3 <BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    B-1 <BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    B-2 <BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt; width: 15%">Beginning balances as
    of January 1, 2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">323,106,619</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">304,421,139</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">60,508,715</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">284,731,410</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">201,638,532</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -5pt; padding-left: 5pt">Receipt of subscription
    receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(21,004,739</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(16,265,019</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(3,082,066</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(3,347,911</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">6,724,896</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Balances as of December 31, 2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">302,101,880</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">288,156,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">57,426,649</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">281,383,499</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">208,363,428</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">50,400,940</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">46,008,120</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,052,478</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">37,500,317</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">21,909,069</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Balances as of December 31, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">352,502,820</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">334,164,240</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">66,479,127</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">318,883,816</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">230,272,497</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">132,985,560</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">122,213,520</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">24,187,086</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">104,371,512</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">65,636,298</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-indent: -5pt; padding-left: 5pt">Balances as
    of December 31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">485,488,380</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">456,377,760</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">90,666,213</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">423,255,328</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">295,908,795</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    B-3<BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    C<BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    D<BR> Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Series
    A-1 thru B-2 Subscription</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total
    Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Amount</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt; width: 23.5%">Beginning balances
    as of January 1, 2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">325,277,607</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">11,144,336</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">405,189,642</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">(73,723,814</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">79,285,934</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 7%; text-align: right">1,831,149,850</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.5%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -5pt; padding-left: 5pt">Receipt of subscription
    receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">73,723,814</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">73,723,814</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">40,379,000</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">46,538,409</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,467,179</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">51,409,749</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Balances as of December 31, 2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50,379,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">371,816,016</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,144,336</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">406,656,821</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">81,385,934</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,966,283,413</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">603,424</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">603,424</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,586,000</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">23,811,552</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">145,811,524</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">340,080,000</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Balances as of December 31, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">55,965,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">395,627,568</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,747,760</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">572,468,345</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">81,989,358</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,326,363,413</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Issuance of Preferred Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,215,817</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,297,282</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,215,817</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,297,282</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-indent: -5pt; padding-left: 5pt">Preferred
    Shares redemption value accretion</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">12,810,000</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">62,950,080</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(30,066,018</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">495,088,038</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-indent: -5pt; padding-left: 5pt">Balances as
    of December 31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">68,775,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">458,577,648</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">12,963,577</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">582,699,609</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">83,205,175</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 40pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">The major rights of our Preferred Shares are
discussed below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each holder of our Preferred
Shares is entitled to the number of votes as the number of Class&nbsp;A ordinary shares into which each holder&rsquo;s preferred shares
are convertible. Preferred shareholders and ordinary shareholders vote on all matters as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event our board
declares a dividend, our Preferred Shares are entitled to receive a non-cumulative dividend of 8% per annum based on their respective
original issue price prior to any ordinary share receiving a dividend. If the declared dividend is sufficient to cover the 8% minimum
dividend, then the Preferred Shares will participate in the remaining dividend amount on an as-converted basis with the ordinary shares.
As of December&nbsp;31, 2024, no dividends have been declared or paid on Preferred Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Preferred Shares have
an optional conversion feature and an automatic conversion feature. Upon a conversion, the Preferred Shares are convertible into Class&nbsp;A
ordinary shares. The current conversion ratio for our Preferred Shares is 1 for 3.3593 and may change in the future due to standard antidilutive
adjustments. Preferred shareholders may convert their preferred share holdings at any time in whole or in part. Our Preferred Shares
will automatically convert in the event of a qualified public offering or an alternative listing, including through merger with an existing
listed company or a special-purpose acquisition company. Our Series&nbsp;C preferred shares will automatically convert in the event holders
of more than 50% of such shares elect to convert their shares. Our Series&nbsp;D preferred shares will automatically convert in the event
holders of more than 66% of such shares elect to convert their shares. As of December&nbsp;31, 2024, no holders have elected to convert
their preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Redemption Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event an automatic
conversion or liquidation event has not occurred, our Preferred Shares become redeemable at the option of the holder on the earlier of
June&nbsp;10, 2026, or the date in which the principal business cannot be continued due to certain adverse circumstances (e.g., material
integrity problems or fraud of our cofounders, loss of our business qualification, licenses, permits, etc.). The redemption amount payable
to the holders is determined as the higher of a 10% per annum return from the preferred shares original issuance date through the date
of redemption or the fair market value on the redemption date. As of December&nbsp;31, 2024, no event has occurred which would allow
holders of our Preferred Shares to exercise their redemption option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following presents
the aggregate and per share redemption value of each preferred share series as of December 31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Series</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Per
    Share</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Per
    Share</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%">A-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">485,488,380</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">31.98</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">352,502,820</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">23.22</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">A-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">456,377,760</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.04</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">334,164,240</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23.46</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">A-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">90,666,213</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.05</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">66,479,127</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23.50</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">B-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">423,255,328</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.28</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">318,883,816</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">24.32</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">B-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">295,908,795</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.55</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">230,272,497</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">25.33</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">B-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">68,775,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.75</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">55,965,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">26.65</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">C</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">458,577,648</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">33.51</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">395,627,568</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28.91</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">D</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">582,699,609</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">44.95</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">572,468,345</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">48.73</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,326,363,413</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Liquidation Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Preferred Shares are
entitled to a liquidation preference in the event of a liquidation event. A liquidation event may include the following items:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    consolidation, reorganization, merger or any other arrangement whereby our shareholders prior to such transaction do not own at least
    50% of the surviving entity.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    sale, lease, transfer or other disposition of all or substantially all of our assets.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exclusive
    licensing of all or substantially all of our intellectual property rights to a third party.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024, no event has occurred which would allow holders of our Preferred Shares to exercise their liquidation rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following presents
the liquidation preferences of our preferred shares by series as of December 31, 2024 and 2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="16" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">As
    of December 31, 2024</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Series</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Outstanding
    <BR> Shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Original
    <BR> Issue Price</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Liquidation
    <BR> Multiplier</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Liquidation
    <BR> Preference</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 52%">A-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0.45</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">1.2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">8,197,740</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.91</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">12,962,040</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.97</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,744,032</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2.29</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,026,478</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">34,999,965</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5.00</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,500,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">C</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8.41</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">115,089,168</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">D</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">12,963,577</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">33.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">429,612,942</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Aggregate liquidation preference</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">644,132,365</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="16" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">As
    of December 31, 2023</TD>
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Series</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Outstanding</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shares</B></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Original</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Issue
                                            Price</B></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Liquidation</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Multiplier</B></P></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Liquidation
    Preference</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; width: 52%">A-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,181,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0.46</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">1.2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">8,379,912</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,244,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.94</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,389,360</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">A-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,828,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.99</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,800,610</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,111,999</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2.29</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,026,477</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,090,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">34,999,965</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">B-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5.00</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,500,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">C</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,684,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8.41</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">115,089,168</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">D</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">11,747,760</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">33.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">1.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">389,320,766</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Aggregate liquidation preference</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">604,506,258</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In an event of liquidation,
the order of liquidation distribution is first Series D followed by Series C, B-3, B-2, B-1, A-3, A-2 and then A-1. If in the event of
a liquidation our assets are insufficient to distribute and satisfy a particular Series&rsquo; liquidation preference in its entirety,
then the assets available for distribution will be distributed ratably in proportion to the holders of that respective preferred series&rsquo;
liquidation preference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 15 &mdash;&nbsp;CONVERTIBLE REDEEMABLE PREFERRED SHARES</B>
(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Right of Participation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our holders of Preferred
Shares (&ldquo;Participation Right Holders&rdquo;) have rights of participation (&ldquo;Right of Participation&rdquo;) with respect to
the issuance of new equity securities. The Right of Participation does not apply to the following issuances of securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares issued or reserved under our Global Share Incentive Plan.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares issued in connection with a share split, consolidation or share dividend.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares issuable upon conversion of our Preferred Shares.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity
    securities issued in connection with a public offering.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    equity securities issued in connection with the acquisition of another corporation or entity by consolidation, merger, purchase of
    assets, or other reorganization in which we acquire, in a single transaction or a series of related transactions, all or substantially
    all assets of other corporation or entity or 50% percent or more of the equity ownership or voting power of such other corporation
    or entity.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Right of Participation
shall immediately and automatically expire, terminate, and cease to have any force or effect upon the consummation of a qualified public
listing or upon receipt by Participation Right Holders of all liquidation proceeds payable in accordance with our articles following
a liquidation event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 16 &mdash;&nbsp;ORDINARY SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have two authorized
classes of ordinary share capital: Class&nbsp;A and Class&nbsp;B ordinary shares (collectively, referred to as Ordinary Shares). As of
December&nbsp;31, 2024 and 2023, we had authorized Class&nbsp;A ordinary shares of 4,000,000,000. We had 143,531,581 and 139,307,224
Class A ordinary shares issued and outstanding, respectively, as of December 31, 2024; and we had 143,531,581 and 137,077,382 Class A
ordinary shares issued and outstanding, respectively, as of December 31, 2023. As of December 31, 2024 and 2023, we had authorized Class
B ordinary shares of 1,000,000,000 and had no Class&nbsp;B ordinary shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The par value of our Ordinary
Shares is $0.0001 per share. Our Class&nbsp;B ordinary shares are reserved for our founders as the Class&nbsp;A ordinary shares held
by our founders are automatically convertible into an equal number of Class&nbsp;B ordinary shares immediately upon the completion of
a public offering or an alternative listing, including through merger with an existing listed company or a special-purpose acquisition
company. With the exception for voting and conversion rights, the Class&nbsp;A and Class&nbsp;B ordinary shares are identical.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Voting Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Class&nbsp;A ordinary
shares are entitled to one vote, and our Class&nbsp;B ordinary shares are entitled to 20 votes. Class&nbsp;A and Class&nbsp;B vote together
as one class on all matters requiring a shareholder vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As mentioned above, our
Class&nbsp;A ordinary shares held by our founders are convertible into Class&nbsp;B upon a public offering or alternative listing. Class&nbsp;B
ordinary shares may be converted to an equal number of Class&nbsp;A ordinary shares. No other Class&nbsp;A ordinary shares may be converted
into Class&nbsp;B ordinary shares. As of December&nbsp;31, 2024 and 2023, our founders own 112,744,651 of Class&nbsp;A ordinary shares
that may convert into an equal amount of Class&nbsp;B ordinary shares in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dividend Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to the rights
of our Preferred Shares, the holders of our Ordinary Shares will be entitled to receive ratable dividends, if any, as may be declared
from time to time by our board of directors out of funds legally available for the payment of dividends. As of December&nbsp;31, 2024,
we have not declared or paid a dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 16 &mdash;&nbsp;ORDINARY SHARES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Right to Receive Liquidation Distributions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we liquidate, dissolve
or wind up, after all liabilities and, if applicable, the holders of our Preferred Shares have been paid in full according to their respective
liquidation preference, the holders of our Ordinary Shares will be entitled to share ratably in all remaining assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>No Preemptive or Similar Rights</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The rights, preferences
and privileges of the holders of our Ordinary Shares are subject to, and may be adversely affected by, the rights of the holders of our
Preferred Shares. Our Ordinary Shares have no preemptive rights or similar rights with respect to a conversion of Preferred Shares, which
may result in significant dilution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Treasury Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024 and 2023, Webull Partners Limited, our share-award platform entity for certain employees, has been issued a total of 11,466,312
Class&nbsp;A ordinary shares. Of such shares, 7,241,955 and 5,012,112 are accounted for as issued and outstanding as they relate to certain
exercises of employee options and vested RSAs as of December 31, 2024 and 2023, respectively. The remaining balance of 4,224,356 as of
December 31, 2024 is reserved for future vesting of RSAs and option exercises. We have treated the reserved share amount as issued but
not outstanding and presented them as treasury shares in our consolidated statement of financial position and consolidated statement
of changes in shareholders&rsquo; deficit. The treasury shares have no cost basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 17 &mdash;&nbsp;RESTRICTED NET ASSETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our subsidiaries located
in mainland China (&ldquo;Mainland China Subsidiaries&rdquo;) are required to maintain a statutory common reserve by means of an annual
appropriation of at least 10% of their annual after-tax profits as reported under Company Law of the People&rsquo;s Republic of China
until the accumulated statutory common reserve balance has reached 50% of registered capital. The maximum statutory reserve required
for our mainland China Subsidiaries was $10,193,717 and $150,287,435 as of December 31, 2024 and 2023, respectively. The decrease in
the maximum required statutory reserve was attributable to the Mainland China Subsidiaries decreasing their registered capital with the
appropriate government authority. As of December&nbsp;31, 2024 and 2023, we had an accumulated statutory appropriation balance of $13,651,398
and $11,309,831, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additionally, the PRC
has laws and regulations that limit the distributions that may be made to us from our mainland China Subsidiaries. The amount restricted
is the aggregate of the paid-in-capital and accumulated statutory appropriations of our PRC Subsidiaries. As of December&nbsp;31, 2024
and 2023, our mainland China Subsidiaries had $33,958,923 and $31,617,357 of restricted net assets unavailable to be distributed to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 18 &mdash;&nbsp;SHARE-BASED COMPENSATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have established a
Global Share Incentive Plan (the &ldquo;Incentive Plan&rdquo;) for the purpose of providing share-based compensation as incentives and
rewards to employees and consultants. As of December&nbsp;31, 2024, the Incentive Plan has reserved 49,567,006 shares for share-based
awards. The Incentive Plan may issue share-based awards in the form of equity options (&ldquo;Share Options&rdquo;), restricted share
units (&ldquo;RSUs&rdquo;), and restricted share awards (&ldquo;RSAs&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">Our share-based awards
generally vest in accordance with the following schedule:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%
    at the second anniversary of the grant date</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%
    at the third anniversary of the grant date</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <td style="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25%
    at the fourth anniversary of the grant date</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Vesting commences on the
grant date. Upon termination of employment, unvested share-based awards are subject to forfeiture. The share-based awards are not transferable
and may not be sold, pledged or otherwise transferred, and grantees are not entitled to vote the restricted shares or receive dividends
paid on the restricted shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 18 &mdash;&nbsp;SHARE-BASED COMPENSATION
</B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During 2024, 2023 and
2022, we granted 3,549,705, 3,301,855 and 4,469,078 Share Options, respectively, to employees with a weighted average grant-date fair
value of $6.56, $4.14 and $6.08 per option, respectively. We estimated the fair value of the Share Options on the date of grant with
the assistance of an independent third-party valuation specialist. The fair value of the Share Options was determined using the Black-Scholes
pricing model. The following are the weighted average of significant assumptions used in the model:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Dividend yield</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Risk-free interest rate</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2.3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.8</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.5</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
    volatility<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">59.8</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50.0</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">38.1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Expected term</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.75
                                            years</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.75
                                            years</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10
                                            years</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected
                                            volatility of the underlying ordinary shares of the Company was estimated based on the average
                                            historical volatility of comparable companies for the period before grant date with time
                                            frames equal to the life of the options.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the Share
Option activity for the year ended December&nbsp;31, 2024 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Options</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Exercise <BR> Price</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Remaining <BR> Contractual <BR> Life</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Aggregate
    <BR> Intrinsic <BR> Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">(in&nbsp;Years)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%">Outstanding at January&nbsp;1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">30,838,928</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">0.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5.98</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">201,186,310</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,549,705</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Exercised</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(438,173</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">0.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,459,716</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">0.14</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Outstanding at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">32,490,744</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">0.13</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5.26</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">304,071,390</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Exercisable at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">25,682,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">0.13</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">4.53</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">240,352,826</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There were 438,173 options
exercised during the year ended December 31, 2024 with an aggregate intrinsic value of $4,099,990. Cash proceeds received were $48,991.
There were no options exercised in 2023 or 2022.<BR STYLE="clear: both"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024, unrecognized compensation expense related to Share Options was $15,649,655 and expected to be recognized over a weighted-average
period of 1.25&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the non-vested Share Option activity for the year ended December&nbsp;31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Options</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Grant-Date <BR> Fair Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Non-vested at January&nbsp;1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">9,700,553</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">4.19</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,549,705</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.56</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Vested</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(4,847,631</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4.18</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Exercised</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(148,434</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4.18</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,445,718</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">5.23</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Non-vested at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">6,808,475</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">5.21</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The total fair value of
options vested during the year ended December&nbsp;31, 2024 was $20,258,735.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 18 &mdash;&nbsp;SHARE-BASED COMPENSATION
</B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restricted Share Units&nbsp;(&ldquo;RSUs&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We granted 2,862,298,
1,685,864 and 2,195,040 of RSUs during the years ended December 31, 2024, 2023 and 2022, respectively. We used an independent fair value
specialist to assist us with estimating the fair value of our ordinary shares on the grant date. The fair value used for RSUs granted
during the years ended December&nbsp;31, 2024, 2023 and 2022 was $6.75, $4.32 and $6.30, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the Restricted
Share Unit activity for the year ended December&nbsp;31, 2024, is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">RSUs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Grant-Date Fair Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Outstanding at January&nbsp;1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,006,247</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">4.38</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,862,298</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.75</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(174,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">5.60</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Outstanding at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">7,694,425</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">5.21</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024, the total unrecognized compensation expense related to RSUs was $12,506,740 and expected to be recognized over a weighted average
period of approximately 1.31&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary
of the non-vested Restricted Share Unit activity for the year ended December&nbsp;31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">RSUs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Grant-Date <BR> Fair Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Non-vested at January&nbsp;1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">3,668,839</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">4.86</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,862,298</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.75</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Vested</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,145,356</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5.06</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(174,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">5.60</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Non-vested at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">4,211,661</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">5.97</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The total fair value of
RSUs vested during the year ended December&nbsp;31, 2024, was $10,849,348.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restricted Share Award (&ldquo;RSAs&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We granted 496,218 RSAs
during the year ended December 31, 2024. We did not grant any RSAs during 2023 or 2022. A summary of the Restricted Share Award activity
for the year ended December&nbsp;31, 2024, is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">RSAs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Grant-Date <BR> Fair Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Outstanding at January 1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,181,794</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">2.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">496,218</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.66</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Outstanding at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,678,012</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">3.19</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31,
2024, the total unrecognized compensation expense related to RSAs was $310,237 and expected to be recognized over a weighted average
period of approximately 0.42&nbsp;years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 23.75pt">&nbsp;</P>


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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 18 &mdash;&nbsp;SHARE-BASED COMPENSATION
</B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A summary of the non-vested
Restricted Share Award activity for the year ended December&nbsp;31, 2024, is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">RSAs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Weighted
    <BR> Average <BR> Grant-Date <BR> Fair Value</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Non-vested at January&nbsp;1, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">2,590,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">2.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Granted</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">496,219</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.66</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Vested</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1,791,669</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.91</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Cancelled/forfeited</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Non-vested at December&nbsp;31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">1,295,450</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">2.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The total fair value of
RSAs vested during the year ended December&nbsp;31, 2024, was $7,000,507.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Compensation Expense Allocation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognized compensation
expense from share-based awards in the amount of $32,587,611, $29,411,885 and $30,022,321 for the years ended December&nbsp;31, 2024,
2023 and 2022, using the graded vesting method of attribution. We account for forfeitures as they occur. The compensation expense was
recorded in the consolidated statement of operations and comprehensive (loss) income as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">General and administrative</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">22,269,185</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">19,963,974</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">19,854,253</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Technology and development</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,290,375</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,748,683</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,281,599</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Marketing and branding</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,028,051</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,699,228</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,886,469</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">32,587,611</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">29,411,885</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">30,022,321</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We did not recognize a
tax benefit related to share-based compensation for the years ended December&nbsp;31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 19 &mdash;&nbsp;NET LOSS PER SHARE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following presents
the calculation of basic and diluted loss per share for the years ended December&nbsp;31, 2024, 2023 and 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">(Loss) income from continuing operations
    attributable to the Company</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(25,385,426</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">4,284,819</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">33,473,969</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Preferred shares redemption value accretion</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(495,088,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(340,080,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(51,409,749</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">Loss from continuing operations
    attributable to ordinary shareholders</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(520,473,464</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(335,795,181</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(17,935,780</TD><TD STYLE="padding-bottom: 4pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Weighted-average shares outstanding
    - basic and diluted</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">138,828,900</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">137,965,591</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">134,489,965</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Basic and diluted earnings per share</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(3.75</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(2.43</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(0.13</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 19 &mdash;&nbsp;NET LOSS PER SHARE </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table summarizes
potential ordinary shares outstanding that were excluded from the calculation of diluted net loss per ordinary share because their effect
would have been anti-dilutive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%">Options</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">32,490,743</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">30,717,331</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">28,716,868</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">RSAs</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,295,450</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,590,897</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,181,794</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">RSUs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">7,694,426</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,006,247</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,448,445</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Convertible redeemable preferred shares:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series A-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50,997,533</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50,997,533</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50,997,533</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series A-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">47,849,869</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">47,849,869</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">47,849,869</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series A-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,503,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,503,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,503,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series B-1</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">44,047,138</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">44,047,138</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">44,047,138</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series B-2</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,539,060</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,539,060</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,539,060</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Series B-3</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,054,530</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,054,530</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,054,530</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Series C</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,971,348</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,971,348</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,971,348</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Series D</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">43,548,544</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">39,464,250</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">37,437,167</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total convertible
    redeemable preferred shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">279,511,142</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">275,426,850</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">273,399,768</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total potential ordinary shares
    outstanding</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">320,991,761</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">313,741,326</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">310,746,876</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 20 &mdash;&nbsp;REVENUES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables present
a breakdown of our revenue categories presented within our consolidated statements of operations and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Equity and Option Order Flow Income:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Option order flow rebates</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">135,634,071</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">141,010,186</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">191,783,801</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Equity order flow rebates</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">61,435,491</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">51,222,529</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">87,197,333</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">197,069,562</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">192,232,715</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">278,981,134</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Interest and Other Related Income:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Stock lending</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">26,089,934</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">56,052,479</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">46,311,899</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Margin financing</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">29,962,306</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23,226,972</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">22,162,271</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Customer
                                            bank deposits</P></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">61,476,142</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">61,679,840</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">19,082,384</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Corporate bank deposits</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">12,923,495</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">14,833,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,325,689</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">130,451,877</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">155,792,329</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">91,882,243</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 20 &mdash;&nbsp;REVENUES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Handling Charge Income:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%">Options</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">28,382,630</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">28,230,750</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">7,847,738</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Platform and trading fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">20,662,070</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,446,427</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">652,583</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">49,044,700</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">30,677,177</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">8,500,321</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Revenue:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Data subscription income</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">7,236,303</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">6,756,403</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">6,015,237</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Co-marketing income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">225,048</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">487,006</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,371,198</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Syndicate fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">968,397</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">954,798</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,051,444</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Lease income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,135,608</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,102,459</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">127,768</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,098,177</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,599,683</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">403,575</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">13,663,533</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">10,900,349</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">8,969,222</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 21 &mdash;&nbsp;OPERATING EXPENSES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables present
a breakdown of our expense categories as presented within our consolidated statements of operations and other comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Brokerage and Transaction:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Clearing and operation cost</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">52,722,425</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">43,833,078</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">39,490,080</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Market and data fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">16,056,015</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">12,720,971</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,631,838</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Handling charge expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">10,528,178</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">9,864,869</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">8,642,199</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">79,306,618</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">66,418,918</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">59,764,117</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Technology and Development:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Employee compensation benefits</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">43,399,693</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">35,111,616</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">34,381,625</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Cloud service fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,280,129</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,806,489</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,928,904</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">System costs</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">7,160,641</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,238,363</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,462,585</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">63,840,463</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">52,156,468</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">46,773,114</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our research and development
costs mainly consist of employee salaries and share-based compensation and are classified within our technology and development expense
categories. Our research and development costs are expensed when incurred and for the years ended December 31, 2024, 2023 and 2022 were
$32,699,364, $31,955,946, and $28,120,179, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Marketing and Branding:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Advertising and promotions</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">108,190,912</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">92,182,380</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">92,412,497</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Free stock promotions</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23,980,001</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">55,225,961</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,371,848</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Employee compensation and benefits</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">6,550,318</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,849,661</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">7,496,242</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">138,721,231</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">152,258,002</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">140,280,587</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 21 &mdash;&nbsp;OPERATING EXPENSES </B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General and Administrative:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Employee compensation and benefits</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">77,187,479</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">61,466,048</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">45,543,590</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Compliance fees</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,212,942</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,740,324</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,457,835</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Office related</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,677,995</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,078,418</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,607,901</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Professional services</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,586,397</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,966,117</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,939,260</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Depreciation and amortization of right-of-use assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,669,419</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,675,664</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,500,581</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,380,396</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">863,232</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">911,042</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">122,714,628</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">95,789,803</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">72,960,209</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 22 &mdash;&nbsp;OTHER EXPENSE, NET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
a breakdown of our other expense and income categories that were presented on a net basis within our consolidated statements of operations
and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Foreign currency exchange (gain) loss</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(1,972,531</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">2,295,582</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(5,509,581</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Adjustment to indemnification obligation</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(531,991</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">324,907</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(252,949</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Interest expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">122,778</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Forgiveness of accrued interest</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1,414,406</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Loss on deconsolidation of VIEs</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">11,501,952</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">79,051</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">180,796</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,455,619</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Other expense, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(2,302,693</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,801,285</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,869,397</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 23 &mdash;&nbsp;INCOME TAXES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Income Before Income Taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The below table presents
the jurisdictional composition of our income from continuing operations before income taxes for the years ended December&nbsp;31, 2024,
2023 and 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">United States</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">38,850,319</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">15,544,735</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">53,794,019</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Non-US</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(50,900,894</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,633,359</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11,891,477</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">(Loss) income from continuing operations,
    before income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(12,050,575</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">20,178,094</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">65,685,496</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 23 &mdash;&nbsp;INCOME TAXES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Income Tax Provision</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the years ended December&nbsp;31,
2024, 2023 and 2022, the current and deferred tax expense allocated to continuing operations were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Current:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left; padding-left: 10pt">US Federal</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">12,771,794</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,663,364</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">13,270,683</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">US State</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,022,876</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,928,137</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,311,355</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Non-US</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,772,288</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">8,632,303</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">21,057,369</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total current tax expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">21,566,958</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">17,223,804</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">37,639,407</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Deferred:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">US Federal</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,750,091</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(863,989</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,402,855</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">US State</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1,074,479</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(281,452</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(428,427</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Non-US</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(2,919,033</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">62,208</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(2,596,598</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Total deferred tax expense</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(7,743,603</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,083,233</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(5,427,880</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total provision for income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">13,823,355</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">16,140,571</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">32,211,527</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax Rate Reconciliation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our effective tax rate
was (114.71)%, 79.98% and 49.03% for the years ended December&nbsp;31, 2024, 2023 and 2022. A reconciliation between the income tax expense
computed by applying the Cayman Island&rsquo;s statutory income tax rate of 0% to income from continuing operations before income taxes
and actual income tax expense were as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Cayman Island income tax at statutory rate</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Effect of rates different than statutory</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; padding-left: 10pt">Australia</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">7.21</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(22.78</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(0.44</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Brazil</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9.02</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(0.97</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Canada</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">17.16</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(0.44</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Hong Kong</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">21.61</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(14.89</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7.84</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Japan</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">18.69</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(13.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1.30</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Mainland China</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(28.36</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23.53</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">31.40</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Mexico</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">18.61</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(0.04</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Singapore</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32.61</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">16.91</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3.18</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">United States - Federal</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(70.76</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">23.56</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">19.20</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">United States - State</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(15.85</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5.20</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3.15</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Other countries</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">21.07</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(8.15</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(1.21</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Change in valuation allowance</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(134.41</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50.44</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4.20</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Change in unrecognized tax benefit</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(15.50</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8.83</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7.68</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Return to provision differences - United States Federal</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7.63</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6.55</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1.46</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">11.82</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">6.08</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(4.09</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)%</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(114.71</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">79.98</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">49.03</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 23 &mdash;&nbsp;INCOME TAXES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Deferred Tax Assets and Liabilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deferred tax assets and
liabilities reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. The significant components of the deferred tax assets and liabilities are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Deferred tax assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Net operating loss carryforwards</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">36,533,676</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">20,536,474</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Compensation accruals</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,058,023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,771,220</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Lease liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,022,320</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,456,883</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Other</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,921,076</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">987,996</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total deferred tax assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">50,535,095</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28,752,573</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Less: valuation allowance</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(34,628,089</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(21,043,136</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Deferred tax assets, net of valuation allowance</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">15,907,006</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,709,437</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Right of use assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,704,189</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,154,329</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Intangibles</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(5,233,634</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(5,712,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Property and equipment</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(886,939</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(968,015</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">Total deferred tax liabilities</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(8,824,762</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(8,835,144</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Net deferred tax asset</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">7,082,244</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(1,125,707</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have income tax net
operating loss carryforwards related to our international operations of $150,076,377. The below table presents the expiration of our
net operating losses by jurisdiction as of December 31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Jurisdiction</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Net
    Operating Loss Carryforwards</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Expiration</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%">Australia</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">17,526,497</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Brazil</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,294,408</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite
                                            </FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Canada</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">9,219,682</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2041
                                            - 2044</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Hong Kong</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">22,335,355</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite
                                            </FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Japan</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,001,355</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025
                                            - 2024</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Mainland China</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,260,186</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2027
                                            - 2029</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Mexico</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,650,709</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2031
                                            - 2044</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Singapore</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,833,631</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">United Kingdom</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,175,137</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">United States &ndash; Federal</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">431,676</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">13,347,741</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">150,076,377</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
                                            the other foreign net operating loss carryforwards, $11,581,596 expires between&nbsp;2027
                                            and 2034 and $1,766,145 have an indefinite expiration term.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management assesses the
available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the
existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the
three-year period ended December&nbsp;31, 2024. Such objective evidence limits the ability to consider other subjective evidence, such
as our projections for future growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 23 &mdash;&nbsp;INCOME TAXES</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the basis of this evaluation,
as of December&nbsp;31, 2024, a valuation allowance of $34,628,089 has been recorded to recognize only the portion of the deferred tax
asset that is more likely than not to be realized. The net change in our valuation allowance for the year ended December&nbsp;31, 2024
was an increase of $13,584,953. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of
future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative
losses is no longer present and additional weight is given to subjective evidence such as our projections for growth.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Tax on Unremitted Foreign Earnings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In general, it is our
practice and intention to reinvest the earnings of our foreign subsidiaries in those operations. As of December&nbsp;31, 2024, we have
not made a provision for foreign withholding taxes on approximately $317,352,026 of the excess of the amount for financial reporting
over the tax basis of investments in foreign subsidiaries that is indefinitely reinvested. The jurisdictions to which this excess is
attributable are United&nbsp;States and Mainland China in the amounts of $161,440,229 and $155,911,797, respectively. The estimated unrecorded
amount of deferred tax liability related to investments in these foreign subsidiaries was $56,227,659 as of December&nbsp;31, 2024. The
jurisdictions to which the estimated unrecorded deferred tax liability is attributable are United&nbsp;States and Mainland China in the
amounts of $48,432,069 and $7,795,590, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Unrecognized Tax Benefit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a rollforward
of our unrecognized tax benefits as of December&nbsp;31, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 88%; text-align: left">Total unrecognized tax benefit &ndash; January
    1, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">18,101,120</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Increase for prior year tax positions</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">180,919</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Increase for year 2023 tax positions</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,808,018</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Settlements with taxing authorities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(401,891</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total unrecognized tax benefit &ndash; December 31, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">19,688,166</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Adjustment to prior year tax positions</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(26,739</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Increase for current year tax positions</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,183,671</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Settlements with taxing authorities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(157,542</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total unrecognized tax benefit &ndash;
    December 31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">21,687,556</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Included in the balance
of unrecognized tax benefits as of December&nbsp;31, 2024 are $648,840 of tax benefits that, if recognized, would affect the effective
tax rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We recognize interest
accrued related to unrecognized tax benefits and penalties as income tax expense. Related to the unrecognized tax benefits noted above,
we accrued penalties of $21,148 and interest of $36,253 during 2024 and, in total, as of December&nbsp;31, 2024, recognized a liability
for penalties of $113,290 and interest of $69,559. During 2023, we accrued penalties and interest of $45,229 and $16,348, respectively,
and had recognized, in total, a liability for penalty and interest of $92,142 and $57,957, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to taxation
in the various foreign jurisdictions. The table below outlines the open tax&nbsp;years of the material jurisdictions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 88%; font-weight: bold; text-align: left">Material
    Jurisdictions</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; width: 11%; font-weight: bold; text-align: center">Open
    Years</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">United States</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">2021 - 2024</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Singapore</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">2021 - 2024</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Japan</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">2014 - 2024</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Mainland China</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">2021 - 2024</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Hong Kong</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: center">2017 - 2024</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 24 &mdash; COMMITMENTS AND CONTINGENCIES</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Commitments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In September of 2021,
we entered into a sponsorship agreement with the Brooklyn Nets LLC (commonly known as &ldquo;Brooklyn Nets&rdquo;), a professional basketball
team in the National Basketball Association (&ldquo;NBA&rdquo;). The sponsorship agreement allowed us to be an official sponsor of the
Brooklyn Nets and their Women&rsquo;s National Basketball Association (&ldquo;WNBA&rdquo;) affiliate the New York Liberty through their
final game of the&nbsp;2023-2024 NBA season, which was in September 2024. The sponsorship included the placement of a Webull-branded
patch on players&rsquo; uniforms and various media, marketing, and promotional activities. The total sponsorship fee commitment was $90,000,000.
During 2024, 2023 and 2022, we made $11,000,000, $22,000,000 and $37,000,000, respectively, in sponsorship payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 5, 2023, Hunan
Shuibao Zhiye Co. Ltd., a subsidiary of ours located in Changsha, China, entered into an agreement with the City of Changsha for the
right to use 288,680 square feet of land located in Riverside New Town Area, Yuelu District for the purposes of constructing a research
and development center (the &ldquo;Land Use Agreement&rdquo;). The Land Use Agreement had required that construction commence by October
4, 2024, but on October 9, 2024 the construction commencement date was extended to October 4, 2025. Construction is required to be completed
by December 31, 2026. The Land Use Agreement expires on December 4, 2063.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>General Matters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to contingencies
arising in the ordinary course of our business, including contingencies related to legal, regulatory, non-income tax and other matters.
We record an accrual for loss contingencies at management&rsquo;s best estimate when we determine that it is probable that a loss has
been incurred and the amount of the loss can be reasonably estimated. If the reasonable estimate is a range and no amount within that
range is considered a better estimate than any other amount, an accrual is recorded based on the bottom amount of the range. If a loss
is not probable, or a probable loss cannot be reasonably estimated, no accrual is recorded. Amounts accrued for contingencies in the
aggregate were $2,206,905 and $970,000 as of December&nbsp;31, 2024 and 2023, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Regulatory Matters</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The securities industry
is highly regulated and many aspects of our business involve substantial risk of liability. Recently, there has been an increase in litigation
and regulatory investigations involving the brokerage and cryptocurrency industries. Federal and state regulators, exchanges, or other
SROs investigate issues related to regulatory compliance that may result in enforcement action. We are also subject to periodic regulatory
audits and inspections that could in the future lead to enforcement investigations or actions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Indemnification Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have an indemnification
obligation to our clearing broker for any debit balance in customer accounts that are on an introduced basis. Debit balances may result
from, but not limited to, fraudulent, unlawful, or otherwise customer behavior and insufficient collateral with respect to customers&rsquo;
margin/securities lending balances. As of December 31, 2023, we had estimated and recorded a contingent liability in the amount of $557,103.
However, we determined that as of December 31, 2024 we had no contingent liability and, therefore, have reversed the prior year accrual.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 25 &mdash;&nbsp;FAIR VALUE MEASUREMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial assets and
liabilities measured at fair value on a recurring basis as of December 31, 2024 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">December
    31, 2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Financial instruments owned</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equities<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">529,984</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">529,984</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S
    Treasury Bills<SUP>(2)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">233,445,264</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">233,445,264</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FX
    forward contract<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">60,879</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">60,879</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Customer-held fractional shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total financial assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">342,288,658</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">342,288,658</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    instruments sold not yet purchased<SUP>(3)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Equity options</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,196</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,196</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractional
    share repurchase obligation<SUP>(3)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">108,252,531</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total financial liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">108,254,727</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">108,254,727</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements
    of financial position.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under
    federal and foreign requirements within our consolidated statements of financial position.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of obligation is classified within payables due to customers on the consolidated statements of financial position.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
December&nbsp;31, 2024, there were no transfers between levels for financial assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our financial assets and
liabilities measured at fair value on a recurring basis as of December&nbsp;31, 2023 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">December
    31, 2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    1</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    2</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Level
    3</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Financial instruments owned</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equities<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">562,051</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">562,051</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S
    Treasury Bills<SUP>(2)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">189,143,720</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">189,143,720</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Customer-held fractional shares</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">45,528,829</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">45,528,829</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total financial assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">235,234,600</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">235,234,600</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    instruments sold not yet purchased<SUP>(3)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Equity options</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,083</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,083</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractional
    share repurchase obligation<SUP>(3)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">45,528,829</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">45,528,829</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total financial liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">45,530,912</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">45,530,912</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of financial instruments owned are classified within prepaid expenses and other current assets on the consolidated statements
    of financial position.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    U.S. Treasury Bills with an original maturity of less than 90 days and are included within cash and cash equivalents segregated under
    federal and foreign requirements within our consolidated statements of financial position.</FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of obligation is classified within payables due to customers on the consolidated statements of financial position.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the year ended
December&nbsp;31, 2023, there were no transfers between levels for financial assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 26 &mdash;&nbsp;RELATED PARTY BALANCES AND TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Revenues, Expenses and Receivables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Apex Clearing LLC (&ldquo;Apex
Clearing&rdquo;) is controlled by Peak 6, a minority common and preferred shareholder of Webull Corporation. Until April 1, 2023, Apex
Crypto LLC (&ldquo;Apex Crypto&rdquo;) was controlled by Peak 6 and considered a related party because Matthew Hulsizer is a co-founder
of Peak 6 and served as a board member of Webull Corporation until May 9, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
related party revenue and expenses for the years ended December&nbsp;31, 2024, 2023 and 2022, and related party receivables as of December
31, 2024, 2023 and 2022, in connection with Apex Clearing and Apex Crypto entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Revenue earned from related parties</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 52%; text-align: left; padding-left: 10pt">Apex Clearing</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">34,538,949</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">151,034,036</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">109,116,706</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Apex Crypto</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,159,091</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">16,491,869</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total related
    party revenue</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">34,538,949</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">153,193,127</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">125,608,575</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Expenses incurred from related parties</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Apex Clearing</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,285,014</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,110,407</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">41,327,759</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Apex Crypto</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">111,963</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">700,995</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total related
    party expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">14,285,014</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">40,222,370</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">42,028,754</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Amounts due from related parties</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Apex Clearing</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">45,804,660</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">14,502,535</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Apex Crypto</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">703,178</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt; padding-left: 20pt">Total amount
    due from related parties</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">45,804,660</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">15,205,713</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apex
    Clearing is our clearing broker. Apex Clearing was considered a related party until May 9, 2024, the date Matthew Hulsizer resigned
    from our board of directors. We receive revenue from Apex Clearing that primarily represents interest and fully paid stock lending
    income derived from cash balances and positions on accounts we have introduced to Apex Clearing. Expenses primarily represent clearing
    costs. The revenue and expenses in the above table are through May 9, 2024, the date Apex Clearing was no longer determined to be
    a related party. As of December 2023, we were owed $45,804,660 from Apex Clearing. We have classified this receivable within receivables
    from brokers, dealers, and clearing organizations in our consolidated statements of financial position. </FONT></TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    the revenue and expenses of Webull Pay LLC prior to its spin-off and while Apex Crypto was considered a related party. Webull Pay
    LLC had a Software and Services Agreement with Apex Crypto whereby we earned fee revenue determined by a volume-based tiered pricing
    model based upon the notional value of the trading activity of our platform users that entered into digital-asset trading transactions
    with Apex Crypto. Expenses from Apex Crypto represent advertising and marketing expenses related to the Software and Services Agreement.
    We have classified the revenue and expenses within discontinued operations within our consolidated statements of operations and comprehensive
    (loss) income.&nbsp;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 27 &mdash;&nbsp;SEGMENT REPORTING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We operate as a single
reportable segment. This determination is based upon the financial information reviewed by our Chief Operating Decision Maker (&ldquo;CODM&rdquo;).
Our CODM is our management committee, which is comprised of the Company&rsquo;s Chief Executive Officer, President and Chief Financial
Officer who collectively assess the performance of the Company and allocate resources across the Company. The internal reporting used
collectively by the management committee is presented on a consolidated basis. The accounting policies of the segment are the same as
those described in Note 2. The CODM evaluates the Company&rsquo;s performance and allocates resources based upon consolidated business
metrics, including not limited to registered users, funded accounts, equity notional volume and option contract volume, and financial
metrics, which include consolidated revenue, adjusted operating income, adjusted net income and consolidated total assets. Certain information
provided to the CODM presents operating expenses on a different basis than that presented in the consolidated statements of operations
and comprehensive (loss) income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
significant expenses provided to the CODM for the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold">Revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; width: 64%; text-align: left">Equity
    and option order flow rebates</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">197,069,562</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">192,232,715</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">278,981,134</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Interest
    related income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">130,451,877</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">155,792,329</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">91,882,243</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Handling
    charge income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">49,044,700</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,677,177</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">8,500,321</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Other
    revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">13,663,533</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">10,900,349</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">8,969,222</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Total revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">390,229,672</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">389,602,570</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">388,332,920</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Segment
    expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brokerage
    and transaction<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">79,306,618</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">66,418,918</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">59,764,117</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technology
    and development<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">55,550,088</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">44,407,785</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">39,491,515</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marketing
    and branding<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">136,693,180</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">150,558,774</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">137,394,118</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative<SUP>(1)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">100,445,443</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">75,825,829</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">53,105,956</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    segment items<SUP>(2)</SUP></FONT></TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">32,587,611</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">29,411,885</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">30,022,321</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left">Total
    operating expenses per consolidated statements of operations and comprehensive (loss) income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">404,582,940</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">366,623,191</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">319,778,027</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Operating
    (loss) income</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(14,353,268</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">22,979,379</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">68,554,893</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Other (income)
    expense, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,302,693</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,801,285</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,869,397</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left">Provision
    for income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">13,823,355</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">16,140,571</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">32,211,527</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; padding-bottom: 1.5pt">Income
    from discontinued operations, net of tax</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,691,778</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,784,465</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">16,603,657</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 0.125in; text-indent: -0.125in; font-weight: bold; text-align: left; padding-bottom: 4pt">Net
    (loss) income</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(23,182,152</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,821,988</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">50,077,626</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">Excludes
                                            share-based compensation. See Note 18 for operating expense allocation.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: top; text-align: justify">
<TD STYLE="font-family: Times New Roman, Times, Serif; width: 0in"></TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 0.25in; text-align: left">(2)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: justify">Other
                                            segment items represent share-based compensation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As we are a single segment
entity, the significant segment expenses required to be disclosed under ASC 280 are presented throughout the consolidated financial statements
including the consolidated statements of operations and comprehensive (loss) income, consolidated statements of cash flows, Note 20 &ndash;
Revenues and Note 21 &ndash; Expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our single segment total
assets are equivalent to our total consolidated assets as reported on our consolidated statements of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 27 &mdash;&nbsp;SEGMENT REPORTING
</B>(cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Geographic Area Information</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
our revenues, by geographic area, for the years ended December 31, 2024, 2023 and 2022 from external customers, excluding interest received
on corporate bank deposits in the amount of $12,923,495, $14,833,038 and $4,325,689 for the years ended December 31, 2024, 2023 and 2022,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Revenues:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%">USA</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">355,022,439</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">363,746,474</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">375,653,156</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Hong Kong</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,692,262</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,066,724</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,427,891</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Singapore</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,923,140</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,590,646</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,626,800</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">4,668,336</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">365,688</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">299,384</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">377,306,177</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">374,769,532</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">384,007,231</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table presents
long-lived assets by category and by geographic area as of December 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Right-of-use assets:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Mainland China</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">56,198,584</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">2,777,221</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">USA</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,648,247</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,616,601</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,446,920</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,513,735</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">66,293,751</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">11,907,557</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Property and equipment, net:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">USA</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,347,719</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">30,611,515</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,282,051</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,686,868</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">33,629,770</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">34,298,383</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">Intangible assets, net:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Japan</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">15,111,688</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">16,693,046</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Indonesia</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,094,718</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,127,825</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Others</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,209,557</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,577,082</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Total</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">19,415,963</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">21,397,953</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold">Goodwill:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Mexico</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,197,438</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt"><B>&nbsp;</B></P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 28 &mdash;&nbsp;CONDENSED FINANCIAL INFORMATION OF THE
PARENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have performed a test
on the restricted net assets of our subsidiaries in accordance with Securities and Exchange Commission Regulation&nbsp;S-X Rule&nbsp;4-08(e)(3)&nbsp;and
determined the aggregate restricted net assets of our subsidiaries exceed 25% of our consolidated net assets as of December&nbsp;31,
2024 and 2023. The following condensed financial information as of and for the years ended December&nbsp;31, 2024 and 2023 represents
the financial information of Webull Corporation, the ultimate parent of consolidated subsidiaries, and has been prepared in accordance
with SEC Regulation&nbsp;S-X Rule&nbsp;5-04 and Rule&nbsp;12-04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Condensed Statement of Financial Position:</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 76%; text-align: left">Cash and cash equivalents</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">25,975,604</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">5,777,326</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Prepaid expenses and other current assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,739,569</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,219,813</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Advances to subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">390,811,557</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">334,853,972</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Note receivable from subsidiary</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">42,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">42,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Investment in subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">353,629,225</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">324,524,687</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">820,255,955</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">712,475,798</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Accounts payable and other accrued expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">5,950,394</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">7,324,865</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Advances from subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">59,500,001</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">65,450,395</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">27,324,865</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Mezzanine equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -10pt; padding-left: 10pt">Convertible
    redeemable preferred shares (aggregate liquidation preference of $644,132,365 and $604,496,457 as of December 31, 2024 and 2023,
    respectively; and aggregate redemption value of $2,861,748,733 and $2,326,363,413 as of December 31, 2024 and 2023, respectively;
    Note 15)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,326,363,413</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total mezzanine equity</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,861,748,733</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">2,326,363,413</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Shareholders&rsquo; deficit</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(2,106,943,173</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,641,212,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total liabilities, mezzanine equity
    and shareholders&rsquo; deficit</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">820,255,955</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">712,475,798</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Condensed Statement of Operations and Comprehensive Loss:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Revenues</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Operating expenses</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">7,001,102</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">3,194,193</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">8,408,161</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other income, net</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,770,837</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">2,663,713</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">1,105,532</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Income before income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,230,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(530,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7,302,629</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Provision for income taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Net loss</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,230,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(530,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7,302,629</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Preferred shares redemption value accretion</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(495,088,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(340,080,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(51,409,749</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Net loss attributable to ordinary
    shareholders</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(498,318,303</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(340,610,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(58,712,378</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Net loss</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,230,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(530,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7,302,629</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Other comprehensive income, net
    of tax</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Total comprehensive loss attributable to ordinary shareholders</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,230,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(530,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7,302,629</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">Preferred shares redemption value accretion</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(495,088,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(340,080,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(51,409,749</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Total comprehensive loss attributable
    to ordinary shareholders</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(498,318,303</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(340,610,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">(58,712,378</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 28 &mdash;&nbsp;CONDENSED FINANCIAL
INFORMATION OF THE PARENT COMPANY</B> (cont.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Condensed Statement of Cash Flows: </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2024</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2023</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center">2022</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">Cash flows from operating activities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 64%; text-align: left">Net loss</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(3,230,265</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(530,480</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right">(7,302,629</TD><TD STYLE="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -4.5pt; padding-left: 4.5pt">Adjustments
    to reconcile net loss to net cash used in operating activities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Share-based compensation</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">3,483,072</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">437,004</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">4,423,070</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Changes in operating assets and liabilities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Prepaid expenses and other assets</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(2,519,756</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(3,706,010</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(189,272</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Advances to/from subsidiaries</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(16,457,584</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(100,275,599</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(40,177,171</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Accrued expenses
    and other liabilities</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(1,423,462</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">3,411,470</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">624,363</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Net cash used in operating activities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(20,147,995</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(100,663,615</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(42,621,639</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Cash flows from investing activities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Note receivable
    due from subsidiary</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(12,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(30,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Net cash used in investing activities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(12,100,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(30,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Cash flows from financing activities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Receipt of preferred stock sale proceeds</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,297,282</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Spin-off of subsidiary to shareholders</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(7,014,594</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-left: 10pt">Proceeds from exercise of options</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">48,991</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Receipt of preferred stock subscription
    receivable</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">73,723,814</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Receipt of preferred stock warrant
    exercise proceeds</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">10,000,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Payment of
    preferred shares repurchase payable</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">(55,000,005</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-left: 10pt">Net cash provided by financing activities</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">40,346,273</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">12,985,406</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">28,723,809</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Net increase (decrease) in cash and cash equivalents</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">20,198,278</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(99,778,209</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">(43,897,830</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">)</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">Cash and cash equivalents at beginning
    of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">5,777,326</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">105,555,535</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right">149,453,365</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Cash and cash equivalents at end
    of year</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">25,975,604</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">5,777,326</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">105,555,535</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Supplemental cash flow information:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Cash paid for interest and taxes</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">Non cash investing and financing activities:</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; padding-bottom: 4pt">Note receivable from Webull Pay,
    Inc.</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">2,852,106</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">&ndash;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">Preferred shares redemption value accretion</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">495,088,038</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">340,080,000</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4pt double; font-family: Times New Roman, Times, Serif; text-align: right">51,409,749</TD><TD STYLE="font-family: Times New Roman, Times, Serif; padding-bottom: 4pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Webull Corporation<BR>
Notes to the Consolidated Financial Statements<BR>
For the Years Ended December&nbsp;31, 2024, 2023 and 2022</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NOTE 29 &mdash;&nbsp;SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have evaluated subsequent
events for recognition and disclosure through April 25, 2025, the date our consolidated financial statements were issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Revolving Credit Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 21, 2025,
Webull Financial terminated the revolving credit agreement it entered into on September 6, 2024. Simultaneously with the revolving credit
agreement termination, Webull Financial entered into a syndicated credit agreement (the &ldquo;Syndicated Loan&rdquo;) that provides
for loans up to an aggregate principal amount of $150,000,000. Any outstanding principal under the Syndicated Loan is prepayable in whole
or in part and matures on February 20, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Syndicated Loan requires
monthly interest payments made in arrears. The interest payments are calculated using a daily rate that is based on the greater of (i)
the secured overnight financing rate as administered by the Federal Reserve Bank of New York for such day plus 0.11448%, (ii) the Federal
Funds Rate for such day, and (iii) 0.25% plus 2.5% per annum, which was 6.93% as of February 21, 2025. We also are required to pay a
quarterly commitment fee at a rate of 0.50% per annum on the average daily unused portion of available credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Syndicated Loan contains
financial covenants. Webull Financial shall at all times maintain (i) a tangible net worth of not less than $135,000,000, (ii) excess
net capital of not less than $75,000,000, and (iii) a ratio of total assets to total regulatory capital of not more than 8.0 to 1.0.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share Purchase Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 3, 2025, Webull
Securities Limited entered into an agreement to purchase 18,300 shares (the &ldquo;Share Purchase&rdquo;) from the noncontrolling shareholder
of Webull Indonesia for IDR 27,174,772,385 or the equivalent of $1,643,470. The Share Purchase is contingent on the approval from the
Financial Services Authority of the Republic of Indonesia. Once regulatory approval is received, the Share Purchase will close. After
closing, Webull Securities Limited&rsquo;s ownership in Webull Indonesia will increase to 95.1%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B><A NAME="fin2_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the Shareholders and the Board of Directors
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SK Growth Opportunities Corporation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance sheets
of SK Growth Opportunities Corporation (the &ldquo;Company&rdquo;) as of December 31, 2024 and 2023, the related statements of operations,
changes in shareholders&rsquo; deficit, and cash flows for the years then ended, and the related notes (collectively referred to as the
&ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended,
in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Going Concern </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, if the Company
is unable to raise additional funds to alleviate liquidity needs and complete a business combination by June 22, 2025 then the Company
will cease all operations except for the purpose of liquidating. The liquidity condition and date for mandatory liquidation and subsequent
dissolution raise substantial doubt about the Company&rsquo;s ability to continue as a going concern. Management&rsquo;s plans in regard to
these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome
of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These financial statements are the responsibility of the Company&rsquo;s
management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting
firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;) and are required to be independent
with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free
of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit
of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control
over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control
over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audits included performing procedures to assess the risks of material
misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation
of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ WithumSmith+Brown, PC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor since
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">March 27, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">PCAOB ID Number 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="fin2_002"></A>SK GROWTH OPPORTUNITIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31,<BR> 2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&nbsp;31,<BR> 2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Current assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; padding-left: 9pt">Cash</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">169,659</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">163,718</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Prepaid expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,613</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">209,750</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-left: 0.25in">Total current assets</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">186,272</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">373,468</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Investments and cash held in Trust Account</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">112,683,509</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">109,573,279</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Total Assets</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">112,869,781</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">109,946,747</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9pt; padding-left: 9pt">Liabilities, Class&nbsp;A Ordinary Shares Subject to Possible Redemption and Shareholders&rsquo; Deficit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">2,331</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">107,223</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">2,003,621</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">1,204,161</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Advances from Webull</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">1,383,537</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Sponsor Note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">1,720,000</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">380,000</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Overfunding loan</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,240,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left; padding-left: 0.25in">Total current liabilities</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,349,489</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">1,691,384</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Non-current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Overfunding loan</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">5,240,000</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Deferred underwriting and advisory fees</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,336,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,336,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Total non-current liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">7,336,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">12,576,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total liabilities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">17,685,489</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">14,267,384</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Commitments and Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Class&nbsp;A ordinary shares, $0.0001 par value; 9,000,000,000 shares authorized; 9,732,960 and 10,056,597 shares subject to possible redemption at approximately $11.57 and $10.89 per share as of December 31, 2024 and 2023, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">112,583,509</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">109,473,279</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Shareholders&rsquo; Deficit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">Preference shares, $0.0001 par value; 990,000 shares authorized; none issued or outstanding&nbsp;as of December 31, 2024 and 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Class&nbsp;A ordinary shares, $0.0001 par value; 9,000,000,000 shares authorized; no non-redeemable shares issued or outstanding&nbsp;(excluding 9,732,960 shares subject to possible redemption) as of December 31, 2024 and 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9pt; padding-left: 9pt">Class&nbsp;B ordinary shares, $0.0001 par value; 999,000,000 shares authorized; 5,240,000 shares issued and outstanding as of December 31, 2024 and 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">524</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">524</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(17,399,741</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(13,794,440</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total shareholders&rsquo; deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(17,399,217</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(13,793,916</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt; text-indent: -9pt; padding-left: 9pt">Total Liabilities, Class&nbsp;A Ordinary Shares Subject to Possible Redemption and Shareholders&rsquo; Deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">112,869,781</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">109,946,747</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B></B><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="fin2_003"></A>SK GROWTH OPPORTUNITIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">For the Year Ended<BR> December 31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left; padding-bottom: 1.5pt">General and administrative expenses</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: justify">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,437,346</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 1%; text-align: justify">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 9%; text-align: right">2,151,130</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Loss from operations</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(2,437,346</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(2,151,130</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Other income (expense):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Fair value of shares issued pursuant to non-redemption agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(274,826</TD><TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Income from investments held in Trust Account</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">5,605,739</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,570,325</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Total other income, net</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">5,605,739</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">10,295,499</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Net income</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">3,168,393</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">8,144,369</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Basic and diluted weighted average shares outstanding, Class&nbsp;A ordinary shares</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">9,971,709</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">20,870,383</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic and diluted net income per share, Class&nbsp;A ordinary
    shares</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">0.21</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">0.31</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Basic weighted average shares outstanding, Class&nbsp;B ordinary shares</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,240,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">5,240,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Basic net income per share, Class&nbsp;B ordinary shares</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">0.21</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">0.31</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="fin2_004"></A>SK GROWTH OPPORTUNITIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><b>STATEMENTS OF CHANGES IN SHAREHOLDERS&rsquo;
DEFICIT</b></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>FOR THE YEARS ENDED DECEMBER 31,
2024 AND 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Class&nbsp;B&nbsp;<BR>
Ordinary&nbsp;Shares</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font-weight: bold; text-align: center">Additional<BR> Paid-in</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font-weight: bold; text-align: center">Accumulated</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font-weight: bold; text-align: center">Total<BR> Shareholders&rsquo;</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Shares</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Amount</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Capital</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Deficit</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 2.5pt; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Deficit</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; font-weight: bold">Balance-December 31, 2022</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">5,240,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">524</TD><TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">-</TD><TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">(11,643,310</TD><TD STYLE="width: 1%; font-weight: bold; text-align: justify">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; font-weight: bold; text-align: right">(11,642,786</TD><TD STYLE="width: 1%; font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="padding-left: 0.125in; text-indent: -0.125in; text-align: left">Accretion for Class&nbsp;A ordinary shares to redemption amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(274,826</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(10,295,499</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(10,570,325</TD><TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Fair value&nbsp;of shares issued pursuant to non-redemption
    agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">274,826</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">274,826</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,144,369</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,144,369</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Balance-December 31, 2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,240,000</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">$</TD><TD STYLE="font-weight: bold; text-align: right">524</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">$</TD><TD STYLE="font-weight: bold; text-align: right">-</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">$</TD><TD STYLE="font-weight: bold; text-align: right">(13,794,440</TD><TD STYLE="font-weight: bold; text-align: justify">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">$</TD><TD STYLE="font-weight: bold; text-align: right">(13,793,916</TD><TD STYLE="font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <td style="text-indent: -0.125in; padding-left: 0.125in; text-align: left">Accretion for Class&nbsp;A ordinary shares to redemption
    amount</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(6,773,694</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(6,773,694</TD><TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net income</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,168,393</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,168,393</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Balance-December 31, 2024</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">5,240,000</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">524</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(17,399,741</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">(17,399,217</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="fin2_005"></A>SK GROWTH OPPORTUNITIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>STATEMENTS OF CASH FLOWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>&nbsp;</B></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Year Ended<BR> December 31,</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Operating Activities:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: justify">Net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">3,168,393</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">8,144,369</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Adjustments to reconcile net income to net cash provided by (used in) operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Fair value of shares issued pursuant to non-redemption agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">274,826</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">General and administrative expenses paid by related party under promissory note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">256,000</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Income from investments held in Trust Account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(5,605,739</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(10,570,325</TD><TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Prepaid expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">193,137</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">410,866</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(104,892</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">104,892</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9pt">Accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">799,460</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">903,680</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Advances from Webull</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,383,537</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net cash provided by (used in) operating activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">89,896</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(731,692</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Investing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Cash deposited in Trust Account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(1,167,955</TD><TD STYLE="text-align: justify">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash withdrawn for redemptions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">3,663,464</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">118,642,864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net cash provided by investing activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">2,495,509</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">118,642,864</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Cash Flows from Financing Activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Proceeds from promissory note</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">1,084,000</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">380,000</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Redemptions of common shares</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,663,464</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(118,642,864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 9pt">Net cash used in financing activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(2,579,464</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right">(118,262,864</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: justify">Net change in cash</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,941</TD><TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(351,692</TD><TD STYLE="font-weight: bold; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Cash-beginning of the year</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">163,718</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">515,410</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 4pt">Cash-end of the year</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">169,659</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; font-weight: bold; text-align: right">163,718</TD><TD STYLE="padding-bottom: 4pt; font-weight: bold; text-align: justify">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><I>The accompanying notes are an integral
part of these financial statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B><A NAME="fin2_006"></A>SK GROWTH OPPORTUNITIES CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>NOTES TO FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center"><B>DECEMBER 31, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 1&mdash;Description of Organization,
Business Operations, Liquidity and Basis of Presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">SK Growth Opportunities Corporation (the &ldquo;Company&rdquo;) is
a blank check company incorporated in Cayman Islands on&nbsp;December 8, 2021. The Company was incorporated for the purpose of effecting
a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
The Company is an emerging growth company and, as such, the Company is subject to all of the risks associated with emerging growth companies.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024, the Company had not
commenced any operations. All activity for the period from December&nbsp;8, 2021 (inception) through December 31, 2024, relates to the
Company&rsquo;s formation and the initial public offering (the &ldquo;Initial Public Offering&rdquo;) described below, and since the
Initial Public Offering, its search for a Business Combination (as defined below). The Company will not generate any operating revenues
until after the completion of its initial Business Combination, at the earliest. The Company generates non-operating income in the form
of interest income from the proceeds held in the Trust Account (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s sponsor is Auxo Capital Managers LLC, a Delaware
limited liability company (the &ldquo;Sponsor&rdquo;). The registration statement for the Company&rsquo;s Initial Public Offering was
declared effective on June&nbsp;23, 2022. On June&nbsp;28, 2022, the Company consummated its Initial Public Offering of&nbsp;20,000,000&nbsp;units
(the &ldquo;Units&rdquo; and, with respect to the Class&nbsp;A ordinary shares included in the Units, the &ldquo;Public Shares&rdquo;),
at $10.00&nbsp;per Unit, generating gross proceeds of $200.0&nbsp;million, and incurring offering costs of approximately $12.0&nbsp;million,
of which $7.0&nbsp;million was for deferred underwriting commissions (see Note 5). The underwriter was granted a&nbsp;45-day option from
the date of the final prospectus relating to the Initial Public Offering to purchase up to&nbsp;3,000,000&nbsp;additional Units to cover
over-allotments, if any, at $10.00&nbsp;per Unit (the &ldquo;Over-Allotment Option&rdquo;). On July&nbsp;20, 2022, pursuant to the underwriter&rsquo;s
notice of the partial exercise of the Over-Allotment Option, the Company sold an additional&nbsp;960,000&nbsp;Units, at $10.00 per Unit,
generating aggregate additional gross proceeds of $9.6&nbsp;million to the Company (the &ldquo;Partial Over-Allotment Exercise&rdquo;).
On August&nbsp;9, 2022, following the expiration of the remaining Over-Allotment Option, the Sponsor surrendered and forfeited 510,000
Founder Shares&nbsp;(as defined in Note 4).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Simultaneously with the closing of the Initial
Public Offering, the Company consummated the private placement (&ldquo;Private Placement&rdquo;) of 6,600,000 warrants of the Company
(each, a &ldquo;Private Placement Warrant&rdquo; and collectively, the &ldquo;Private Placement Warrants&rdquo;), at a price of $1.00
per Private Placement Warrant in a private placement to the Sponsor, generating proceeds of $6.6&nbsp;million (see Note 4). Substantially
concurrently with the closing of the Partial Over-Allotment Exercise, the Company completed the sale of 192,000 additional Private Placement
Warrants to the Sponsor (the &ldquo;Additional Private Placement&rdquo;) at a purchase price of $1.00 per Private Placement Warrant,
generating gross proceeds to the Company of $192,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, upon the consummation of the Initial
Public Offering on June&nbsp;28, 2022, the Sponsor provided the Company with the First Overfunding Loan (as defined in Note 4) in the
amount of $5.0&nbsp;million to deposit in the Trust Account at no interest. In connection with the Partial Over-Allotment Exercise on
July&nbsp;20, 2022, the Sponsor provided the Company with the Second Overfunding Loan (as defined in Note 4) in the amount of&nbsp;$240,000&nbsp;to
deposit in the Trust Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Upon the closing of the Initial Public Offering
and the Partial Over-Allotment Exercise, approximately $214.8&nbsp;million ($10.25&nbsp;per Unit)&nbsp;of net&nbsp;proceeds, including
the net proceeds of the Initial Public Offering, the Partial Over-Allotment Exercise the proceeds of the Overfunding Loans and certain
of the proceeds of the Private Placement and the Additional Private Placement, was placed in a trust account (the &ldquo;Trust Account&rdquo;)
located in the United States with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee, and invested only in United
States &ldquo;government securities&rdquo; within the meaning of Section&nbsp;2(a)(16) of the Investment Company Act&nbsp;of&nbsp;1940,
as amended (the &ldquo;Investment Company Act&rdquo;) having a maturity of&nbsp;185&nbsp;days or less or in money market funds meeting
certain&nbsp;conditions&nbsp;under&nbsp;Rule&nbsp;2a-7&nbsp;promulgated&nbsp;under&nbsp;the&nbsp;Investment Company Act which invest
only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of (i)&nbsp;the completion of a
Business Combination and (ii)&nbsp;the distribution of the Trust Account as described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s management has broad discretion
with respect to the specific application of the net proceeds of the Initial Public Offering, the sale of Private Placement Warrants and
the proceeds from the Overfunding Loan, although substantially all of the net proceeds are intended to be applied generally toward consummating
a Business Combination. The Company must complete one or more initial Business Combinations having an aggregate fair market value of
at least&nbsp;80% of the net assets held in the Trust Account (excluding the amount of deferred underwriting discounts held in Trust
and taxes payable on the income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination.
However, the Company only intends to complete a Business Combination if the post-transaction company owns or acquires&nbsp;50% or more
of the issued and outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for
it not to be required to register as an investment company under the Investment Company Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company will provide the holders of the Company&rsquo;s
Public Shares (the &ldquo;Public Shareholders&rdquo;) with the opportunity to redeem all or a portion of their Public Shares upon the
completion of a Business Combination either (i)&nbsp;in connection with a shareholders meeting called to approve the Business Combination
or (ii)&nbsp;by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination
or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their
Public Shares for a pro rata portion of the amount then held in the Trust Account (initially at $10.25&nbsp;per Public Share). The per-share
amount to be distributed to Public Shareholders who redeem their Public Shares will not be&nbsp;reduced by the deferred underwriting
commissions the Company will pay to the underwriter (as discussed in Note 5).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Public Shares are recognized at redemption
value and classified as temporary equity, in accordance with the Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting
Standards Codification (&ldquo;ASC&rdquo;) Topic 480, &ldquo;Distinguishing Liabilities from Equity&rdquo; (&ldquo;ASC 480&rdquo;). The
Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination. If
a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other legal reasons,
the Company will, pursuant to its Amended and Restated Memorandum and Articles of Association (the &ldquo;Articles of Association&rdquo;),
conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;) and file
tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction
is required by law, or the Company decides to obtain shareholder approval for business or legal reasons, the Company will offer to redeem
the Public Shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally,
each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction.
If the Company seeks shareholder approval in connection with a Business Combination, the initial shareholders (as defined below) agreed
to vote their Founder Shares and any Public Shares purchased during or after the Initial Public Offering in favor of a Business Combination.
In addition, the initial shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares
in connection with the completion of a Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Articles of Association provides that a Public Shareholder, together
with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo;
(as defined under Section&nbsp;13 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)), will be restricted
from redeeming its shares with respect to more than an aggregate of 15% of the Public Shares included in the Units issued in the Company&rsquo;s
Initial Public Offering, without the prior consent of the Company. The holders of the Founder Shares (the &ldquo;initial shareholders&rdquo;)
agreed not to propose an amendment to the Articles of Association (A)&nbsp;to modify the substance or timing of the Company&rsquo;s obligation
to allow redemption in connection with a Business Combination or to redeem 100% of the Public Shares if the Company does not complete
a Business Combination prior to the Combination Deadline or (B)&nbsp;with respect to any other material provisions relating to shareholders&rsquo;
rights or pre-initial Business Combination activity, unless the Company provides the Public Shareholders with the opportunity to redeem
their Public Shares in conjunction with any such amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On December&nbsp;27, 2023, the Company held an extraordinary general
meeting (the &ldquo;First Extension Meeting&rdquo;) to (i)&nbsp;amend the Company&rsquo;s amended and restated memorandum and articles
of association (the &ldquo;Memorandum and Articles of Association&rdquo;) to extend the date by which the Company has to consummate a
business combination from December&nbsp;28, 2023 to September&nbsp;30, 2024 (or March 31, 2025) as the Company&rsquo;s board of directors
(the &ldquo;Board&rdquo;) may approve in accordance with the Memorandum and Articles of Association (such amendment, the &ldquo;First
Articles Amendment&rdquo; and such proposal, the &ldquo;First Extension Amendment Proposal&rdquo;), (ii) amend the Investment Management
Trust Agreement, dated June&nbsp;23, 2022, by and between the Company and Continental, to extend the date on which Continental must liquidate
the Trust Account if the Company has not completed its initial business combination, from December&nbsp;28, 2023 to September&nbsp;30,
2024 (or March 31, 2025) as the Board may approve (the &ldquo;First Trust Amendment Proposal&rdquo;). The First Extension Amendment Proposal
and the First Trust Amendment Proposal were approved. In connection with the vote to approve the First Articles Amendment, the holders
of 10,903,403 Class&nbsp;A Ordinary Shares of the Company properly exercised their right to redeem their shares for cash at a redemption
price of approximately $10.88 per share, for an aggregate redemption amount of approximately $118,642,864.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On September&nbsp;27, 2024, the Company held an extraordinary general
meeting (the &ldquo;Second Extension Meeting&rdquo;) to (i)&nbsp;amend the Memorandum and Articles of Association to extend the date by
which the Company has to consummate a business combination from September&nbsp;30, 2024 to March 31, 2025 (such amendment, the &ldquo;Second
Articles Amendment&rdquo; and such proposal, the &ldquo;Second Extension Amendment Proposal&rdquo;), (ii) amend the Investment Management
Trust Agreement, dated June&nbsp;23, 2022 and amended on December 27, 2023, by and between the Company and Continental, to extend the
date on which Continental must liquidate the Trust Account if the Company has not completed its initial business combination, from September&nbsp;30,
2024 to March 31, 2025 (the &ldquo;Second Trust Amendment Proposal&rdquo;). The Sponsor has agreed that if the Second Extension Amendment
Proposal is approved and implemented, it or its designee will contribute to the Company, as a loan, $0.03 for each Public Share that is
not redeemed in connection with the Second Extension Amendment Proposal for each calendar month (commencing on October 1, 2024 and on
the 1st day of each subsequent month) until March 31, 2025, or portion thereof, that is needed to complete the Business Combination. The
Second Extension Amendment Proposal and the Second Trust Amendment Proposal were approved. In connection with the vote to approve the
Second Articles Amendment, the holders of 323,637 Class A Ordinary Shares of the Company properly exercised their right to redeem their
shares for cash at a redemption price of approximately $11.32 per share, for an aggregate redemption amount of approximately $3,663,464.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On March 12, 2025, the Company filed a definitive proxy statement (the
&ldquo;Third Extension Proxy Statement&rdquo;) for an extraordinary general meeting (the &ldquo;Third Extension Meeting&rdquo;) scheduled
to be held on March 28, 2025, at 11:00 a.m. Eastern Time to (i) amend the Memorandum and Articles of Association to extend the date by
which the Company has to consummate a business combination from March 31, 2025 to June 22, 2025, or such earlier date as the Company&rsquo;s
board of directors may approve in accordance with the Memorandum and Articles of Association (such proposal, the &ldquo;Third Extension
Amendment Proposal&rdquo;), and (ii) amend the Investment Management Trust Agreement, dated June 23, 2022, as amended on December 27,
2023 and September 27, 2024, by and between Continental and the company, to extend the date on which Continental must liquidate the trust
account if the Company has not completed its initial business combination, from March 31, 2025 to June 22, 2025, or such earlier date
as our board of directors may approve (the &ldquo;Third Trust Amendment Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">If the Company is unable to consummate an initial Business Combination
prior to March 31, 2025, in the event that the Third Extension Amendment Proposal and the Third Trust Amendment Proposal are not approved
at the Third Extension Meeting, or June 22, 2025, in the event that the Third Extension Amendment Proposal and the Third Trust Amendment
Proposal are approved at the Third Extension Meeting (or such earlier date as our board of directors may approve in accordance with the
amended and restated memorandum and articles of association) to consummate our initial business combination (the &ldquo;Combination Deadline&rdquo;),
the Company will (i)&nbsp;cease all operations except for the purpose of winding up; (ii)&nbsp;as promptly as reasonably possible but
not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount
then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000
of interest to pay dissolution expenses) divided by the number of the then-outstanding Public Shares, which redemption will completely
extinguish Public Shareholders&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any);
and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and
the board of directors, liquidate and dissolve, subject in each case to the Company&rsquo;s obligations under Cayman Islands law to provide
for claims of creditors and the requirements of other applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The initial shareholders agreed to waive their rights to liquidating
distributions from the Trust Account with respect to the Founder Shares if the Company fails to complete a Business Combination prior
to the Combination Deadline. However, if the initial shareholders acquire Public Shares in or after the Initial Public Offering, they
will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete
a Business Combination prior to the Combination Deadline. The underwriter agreed to waive its rights to the deferred underwriting commission
(see Note 5) held in the Trust Account in the event the Company does not complete a Business Combination prior to the Combination Deadline
and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption
of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available
for distribution (including Trust Account assets) will be only $10.25. In order to protect the amounts held in the Trust Account, the
Sponsor agreed to be liable to the Company if and to the extent any claims by a third party (except for the Company&rsquo;s independent
registered public accounting firm) for services rendered or products sold to the Company, or a prospective target business with which
the Company has discussed entering into a transaction agreement (a &ldquo;Target&rdquo;), reduce the amount of funds in the Trust Account
to below (i) $10.25 per Public Share or (ii)&nbsp;the lesser amount per Public Share held in the Trust Account as of the date of the liquidation
of the Trust Account due to reductions in the value of the trust assets, in each case net of taxes payable, provided that such liability
will not apply to any claims by a third party or Target that executed a waiver of any and all rights to seek access to the Trust Account
nor will it apply to any claims under the Company&rsquo;s indemnity of the underwriter of the Initial Public Offering against certain
liabilities, including liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). In the event that
an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability
for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account
due to claims of creditors by endeavoring to have all vendors, service providers (other than the Company&rsquo;s independent registered
public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with
the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Going Concern Consideration</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024, the Company had $169,659 in cash&nbsp;and
working capital deficit of approximately $10.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s liquidity needs prior to
the consummation of the Initial Public Offering were satisfied through the payment of $25,000 from the Sponsor to purchase Founder Shares,
and loan proceeds from the Sponsor of $300,000 under the Note (as defined in Note 4). The Company repaid the Note in full upon closing
of the Initial Public Offering. Subsequent to the consummation of the Initial Public Offering, the Company&rsquo;s liquidity has been
satisfied through the net proceeds from the consummation of the Initial Public Offering and the Private Placement held outside of the
Trust Account.&nbsp;In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members
of the Company&rsquo;s founding team or any of their affiliates may provide the Company with Working Capital Loans (as defined in Note
4) as may be required (of which up to $1.5&nbsp;million may be converted at the lender&rsquo;s option into warrants).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On October 30, 2023, the Sponsor loaned the Company
$380,000 and the Company issued an unsecured promissory note in the total principal amount of up to $380,000 to the Sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On March 1, 2024, the Company issued an unsecured
convertible promissory note in the total principal amount of up to $900,000 (the &ldquo;First Sponsor Note&rdquo;) to Sponsor. The First
Sponsor Note does not bear interest on the unpaid principal balance and matures upon closing of the Company&rsquo;s initial business
combination. In the event that the Company does not consummate an initial business combination, the First Sponsor Note will be repaid
solely to the extent that the Company has funds available to it, if any, outside of its trust account established in connection with
its initial public offering of its securities. The proceeds of the First Sponsor Note will be used to fund ongoing operating expenses
of the Company. The total principal amount of the First Sponsor Note may be converted, in whole or in part, at the option of the Sponsor,
(i) into warrants of the Company at a price of $1.00 per warrant, with each warrant exercisable for one Class A ordinary share, par value
$0.0001 per share, of the Company (&ldquo;Class A Ordinary Share&rdquo;), or (ii) into Class A Ordinary Shares equal to the quotient
obtained by dividing (i) the amount of accrued and outstanding of the promissory note, by (ii) $10.00. The warrants will be identical
to the private placement warrants issued to the Sponsor at the time of the initial public offering of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On September 27, 2024, the Company issued an
unsecured convertible promissory note in the total principal amount of up to $440,000 (the &ldquo;Second Sponsor Note,&rdquo; and collectively
with the First Sponsor Note, the &ldquo;Sponsor Note&rdquo;) to Sponsor. The Second Sponsor Note does not bear interest on the unpaid
principal balance and matures upon closing of the Company&rsquo;s initial business combination. In the event that the Company does not
consummate an initial business combination, the Second Sponsor Note will be repaid solely to the extent that the Company has funds available
to it, if any, outside of its trust account established in connection with its initial public offering of its securities. The proceeds
of the Second Sponsor Note will be used to fund ongoing operating expenses of the Company. The total principal amount of the Second Sponsor
Note may be converted, in whole or in part, at the option of the Sponsor, (i) into warrants of the Company at a price of $1.00 per warrant,
with each warrant exercisable for one Class A ordinary share, par value $0.0001 per share, of the Company (&ldquo;Class A Ordinary Share&rdquo;),
or (ii) into Class A Ordinary Shares equal to the quotient obtained by dividing (i) the amount of accrued and outstanding of the promissory
note, by (ii) $10.00. The warrants will be identical to the private placement warrants issued to the Sponsor at the time of the initial
public offering of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024 and 2023, the Company
has $1,720,000 and $380,000 in borrowings under the Sponsor Note, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On June&nbsp;28, 2022, in connection with the closing of the Initial
Public Offering, the Sponsor loaned the Company&nbsp;$5.0&nbsp;million under a non-interest bearing loan agreement (the &ldquo;First Overfunding
Loan&rdquo;) to deposit in the Trust Account. On July&nbsp;20, 2022, in connection with the Partial Over-Allotment Exercise, the Sponsor
provided the Company with the second Overfunding Loan in the amount of&nbsp;$240,000&nbsp;to deposit in the Trust Account under the same
terms (the &ldquo;Second Overfunding Loan&rdquo;, together, the &ldquo;Overfunding Loans&rdquo;). The Overfunding Loans will be repaid
upon the closing of an initial Business Combination or converted into Class&nbsp;A ordinary shares at a conversion price of&nbsp;$10.00
per Class&nbsp;A ordinary share (or a combination of both), at the Sponsor&rsquo;s discretion, provided that any such conversion may not
occur until August&nbsp;22, 2022. If the Company does not complete an initial Business Combination, it will not repay the Overfunding
Loans from amounts held in the Trust Account, and the Trust Account proceeds will be distributed to the Public Shareholders; however,
the Company may repay the Overfunding Loans if there are funds available outside the Trust Account to do so. As of December 31, 2024 and
2023, the Company had $5,240,000 in borrowings under the First Overfunding Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In connection with the Company&rsquo;s assessment of going concern
considerations in accordance with FASB ASC Topic 205-40, &ldquo;Presentation of Financial Statements-Going Concern,&rdquo; the Company
has until the Combination Deadline to consummate a Business Combination. It is uncertain that the Company will be able to consummate a
Business Combination by this time, and if a Business Combination is not consummated by this date, then there will be a mandatory liquidation
and subsequent dissolution of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Management has determined that the liquidity condition and mandatory
liquidation, should a Business Combination not occur, and potential subsequent dissolution raise substantial doubt about the Company&rsquo;s
ability to continue as a going concern for a period of time within one year after the date that the financial statements are issued. Management
plans to address this uncertainty through the initial Business Combination as discussed above. There is no assurance that the Company&rsquo;s
plans to consummate the initial Business Combination will be successful or successful prior to the Combination Deadline. The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Risks and Uncertainties</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">United States and global markets are
experiencing volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and
the recent escalation of the Israel-Hamas conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty
Organization (&ldquo;NATO&rdquo;) deployed additional military forces to eastern Europe, and the United States, the United Kingdom,
the European Union and other countries have announced various sanctions and restrictive actions against Russia, Belarus and related
individuals and entities, including the removal of certain financial institutions from the Society for Worldwide Interbank Financial
Telecommunication (SWIFT) payment system. Certain countries, including the United States, have also provided and may continue to
provide military aid or other assistance to Ukraine and to Israel, increasing geopolitical tensions among a number of nations. The
Russia-Ukraine conflict and the escalation of the Israel-Hamas conflict and the resulting measures that have been taken, and could
be taken in the future, by NATO, the United States, the United Kingdom, the European Union, Israel and its neighboring states and
other countries have created global security concerns that could have a lasting impact on regional and global economies. Although
the length and impact of the ongoing conflicts are highly unpredictable, they could lead to market disruptions, including
significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions and increased
cyberattacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial
markets and lead to instability and lack of liquidity in capital markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 2&mdash;Summary of Significant Accounting
Policies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Basis of Presentation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The accompanying financial statements are presented
in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;)
and pursuant to the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Emerging Growth Company</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company is an &ldquo;emerging growth company,&rdquo;
as defined in Section&nbsp;2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the &ldquo;JOBS
Act&rdquo;), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public
companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered
public accounting firm attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations
regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding
advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Further, Section&nbsp;102(b)(1) of the JOBS Act
exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an
emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition
period, which means that when a standard is issued or revised and it has different application dates for public or private companies,
the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of the Company&rsquo;s financial statements with another public company that is neither an emerging
growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Use of Estimates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The preparation of the financial statements in conformity with U.S.
GAAP requires the Company&rsquo;s management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during
the reporting periods. Actual results could differ from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Making estimates requires management to exercise
significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances
that existed at the date of the financial statement, which management considered in formulating its estimate, could change in the near
term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Concentration of Credit Risk</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Financial instruments that potentially subject
the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal
Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant
adverse impact on the Company&rsquo;s financial condition, results of operations, and cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Cash and Cash Equivalents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company had&nbsp;no&nbsp;cash equivalents
as of December 31, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Investments and Cash Held in the Trust Account</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s portfolio of investments is comprised of U.S. government
securities, within the meaning set forth in Section&nbsp;2(a)(16) of the Investment Company Act, with a maturity of&nbsp;185&nbsp;days
or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair
value, or a combination thereof. When the Company&rsquo;s investments held in the Trust Account are comprised of U.S. government securities,
the investments are classified as trading securities. When the Company&rsquo;s investments held in the Trust Account are comprised of
money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented
on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these
securities are included in income from investments held in Trust Account in the accompanying statements of operations. The estimated fair
values of investments held in the Trust Account are determined using available market information. As of December 31, 2024, the assets
held in the Trust Account were in money market funds and cash. As of December 31, 2023, the assets held in the Trust Account were in money
market funds.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fair Value of Financial Instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The fair value of the Company&rsquo;s assets and
liabilities, which qualify as financial instruments under FASB ASC Topic 820, &ldquo;Fair Value Measurement,&rdquo; approximates the carrying
amounts represented in the balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Fair Value Measurements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Fair value is defined as the price that would
be received for sale of an asset or paid for transfer of a liability in an orderly transaction between market participants at the measurement
date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-indent: 0in; padding-left: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">Level&nbsp;1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level&nbsp;2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Level&nbsp;3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Derivative Financial Instruments</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company evaluates its financial instruments,
including equity-linked financial instruments, to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with FASB ASC Topic 815, &ldquo;Derivatives and Hedging&rdquo; (&ldquo;ASC 815&rdquo;). For freestanding derivative
financial instruments that are classified as liabilities, the derivative instrument is initially recognized at fair value with subsequent
changes in fair value recognized in the statements of operations each reporting period. The classification of freestanding derivative
instruments, including whether such instruments should be classified as liabilities or as equity, is evaluated at the end of each reporting
period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company evaluates embedded conversion features
within convertible debt instruments to determine whether the embedded conversion and other features should be bifurcated from the debt
host instrument and accounted for as a derivative in accordance with ASC 815.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company accounted for the warrants issued
in the Initial Public Offering and the Private Placement Warrants in accordance with the guidance contained in ASC 815. Application of
such guidance provides that the warrants are not precluded from equity classification. The warrants were initially measured at fair value.
Subsequent changes in fair value are not recognized as long as the contracts continue to be classified in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Partial Over-allotment option was recognized as a derivative liability
in accordance with ASC 815. Accordingly, the Company recognized the instrument as a liability at fair value and adjusted the instrument
to fair value at each reporting period. On August&nbsp;9, 2022, following the expiration of the remaining Over-Allotment Option, the Sponsor
surrendered and forfeited 510,000 Founder Shares and the derivative liability was extinguished.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Non-Redemption Agreements were recognized as a derivative instrument
in accordance with ASC 815. The Non-Redemption Agreements represent a right to receive shares in the future contingent upon the consummation
of a business combination. Accordingly, any issuance of equity or the right to issue equity will be recorded as an equity transaction
and classified as additional paid-in capital and an expense to the company in connection to the non-redeemed shares. The right to receive
shares should be fair valued at inception and expensed in the period the agreement was entered into. As a result, the equity classification
conclusion will not be remeasured to fair value at each reporting period.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Offering Costs Associated with the Initial
Public Offering</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Offering costs consisted of legal, accounting,
underwriting and advisory fees and other costs incurred through the balance sheet date that are directly related to the Initial Public
Offering. Upon completion of the Initial Public Offering, offering costs were allocated to the separable financial instruments issued
in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs allocated to
the warrants were charged to equity. Offering costs allocated to the Class&nbsp;A ordinary shares were charged against the carrying value
of Class&nbsp;A ordinary shares subject to possible redemption upon the completion of the Initial Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Class&nbsp;A Ordinary Shares Subject to
Possible Redemption</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company accounts for its Class&nbsp;A ordinary shares subject to
possible redemption in accordance with the guidance in ASC 480. Class&nbsp;A ordinary shares subject to mandatory redemption (if any)
are classified as liability instruments and are measured at fair value. Conditionally redeemable Class&nbsp;A ordinary shares (including
Class&nbsp;A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company&rsquo;s control) are classified as temporary equity. At all other
times, Class&nbsp;A ordinary shares are classified as shareholders&rsquo; deficit. The Company&rsquo;s Class&nbsp;A ordinary shares feature
certain redemption rights that are considered to be outside of the Company&rsquo;s control and subject to the occurrence of uncertain
future events. Accordingly, as of December 31, 2024 and 2023, 9,732,960 and 10,056,597 Class&nbsp;A ordinary shares subject to possible
redemption, respectively, are presented as temporary equity, outside of the shareholders&rsquo; deficit section of the Company&rsquo;s
balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company recognizes changes in redemption value
immediately as they occur and adjusts the carrying value of the Class&nbsp;A ordinary shares subject to possible redemption to equal the
redemption value at the end of each reporting period. This method would view the end of the reporting period as if it were also the redemption
date for the security. Effective with the closing of the Initial Public Offering, the Company recognized the accretion from initial book
value to redemption amount, which resulted in charges against additional paid-in capital (to the extent available) and accumulated deficit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024 and 2023, the amount of Class&nbsp;A ordinary
shares subject to possible redemption reflected on the balance sheets is reconciled in the following table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: justify">Class&nbsp;A ordinary shares subject to possible redemption, December&nbsp;31, 2022</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">217,545,818</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Redemptions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">(118,642,864</TD><TD STYLE="text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Plus:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accretion of carrying value to redemption value</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">10,570,325</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Class&nbsp;A ordinary shares subject to possible redemption, December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">109,473,279</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Plus:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Accretion of carrying value to redemption value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">6,773,694</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Less:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Redemptions</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(3,663,464</TD><TD STYLE="padding-bottom: 2.5pt; text-align: justify">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 4pt; text-align: justify">Class A ordinary shares subject to possible redemption, December 31, 2024</TD><TD STYLE="padding-bottom: 4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4pt double; text-align: justify">$</TD><TD STYLE="border-bottom: Black 4pt double; text-align: right">112,583,509</TD><TD STYLE="padding-bottom: 4pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Net Income per Ordinary Share</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company complies with accounting and disclosure
requirements of FASB ASC Topic 260, &ldquo;Earnings Per Share.&rdquo; The Company has two classes of shares, which are referred to as
Class&nbsp;A ordinary shares and Class&nbsp;B ordinary shares. Income and losses are shared pro rata between the two classes of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Net income per ordinary share is computed by dividing
net income by the weighted-average number of ordinary shares outstanding during the periods. Remeasurement associated with the redeemable
Class&nbsp;A ordinary shares is excluded from net income per ordinary share as the redemption value approximates fair value. Therefore,
the net income per ordinary share calculation allocates income shared pro rata between Class&nbsp;A and Class&nbsp;B ordinary shares.
The Company has not considered the effect of the exercise of the Public Warrants and Private Placement Warrants to purchase an aggregate
of&nbsp;17,272,000&nbsp;shares in the calculation of diluted income per ordinary share, since the exercise of the warrants is contingent
upon the occurrence of future events.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The following table reflects the calculation of basic and diluted net
income per ordinary share (in dollars, except per share amounts):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the Years Ended December&nbsp;31,</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;A</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;B</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;A</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class&nbsp;B</TD><TD STYLE="text-align: center; padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">Basic and diluted net income per ordinary share:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">Numerator:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; width: 52%; text-align: justify">Allocation of net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">2,076,972</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">1,091,421</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">6,509,905</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">1,634,464</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in">Weighted average ordinary shares outstanding-basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">9,971,709</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">5,240,000</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">20,870,383</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">5,240,000</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in">Weighted average ordinary shares outstanding-diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">9,971,709</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">5,240,000</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">20,870,383</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">5,240,000</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Net income per ordinary share-basic</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.21</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.21</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Net income per ordinary share-diluted</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.21</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.21</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">0.31</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Stock Compensation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company accounts for stock-based compensation
expense in accordance with FASB ASC Topic 718, &ldquo;Compensation-Stock Compensation&rdquo; (&ldquo;ASC&nbsp;718&rdquo;). Under ASC 718,
stock-based compensation associated with equity awards is measured at fair value upon the grant date and recognized over the requisite
service period. To the extent a stock-based award is subject to a performance condition, the amount of expense recorded in a given period,
if any, reflects an assessment of the probability of achieving such performance condition, with compensation recognized once the event
is deemed probable to occur. Forfeitures are recognized as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Income Taxes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Income Taxes FASB ASC Topic 740, &ldquo;Income
Taxes&rdquo; prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than
not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2024 and 2023.
The Company&rsquo;s management determined that the Cayman Islands is the Company&rsquo;s only major tax jurisdiction. The Company recognizes
accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2024 and 2023, there were
no unrecognized tax benefits and no amounts were accrued for the payment of interest and penalties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company is currently not aware of any issues
under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation
imposed on income by the government of the Cayman Islands. In accordance with the Cayman Islands&rsquo; income tax regulations, income
taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company&rsquo;s financial statements. The Company&rsquo;s
management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Recent Accounting Pronouncements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Management does not believe that any recently
issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company&rsquo;s financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In November 2023, the FASB issued&nbsp;Accounting Standards Update
(&ldquo;ASU&rdquo;)&nbsp;2023-07,&nbsp;&ldquo;Segment Reporting&nbsp;(Topic&nbsp;280): Improvements to Reportable Segment Disclosures&rdquo;.
The amendments in this&nbsp;ASU&nbsp;require disclosures, on an annual and interim basis, of significant segment expenses that are regularly
provided to the chief operating decision maker (&ldquo;CODM&rdquo;), as well as the aggregate amount of other segment items included in
the reported measure of segment profit or loss. The&nbsp;ASU&nbsp;requires that a public entity disclose the title and position of the
CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding
how to allocate resources. Public entities will be required to provide all annual disclosures currently required by Topic&nbsp;280&nbsp;in
interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments
in this&nbsp;ASU&nbsp;and existing segment disclosures in Topic&nbsp;280. This&nbsp;ASU&nbsp;is effective for fiscal years beginning after
December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company
adopted ASU 2023-07 on December 31, 2024.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 3&mdash;Initial Public Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On June&nbsp;28, 2022, the Company consummated
its&nbsp;Initial Public Offering of&nbsp;20,000,000&nbsp;Units, at $10.00&nbsp;per Unit, generating gross proceeds of $200.0&nbsp;million,
and incurring offering costs of approximately $12.0&nbsp;million, of which $7.0&nbsp;million was for&nbsp;deferred underwriting commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The underwriter was granted&nbsp;the Over-Allotment Option to purchase
up to 3,000,000 additional Units to cover over-allotments, if any, at $10.00 per Unit. On July&nbsp;20, 2022, pursuant to the underwriter&rsquo;s
notice of the partial exercise of the Over-Allotment Option, the Company sold an additional 960,000 Units, at $10.00 per Unit, generating
aggregate additional gross proceeds of $9.6&nbsp;million to the Company and incurring deferred underwriting commissions of $336,000.&nbsp;The
remaining Over-Allotment Option expired on August&nbsp;7, 2022. On August&nbsp;9, 2022, following the expiration of the remaining Over-Allotment
Option, the Sponsor surrendered and forfeited 510,000 Founder Shares&nbsp;(as defined in Note 4).</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Each Unit consists of&nbsp;one share of Class&nbsp;A
ordinary&nbsp;shares,&nbsp;and&nbsp;one-half&nbsp;of&nbsp;one&nbsp;redeemable warrant (each, a &ldquo;Public Warrant&rdquo;). Each Public
Warrant entitles the holder to purchase&nbsp;one share of Class&nbsp;A ordinary shares at a price of $11.50&nbsp;per share, subject to
adjustment (see Note 6).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 4&mdash;Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Founder Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On December&nbsp;9, 2021, the sponsor purchased&nbsp;8,625,000&nbsp;Class&nbsp;B
ordinary shares, par value $0.0001&nbsp;(the &ldquo;Founder Shares&rdquo;), to cover certain expenses on the Company&rsquo;s behalf for
an aggregate purchase price of $25,000. On February&nbsp;24, 2022,&nbsp;1,437,500&nbsp;Class&nbsp;B ordinary shares were surrendered and
thereupon cancelled by the Company. On May&nbsp;5, 2022,&nbsp;1,437,500&nbsp;Class&nbsp;B ordinary shares were surrendered and thereupon
cancelled by the Company resulting in a decrease in the total number of Class&nbsp;B ordinary shares outstanding to&nbsp;5,750,000&nbsp;shares.
The Sponsor agreed to surrender and forfeit up to an aggregate of&nbsp;750,000&nbsp;Founder Shares to the extent that the option to purchase
additional Units is not exercised in full by the underwriter or is reduced, so that the Founder Shares would represent&nbsp;20% of the
Company&rsquo;s issued and outstanding shares upon the Initial Public Offering. On July&nbsp;20, 2022, the Company sold an additional&nbsp;960,000&nbsp;Units
in the Partial Over-Allotment Exercise pursuant to the underwriter&rsquo;s notice of the partial exercise of the Over-Allotment Option.
On August&nbsp;9, 2022, following the expiration of the remaining Over-Allotment Option, the Sponsor surrendered and forfeited&nbsp;510,000&nbsp;Founder
Shares.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The initial shareholders, and the executive officers
and directors of the Company, agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of&nbsp;(i)&nbsp;one
year&nbsp;after the completion of the initial Business Combination; and (ii)&nbsp;subsequent to the initial Business Combination (x)&nbsp;the
date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the shareholders
having the right to exchange their Class&nbsp;A ordinary shares for cash, securities or other property or (y)&nbsp;if the closing price
of Class&nbsp;A ordinary shares equals or exceeds $12.00&nbsp;per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like) for any&nbsp;20&nbsp;trading days within any&nbsp;30-trading&nbsp;day period commencing at least&nbsp;150&nbsp;days
after the initial Business Combination. Any permitted transferees will be subject to the same restrictions and other agreements of the
initial shareholders with respect to any Founder Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In February and March 2022, the Sponsor transferred
an aggregate of&nbsp;90,000&nbsp;Class&nbsp;B ordinary shares to the Company&rsquo;s independent director nominees. The sale of the Founder
Shares is in the scope of ASC 718.&nbsp;The Founder Shares were granted subject to a performance condition (i.e., the occurrence of a
Business Combination). Compensation expense related to the Founder Shares is recognized only when the performance condition is probable
of occurrence&nbsp;under the applicable accounting literature in this circumstance. As of December 31, 2024, the Company determined that
a Business Combination is not considered probable, and, therefore, no stock-based compensation expense has been recognized. Stock-based
compensation will be recognized at the date a Business Combination is considered probable (i.e., upon consummation of a Business Combination)
in an amount equal to the number of Founder Shares that ultimately vest multiplied times the grant date fair value per share (unless subsequently
modified) less the amount initially received for the purchase of the Founder Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Private Placement Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Simultaneously with the closing of the Initial
Public Offering, the Company consummated the Private Placement of&nbsp;6,600,000&nbsp;Private Placement Warrants, at a price of $1.00&nbsp;per
Private Placement Warrant, in a private placement to the Sponsor, generating proceeds of $6.6&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Substantially concurrently with the closing of
the Partial Over-Allotment Exercise, the Company completed the Additional Private Placement of&nbsp;192,000&nbsp;additional Private Placement
Warrants to the Sponsor at a purchase price of&nbsp;$1.00&nbsp;per Private Placement Warrant, generating gross proceeds to the Company
of&nbsp;$192,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">A portion of the proceeds from the sale of the Private Placement Warrants
was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination
prior to the Combination Deadline, the Private Placement Warrants will expire worthless. The purchasers of the Private Placement Warrants
agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants (except to permitted transferees)
until&nbsp;30&nbsp;days after the completion of the initial Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Related Party Loans</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Promissory Note to Sponsor</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Sponsor agreed to loan the Company up to $300,000&nbsp;to
be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note, dated on December&nbsp;9, 2021
and was later amended on May&nbsp;5, 2022 (the &ldquo;Note&rdquo;). The Note was non-interest bearing, unsecured and due upon the closing
of the Initial Public Offering. The Company borrowed $300,000&nbsp;under the Note and repaid the Note in full upon closing of the Initial&nbsp;Public
Offering. The Note was no longer available to draw on after the consummation of the Initial Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Overfunding Loans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On June&nbsp;28, 2022, in connection with the
closing of the Initial Public Offering, the Sponsor loaned the Company&nbsp;$5.0&nbsp;million under a non-interest bearing loan agreement
(the &ldquo;First Overfunding Loan&rdquo;) to deposit in the Trust Account. On July&nbsp;20, 2022, in connection with the Partial Over-Allotment
Exercise, the Sponsor provided the Company with the second Overfunding Loan in the amount of&nbsp;$240,000&nbsp;to deposit in the Trust
Account under the same terms (the &ldquo;Second Overfunding Loan&rdquo;, together, the &ldquo;Overfunding Loans&rdquo;). The Overfunding
Loans will be repaid upon the closing of an initial Business Combination or converted into Class&nbsp;A ordinary shares at a conversion
price of&nbsp;$10.00 per Class&nbsp;A ordinary share (or a combination of both), at the Sponsor&rsquo;s discretion, provided that any
such conversion may not occur until August&nbsp;22, 2022. If the Company does not complete an initial Business Combination, it will not
repay the Overfunding Loans from amounts held in the Trust Account, and the Trust Account proceeds will be distributed to the Public Shareholders;
however, the Company may repay the Overfunding Loans if there are funds available outside the Trust Account to do so. As of December 31,
2024 and 2023, the Company had $5,240,000 in borrowings under the First Overfunding Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Working Capital Loans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, in order to finance transaction costs
in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company&rsquo;s officers and
directors may, but are not obligated to, loan the Company funds as may be required (&ldquo;Working Capital Loans&rdquo;). If the Company
completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released
to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that
a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital
Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either
be repaid upon consummation of a Business Combination or, at the lender&rsquo;s discretion, up to $1,500,000&nbsp;of such Working Capital
Loans may be convertible into warrants of the post Business Combination entity at a price of $1.00&nbsp;per warrant. The warrants would
be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such loans. As of December 31, 2024 and 2023, the Company had&nbsp;no&nbsp;borrowings
under the Working Capital Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Promissory Notes</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On October 30, 2023, the Sponsor loaned the Company
$380,000 and the Company issued an unsecured promissory note in the total principal amount of up to $380,000 to the Sponsor, which does
not bear interest on the unpaid principal balance and matures upon closing of the company&rsquo;s initial business combination and shall
be convertible at the election of the sponsor into warrants exercisable for one Class A ordinary share of the post-business combination
company at a price of $1.00 per warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On March 1, 2024, the Company issued an unsecured
convertible promissory note in the total principal amount of up to $900,000 (the &ldquo;First Sponsor Note&rdquo;) to Sponsor. The First
Sponsor Note does not bear interest on the unpaid principal balance and matures upon closing of the Company&rsquo;s initial business combination.
In the event that the Company does not consummate an initial business combination, the First Sponsor Note will be repaid solely to the
extent that the Company has funds available to it, if any, outside of its trust account established in connection with its initial public
offering of its securities. The proceeds of the First Sponsor Note will be used to fund ongoing operating expenses of the Company. The
total principal amount of the First Sponsor Note may be converted, in whole or in part, at the option of the Sponsor, (i) into warrants
of the Company at a price of $1.00 per warrant, with each warrant exercisable for one Class A ordinary share, par value $0.0001 per share,
of the Company (&ldquo;Class A Ordinary Share&rdquo;), or (ii) into Class A Ordinary Shares equal to the quotient obtained by dividing
(i) the amount of accrued and outstanding of the promissory note, by (ii) $10.00. The warrants will be identical to the private placement
warrants issued to the Sponsor at the time of the initial public offering of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On September 27, 2024, the Company issued an unsecured
convertible promissory note in the total principal amount of up to $440,000 (the &ldquo;Second Sponsor Note&rdquo;) to Sponsor. The Second
Sponsor Note does not bear interest on the unpaid principal balance and matures upon closing of the Company&rsquo;s initial business combination.
In the event that the Company does not consummate an initial business combination, the Second Sponsor Note will be repaid solely to the
extent that the Company has funds available to it, if any, outside of its trust account established in connection with its initial public
offering of its securities. The proceeds of the Second Sponsor Note will be used to fund ongoing operating expenses of the Company. The
total principal amount of the Second Sponsor Note may be converted, in whole or in part, at the option of the Sponsor, (i) into warrants
of the Company at a price of $1.00 per warrant, with each warrant exercisable for one Class A ordinary share, par value $0.0001 per share,
of the Company (&ldquo;Class A Ordinary Share&rdquo;), or (ii) into Class A Ordinary Shares equal to the quotient obtained by dividing
(i) the amount of accrued and outstanding of the promissory note, by (ii) $10.00. The warrants will be identical to the private placement
warrants issued to the Sponsor at the time of the initial public offering of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In the event that the Company does not consummate
an initial business combination, the promissory note will be repaid solely to the extent that the Company has funds available to it, if
any, outside of its trust account established in connection with its initial public offering of its securities. The proceeds of the promissory
note will be used to fund ongoing operating expenses of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024 and 2023, the Company
had $1,720,000 and $380,000, respectively, in borrowings under the Promissory Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Extension Loans</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In order to extend the time available for the
Company to consummate its initial Business Combination by an additional&nbsp;three months each time, the Sponsor or its affiliates or
designees may provide an Extension Loan to the Company to provide funds to deposit into the Trust Account an additional amount of $0.10&nbsp;per
share each time. The Extension Loan will be provided under the form&nbsp;of&nbsp;a&nbsp;non-interest&nbsp;bearing,&nbsp;unsecured&nbsp;promissory
note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Such Extension Loans may be converted into warrants
upon the consummation of the initial business combination, at a price of $1.00&nbsp;per warrant at the option of the lender. The warrants
would be identical to the Private Placement Warrants. If the Company completes the initial Business Combination, and the lender decides
not to convert the Extension Loans into warrants, the Company would repay such loaned amounts out of the proceeds of the Trust Account
released to the Company. If the Company does not complete a Business Combination, it will not repay such loans. The Sponsor and its affiliates
or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination.
Except for the foregoing, the terms of such Extension Loans, if any, have not been determined and no written agreements exist with respect
to such loans. As of December 31, 2024 and 2023, the Company had $0 in borrowings under the Extension Loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Administrative Services Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On June&nbsp;23, 2022, the Company entered into
an agreement with an affiliate of the Sponsor, pursuant to which the Company agreed to pay such affiliate a total of $10,000&nbsp;per
month for secretarial and administrative support services provided to the Company through the earlier of consummation of the initial Business
Combination and the Company&rsquo;s liquidation. The Company incurred and paid $120,000&nbsp;in such fees included as general and administrative
expenses on the accompanying statements of operations for the years ended December 31, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In addition, the Sponsor, officers and directors,
or any of their respective affiliates, will be reimbursed for any out-of-pocket expenses incurred in connection with activities on the
Company&rsquo;s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations.
The audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers, directors or their affiliates
and will determine which expenses and the amount of expenses that will be reimbursed. There is no cap or ceiling on the reimbursement
of out-of-pocket expenses incurred by such persons in connection with activities on the Company&rsquo;s behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 5&mdash;Commitments and Contingencies</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Shareholder and Registration Rights</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Pursuant to a registration and shareholder rights
agreement entered into on June&nbsp;23, 2022, the holders of Founder Shares, Private Placement Warrants, Class&nbsp;A ordinary shares
underlying the Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans and Extension Loans
(and any Class&nbsp;A ordinary shares issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon
conversion of Working Capital Loans and Extension Loans), have registration rights to require the Company to register a sale of any of
the securities held by them. These holders are entitled to certain demand and &ldquo;piggyback&rdquo; registration rights. However, the
registration rights agreement provides that the Company will not be required to effect or permit any registration or cause any registration
statement to become effective until termination of the applicable lock-up period. The Company will bear the expenses incurred in connection
with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Underwriting and Advisory Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The underwriter was entitled to an underwriting
discount of $0.20 per Unit, or $4.0&nbsp;million in the aggregate, paid upon the closing of the Initial Public&nbsp;Offering. An additional
fee of $0.35 per Unit, or approximately $7.0&nbsp;million in the aggregate will be payable to the underwriter for deferred underwriting
commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that&nbsp;the
Company completes a Business Combination, subject to the terms of the underwriting agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company also engaged Cohen&nbsp;&amp; Company
Capital Markets (&ldquo;CCM&rdquo;) to provide consulting and advisory services to the Company in connection with the Initial Public Offering,
for which it would receive&nbsp;(i)&nbsp;an advisory fee of $400,000, paid upon the closing of the Initial Public Offering, and (ii)&nbsp;a
deferred advisory fee of $700,000&nbsp;(payable solely in the event that the Company completes the initial Business Combination). The
underwriter has reimbursed a portion of its fees to cover for the fees payable to CCM.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In connection with the consummation of the Partial
Over-Allotment Exercise, the underwriter and CCM were entitled to an additional fee in the aggregate amount of $192,000, paid upfront
on July&nbsp;20, 2022, and&nbsp;$336,000&nbsp;in deferred underwriting and advisory commissions&nbsp;(net of the reimbursement from the
underwriter to cover for the fees payable to CCM).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On February 27, 2024, Deutsche Bank Securities
Inc., agreed to waive its entitlement to the payment of any underwriting discount due to it pursuant to the Underwiring Agreement in connection
with the Company&rsquo;s potential business combination with Webull.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Non-Redemption Agreements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">In connection with the First Extension Meeting to approve the First
Extension Amendment Proposal, the Company and Sponsor entered into non-redemption agreements (the &ldquo;Non-Redemption Agreements&rdquo;)
with several unaffiliated third parties (the &ldquo;Investors&rdquo;), pursuant to which such third parties agreed not to redeem (or to
validly rescind any redemption requests on) an aggregate of 8,530,242 Class&nbsp;A ordinary shares, par value $0.0001 per share (the &ldquo;Class&nbsp;A
Ordinary Shares&rdquo;) of the Company in connection with the First Extension Amendment Proposal. In exchange for the foregoing commitments
not to redeem such Class&nbsp;A Ordinary Shares of the Company, (i)&nbsp;the Sponsor agreed to surrender to the Company and surrender
and forfeit for no consideration an aggregate of 1,279,536 Class&nbsp;B ordinary shares, par value $0.0001 per share (the &ldquo;Class&nbsp;B
Ordinary Shares&rdquo; and together with the Class&nbsp;A Ordinary Shares, the &ldquo;Ordinary Shares&rdquo;) of the Company and (ii)&nbsp;the
Company agreed to issue or cause to be issued to the Investors for no additional consideration an aggregate of 1,279,536 Class&nbsp;A
Ordinary Shares of the Company, each in connection with the Company&rsquo;s completion of its initial business combination. The Non-Redemption
Agreements increased the amount of funds that remain in the Company&rsquo;s Trust Account following the First Extension Meeting.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company estimated the aggregate fair value
of the Class&nbsp;A Ordinary Shares attributable to the Investors to be $274,826 or $0.21 per share. Accordingly, in substance, it was
recognized by the Company as an expense to induce these holders of the Class&nbsp;A shares not to redeem, with a corresponding charge
to additional paid-in capital to recognize the fair value of the shares transferred as an offering cost.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The fair value of the Class A Ordinary Shares
was based on a Monte Carlo model using the following significant inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December&nbsp;27,<BR> 2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: justify">Stock price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">10.86</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Volatility</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">40.00</TD><TD STYLE="text-align: justify">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Term (years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">1.59</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">Risk-free rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">4.44</TD><TD STYLE="text-align: justify">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Business Combination Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On February&nbsp;27, 2024, the Company
(&ldquo;SPAC&rdquo;), Webull Corporation, an exempted company limited by shares incorporated under the laws of the Cayman Islands
(&ldquo;Webull&rdquo;), Feather Sound I Inc., an exempted company limited by shares incorporated under the laws of the Cayman
Islands and a direct wholly owned subsidiary of Webull (&ldquo;Merger Sub I&rdquo;), and Feather Sound II Inc., an exempted company
limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of Webull (&ldquo;Merger
Sub II&rdquo;, collectively with Merger Sub I, the &ldquo;Merger Subs&rdquo; and each a &ldquo;Merger Sub&rdquo;), entered into a
business combination agreement (the &ldquo;Business Combination Agreement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Subject to, and in accordance with the terms and conditions of the
Business Combination Agreement, (i) immediately prior to the effective time of the First Merger (as defined below) (the &ldquo;First Merger
Effective Time&rdquo;), Webull will effectuate the Company Capital Restructuring (as defined in the Business Combination Agreement), (ii)
promptly following the Webull Capital Restructuring and at the First Merger Effective Time, Merger Sub I will merge with and into the
Company (the &ldquo;First Merger&rdquo;), with the Company surviving the First Merger as a wholly owned subsidiary of Webull (sometimes
referred to herein as the &ldquo;Surviving Entity&rdquo;), and (iii) promptly following the First Merger and at the effective time of
the Second Merger (as defined below) (the &ldquo;Second Merger Effective Time&rdquo;), the Surviving Entity will merge with and into Merger
Sub II (the &ldquo;Second Merger&rdquo;, together with the First Merger, the &ldquo;Mergers&rdquo;), with Merger Sub II surviving the
Second Merger as a wholly owned subsidiary of Webull. The Webull Capital Restructuring, the Mergers and each of the other transactions
contemplated by the Business Combination Agreement or other transaction documents are collectively referred to as the &ldquo;Transactions&rdquo;
or the &ldquo;Business Combination&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Concurrently with the execution and delivery of
the Business Combination Agreement, SPAC, Webull and Sponsor and certain directors (collectively, &ldquo;SPAC Insiders&rdquo;) have entered
into a support agreement (the &ldquo;Sponsor Support Agreement&rdquo;), pursuant to which, each SPAC Insider agreed, among other things,
(a)&nbsp;at any meeting of SPAC shareholders called to seek the SPAC Shareholders&rsquo; Approval or SPAC Shareholder Extension Approval
(as defined in the Business Combination Agreement), or in connection with any written consent of SPAC shareholders or in any other circumstances
upon which a vote, consent or other approval with respect to the Business Combination Agreement and the Transactions, such SPAC Insider
(i)&nbsp;agreed to, if a meeting is held, appear at such meeting or otherwise cause the SPAC Class&nbsp;B Ordinary Shares held by such
SPAC Insider to be counted as present at such meeting for purposes of establishing a quorum, and (ii)&nbsp;vote or cause to be voted the
SPAC Class&nbsp;B Ordinary Shares held by such SPAC Insider in favor of the SPAC Shareholders&rsquo; Approval or the SPAC Shareholder
Extension Approval; and (b)&nbsp;subject to the exceptions set forth in the Sponsor Support Agreement, agreed to become subject to certain
transfer restrictions with respect to (i)&nbsp;any Company Ordinary Shares held by each SPAC Insider immediately after the First Merger
Effective Time (as defined in the Business Combination Agreement) during a period of twelve (12)&nbsp;months from and after the Closing
Date (as defined in the Business Combination Agreement), (ii)&nbsp;Company Warrants or Class&nbsp;A Ordinary Shares underlying such warrants
held by each SPAC Insiders immediately after the First Merger Effective Time until thirty (30)&nbsp;days after the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Sponsor also agreed to surrender and forfeit for no consideration up
to 2,000,000 SPAC Class&nbsp;B Ordinary Shares held by Sponsor in connection with the execution of additional Non-Redemption Agreements
following the date of the Business Combination Agreement. In addition, on the terms and subject to the conditions of the Sponsor Support
Agreement, Webull agreed to indemnify Sponsor and each other SPAC Insider for any U.S. federal (and applicable U.S. state and U.S. local)
income taxes, together with any interests and penalties (the &ldquo;Indemnifiable Amounts&rdquo;) payable by Sponsor or the SPAC Insiders,
as applicable, solely arising from or attributable to the failure of the Mergers (as defined in the Business Combination Agreement) to
qualify as a reorganization within the meaning of Section&nbsp;368(a) of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;)
or as an exchange described in Section&nbsp;351 of the Code (the &ldquo;Intended Tax Treatment&rdquo;), provided, however, that the Company
shall not have any liability in respect of any Indemnifiable Amounts to the extent that the aggregate amount of such Indemnifiable Amounts
exceeds $5,000,000.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On December 5, 2024, the parties to the Business
Combination Agreement entered into an Amendment to Business Combination Agreement (the &ldquo;Amendment to Business Combination Agreement&rdquo;).
The Amendment to Business Combination Agreement provides for, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Issuance of Incentive Warrants (as defined in the Business Combination Agreement) to certain shareholders
of Webull in connection with the Mergers (as defined in the Business Combination Agreement) and an amendment and restatement of the Form
of Incentive Warrant Agreement (as defined in the Business Combination Agreement);</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">An amendment and restatement of the definition of &ldquo;Founder HoldCo,&rdquo; &ldquo;Incentive Warrants&rdquo;
and &ldquo;Share Subdivision Factor&rdquo; (each as defined in the Business Combination Agreement), and all references therein;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">An amendment and restatement of the calculation of SPAC Class B Ordinary Shares (as defined in the Business
Combination Agreement) held by the Founder HoldCo;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Removal of SPAC&rsquo;s right to designate an observer to the board of directors of Webull; and</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">An amendment and restatement of the Amended Company Charter (as defined in the Business Combination Agreement).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Additionally, on December 5, 2024, the parties to the Sponsor Support
Agreement entered into an Amendment to Sponsor Support Agreement (the &ldquo;Amendment to Sponsor Support Agreement&rdquo;), which provides
that to the extent the aggregate amount of SPAC Class B Ordinary Shares to be surrendered and forfeited by Sponsor pursuant to the Additional
Non-Redemption Agreements is less than 2,000,000, Sponsor shall surrender and forfeit up to the balance of such 2,000,000 SPAC Class B
Ordinary Shares in an amount determined by and upon the written request of Webull. As a result, Sponsor may not be required to surrender
and forfeit such amount of SPAC Class B Ordinary Shares in full or at all.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Lastly, on December 5, 2024, Webull and the SPAC
Insiders entered into an Indemnity Letter Agreement (the &ldquo;Indemnity Letter Agreement&rdquo;). The Indemnity Letter Agreement provides
that, among other things:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">Webull shall indemnify, to the extent permitted by law, each SPAC Insider, its officers, directors and
employees and each person who controls such SPAC Insider (if applicable) (within the meaning of the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;)), against all losses resulting from or based upon any untrue or alleged untrue statement of a material
fact contained in the Registration Statement (as defined in the Indemnity Letter Agreement), Prospectus (as defined in the Indemnity Letter
Agreement) or preliminary Prospectus, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Webull
information that Webull has filed or is required to file pursuant to Rule 433(d) under the Securities Act, any written communication (within
the meaning of Rule 405 under the Securities Act) with investors, or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein, in light of the circumstances under which such statements were made, not misleading;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">In connection with the Registration Statement in which a SPAC Insider is participating, such SPAC Insider
shall furnish to Webull in writing the SPAC Insider Information (as defined in the Indemnity Letter Agreement) and to the extent permitted
by law, shall indemnify Webull, its directors, officers and agents and each person who controls Webull (within the meaning of the Securities
Act) against all losses resulting from any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus, any issuer free writing prospectus as defined in Rule 433(h) under the Securities Act, any Webull
information that Webull has filed or is required to file pursuant to Rule 433(d) under the Securities Act, any written communication (within
the meaning of Rule 405 under the Securities Act) with investor, or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading to the extent that such untrue statement or alleged untrue statement
or omission or alleged omission of a material fact are made in reliance upon any information or affidavit furnished in writing by such
SPAC Insider expressly for use therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Advances from Webull</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company and Webull have agreed to a fee-sharing arrangement in
which Webull will cover 75% of the monthly extension payments into the Trust Account, along with other operating costs. As of December
31, 2024, Webull has advanced $1,383,537 to the Company for these expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 6&mdash;Class&nbsp;A Ordinary Shares Subject
to Possible Redemption and Shareholders&rsquo; Deficit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Preference Shares-</I></B>The Company
is authorized to issue&nbsp;990,000&nbsp;preference shares, par value $0.0001&nbsp;per share. As of December 31, 2024 and 2023, there
were&nbsp;no&nbsp;preference shares issued or outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Class&nbsp;A Ordinary Shares-</I></B>The
Company is authorized to issue&nbsp;9,000,000,000&nbsp;Class&nbsp;A ordinary shares with a par value of $0.0001&nbsp;per share. As of
December 31, 2024 and 2023, there were 9,732,960 and 10,056,597, respectively, Class&nbsp;A ordinary shares issued and outstanding, all
of which were subject to possible redemption and were classified outside of permanent equity deficit on the balance sheets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Class&nbsp;B
                                            Ordinary Shares</I></B>-The Company is authorized to issue&nbsp;999,000,000&nbsp;Class&nbsp;B
                                            ordinary shares with a par value of $0.0001&nbsp;per share. As of December&nbsp;31, 2022,
                                            there were 5,240,000 Class&nbsp;B ordinary shares issued and outstanding, which amounts have
                                            been retroactively restated to reflect the share surrenders of Class&nbsp;B ordinary shares
                                            to the Company on February&nbsp;24, 2022 and May&nbsp;5, 2022 as discussed in Note 4. Of
                                            the 5,750,000 Class&nbsp;B ordinary shares outstanding, up to an aggregate of 750,000 shares
                                            was subject to surrender and forfeiture to the extent that the option to purchase additional
                                            Units is not exercised in full by the underwriter or is reduced, so that the Founder Shares
                                            would represent 20% of the Company&rsquo;s issued and outstanding shares after the Initial
                                            Public Offering. On July&nbsp;20, 2022, the Company sold an additional 960,000 Units in the
                                            Partial Over-Allotment Exercise pursuant to the underwriter&rsquo;s notice of the partial
                                            exercise of the Over-Allotment Option. On August&nbsp;9, 2022, following the expiration of
                                            the remaining Over-Allotment Option, the Sponsor surrendered and forfeited 510,000 Founder
                                            Shares. As of December 31, 2024 and 2023, there were 5,240,000 Class&nbsp;B ordinary shares
                                            issued and outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Ordinary shareholders of record are entitled to&nbsp;one
vote for each share&nbsp;held on all matters to be voted on by shareholders. Except as described below, holders of the Class&nbsp;A ordinary
shares and holders of the Class&nbsp;B ordinary shares will vote together as a single class on all matters submitted to a vote of the
Company&rsquo;s shareholders, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Class&nbsp;B ordinary shares will automatically
convert into Class&nbsp;A ordinary shares at the time of the initial Business Combination or earlier at the option of the holders thereof
at a ratio such that the number of Class&nbsp;A ordinary shares issuable upon conversion of all Founder Shares will equal, in the aggregate,
on&nbsp;an&nbsp;as-converted&nbsp;basis,&nbsp;20%&nbsp;of the sum of (i)&nbsp;the total number of ordinary shares issued and outstanding
upon completion of the Initial Public Offering, plus (ii)&nbsp;(a) the total number of Class&nbsp;A ordinary shares issued or deemed issued
or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued, by the Company in connection
with or in relation to the consummation of the initial Business Combination, excluding any Class&nbsp;A ordinary shares or equity-linked
securities exercisable for or convertible into Class&nbsp;A ordinary shares issued, deemed issued, or to be issued to any seller in the
initial Business Combination and any private placement warrants issued to the Sponsor, its affiliates or any member of the management
team upon conversion of Working Capital Loans and&nbsp;Extension Loans and (b)&nbsp;any Class&nbsp;A ordinary shares issued to the Sponsor
upon conversion of Overfunding Loans. Any conversion of Class&nbsp;B ordinary shares described herein will take effect as a compulsory
redemption of Class&nbsp;B ordinary shares and an issuance of Class&nbsp;A ordinary shares as a matter of Cayman Islands law. In no event
will the Class&nbsp;B ordinary shares convert into Class&nbsp;A ordinary shares at a rate&nbsp;of&nbsp;less&nbsp;than&nbsp;one to one.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><B><I>Warrants-</I></B>As of December 31, 2024 and 2023, the
Company had&nbsp;10,480,000&nbsp;Public Warrants and&nbsp;6,792,000&nbsp;Private Placement Warrants outstanding. Warrants may only be
exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public
Warrants will trade. The Public Warrants will become exercisable&nbsp;30&nbsp;days after the completion of a Business Combination, provided
that the Company has an effective registration statement under the Securities Act covering the ordinary shares issuable upon exercise
of the Public Warrants and a current prospectus relating to them is available (or the Company permits holders to exercise their Public
Warrants on a cashless basis and such cashless exercise is exempt from registration under the Securities Act). The Company agreed that
as soon as practicable, but in no event later than&nbsp;15&nbsp;business days after the closing of the Business Combination, the Company
will use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the ordinary
shares issuable upon exercise of the Public Warrants and the Private Placement Warrants. The Company will use its best efforts to cause
the same to become effective within&nbsp;60&nbsp;business days after the closing of the Business Combination and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the Public Warrants and the Private
Placement Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the foregoing, if the Company&rsquo;s ordinary
shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition
of a &ldquo;covered security&rdquo; under the Securities Act, the Company, at its option, may require holders of Public Warrants who exercise
their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9) of the Securities Act and, in the event
the Company so elects, the Company will not be required to file or maintain in effect a registration statement. The Public Warrants and
Private Placement Warrants will expire&nbsp;five years&nbsp;after the completion of the Business Combination or earlier upon the Company&rsquo;s
redemption or liquidation.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The warrants have an exercise price of $11.50&nbsp;per
share, subject to adjustments, and will expire&nbsp;five years&nbsp;after the completion of a Business Combination or earlier upon redemption
or liquidation. In addition, if (x)&nbsp;the Company issues additional Class&nbsp;A ordinary shares or equity-linked securities for capital
raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less
than $9.20&nbsp;per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors
and, in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares
held by such shareholder) (the &ldquo;Newly Issued Price&rdquo;), (y) the proceeds from such issuances represent more than&nbsp;60% of
the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation
of the initial Business Combination (net of redemptions), and (z)&nbsp;the volume weighted average trading price of the Class&nbsp;A ordinary
shares during the&nbsp;20&nbsp;trading day period starting on the trading day prior to the day on which the Company consummates the initial
Business Combination (such price, the &ldquo;Market Value&rdquo;) is below $9.20&nbsp;per share, the exercise price of the warrants will
be adjusted (to the nearest cent) to be equal to&nbsp;115% of the higher of the Market Value and the Newly Issued Price, and the $18.00&nbsp;per
share redemption trigger price described under &ldquo;Redemption of Public Warrants&rdquo; will be adjusted (to the nearest cent) to be
equal to&nbsp;180% of the higher of the Market Value and the Newly Issued Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Private Placement Warrants are identical to
the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants (i)&nbsp;will
not be redeemable by the Company, (ii)&nbsp;may not, subject to certain limited exceptions, be transferred, assigned or sold by the holders
(and the Class&nbsp;A ordinary shares issuable upon exercise of these warrants may not be transferred, assigned or sold by the holders)
until&nbsp;30&nbsp;days after the completion of the initial Business Combination, (iii)&nbsp;may be exercised by the holders on a cashless
basis and (iv)&nbsp;will be entitled to registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Redemption of Public Warrants</I></B>: Once
the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">in whole and not in part;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">at a price of $0.01&nbsp;per warrant;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">upon a minimum of&nbsp;30&nbsp;days&rsquo; prior written notice&nbsp;of&nbsp;redemption,&nbsp;the&nbsp;&ldquo;30-day&nbsp;redemption&nbsp;period&rdquo;;&nbsp;and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">if, and only if, the last reported sale price (the &ldquo;closing price&rdquo;) of Class&nbsp;A ordinary shares equals or exceeds $18.00&nbsp;per share (as adjusted) for any&nbsp;20&nbsp;trading&nbsp;days&nbsp;within&nbsp;a&nbsp;30-trading&nbsp;day&nbsp;period&nbsp;ending on the third trading day prior to the date on which the Company sends the notice of redemption to the Public Warrant.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company will not redeem the Public Warrants
as described above unless an effective registration statement under the Securities Act covering the Class&nbsp;A ordinary shares issuable
upon exercise of the warrants is effective and a current prospectus relating to those Class&nbsp;A ordinary shares is available throughout&nbsp;the&nbsp;30-day&nbsp;redemption&nbsp;period
or the Company has elected to require the exercise of the Public Warrants on a &ldquo;cashless basis&rdquo;. If the Company calls the
Public Warrants for redemption as described above, the Company will have the option to require all holders that wish to exercise such
warrants to do so on a &ldquo;cashless basis.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 7&mdash;Fair Value Measurements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">As of December 31, 2024 and 2023, the Trust Account held $292,093 and
$0 in cash, respectively. The following tables present information about the Company&rsquo;s financial assets that are measured at fair
value on a recurring basis as December 31, 2024 and 2023 by level within the fair value hierarchy:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">December 31, 2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted<BR> Prices in<BR> Active<BR> Markets<BR> (Level 1)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant<BR> Other<BR> Observable<BR> Inputs<BR> (Level 2)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant<BR> Other<BR> Unobservable<BR> Inputs<BR> (Level 3)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left; text-indent: -6.5pt; padding-left: 6.5pt">Investments held in Trust Account - Money Market
    Funds</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">112,391,416</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">December 31, 2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted<BR> Prices in<BR> Active<BR> Markets<BR> (Level 1)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant<BR> Other<BR> Observable<BR> Inputs<BR> (Level 2)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant<BR> Other<BR> Unobservable<BR> Inputs<BR> (Level 3)</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: justify">Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: justify">Investments held in Trust Account - Money Market Funds</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">109,573,279</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Transfers to/from Levels 1, 2, and 3 are recognized
at the beginning of the reporting period. There were no transfers between levels during the years ended December 31, 2024 and 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><a href="#b_001">Table of Contents</a></P></div>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 8&mdash;Segment Reporting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">ASC Topic 280,&nbsp;&ldquo;Segment Reporting,&rdquo; establishes standards
for companies to report in their financial statement information about operating segments, products, services, geographic areas, and major
customers.&nbsp;Operating segments are defined as components of an enterprise that engage in business activities from which it may recognize
revenues and incur expenses, and for which separate financial information is available that is regularly evaluated by the Company&rsquo;s
CODM, or group, in deciding how to allocate resources and assess performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company&rsquo;s CODM has been identified as the Chief Executive
Officer, who reviews the assets, operating results, and financial metrics for the Company as a whole to make decisions about allocating
resources and assessing financial performance. Accordingly, management has determined that there is only one reportable segment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The CODM assesses performance for the single segment and decides how
to allocate resources based on net income or loss that also is reported on the statements of operations as net income or loss. The measure
of segment assets is reported on the balance sheets as total assets. When evaluating the Company&rsquo;s performance and making key decisions
regarding resource allocation, the CODM reviews several key metrics included in net income and total assets, which include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">Trust Account</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">112,683,509</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">109,573,279</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">169,659</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">163,718</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the<BR>
 Year Ended<BR>
 December 31, <BR>
2024</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the<BR>
 Year Ended<BR>
 December 31, <BR>
2023</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-align: left">General and administrative expenses</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">2,437,346</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">$</TD><TD STYLE="width: 9%; text-align: right">2,151,130</TD><TD STYLE="width: 1%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest from investments held in Trust Account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">5,605,739</TD><TD STYLE="text-align: justify">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">$</TD><TD STYLE="text-align: right">10,570,325</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The CODM reviews interest earned on the Trust Account to measure and
monitor shareholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance
with the Trust Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">General and administrative expenses are reviewed and monitored by the
CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within
the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual
agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the statement
of operations, are the significant segment expenses provided to the CODM on a regular basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">All other segment items included in net income or loss are reported
on the statement of operations and described within their respective disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Note 9&mdash;Subsequent Events</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company evaluated subsequent events and transactions that occurred
after the balance sheet date up to the date that the financial statements were issued. Based upon this review, the Company did not identify
any subsequent events, other than the event stated below, that would have required adjustment or disclosure in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">On March 12, 2025, the Company filed a definitive proxy statement (the
&ldquo;Third Extension Proxy Statement&rdquo;) for an extraordinary general meeting (the &ldquo;Third Extension Meeting&rdquo;) scheduled
to be held on March 28, 2025, at 11:00 a.m. Eastern Time to (i) amend the Memorandum and Articles of Association to extend the date by
which the Company has to consummate a business combination from March 31, 2025 to June 22, 2025, or such earlier date as the Company&rsquo;s
Board may approve in accordance with the Memorandum and Articles of Association (such proposal, the &ldquo;Third Extension Amendment Proposal&rdquo;),
and (ii) amend the Investment Management Trust Agreement, dated June 23, 2022, as amended on December 27, 2023 and September 27, 2024,
by and between Continental and the company, to extend the date on which Continental must liquidate the trust account if the Company has
not completed its initial business combination, from March 31, 2025 to June 22, 2025, or such earlier date as the Board may approve (the
&ldquo;Third Trust Amendment Proposal&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
