<SEC-DOCUMENT>0001213900-25-004335.txt : 20250724
<SEC-HEADER>0001213900-25-004335.hdr.sgml : 20250724
<ACCEPTANCE-DATETIME>20250116214155
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-25-004335
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20250116

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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                                                                              <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD></TR>
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    <TD STYLE="padding: 0pt; text-align: center; width: 39%; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Christian
    O. Nagler, P.C.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">To
    Call Writer Directly:<BR>
    +1 212 446 4660</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">christian.nagler@kirkland.com</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P></TD>
    <TD STYLE="padding: 0pt; text-align: center; width: 23%; vertical-align: middle"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">601
    Lexington Avenue</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">New
    York, NY 10022</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">United
    States</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">+1
    212 446 4800</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">www.kirkland.com&nbsp;</FONT></P></TD>
    <TD STYLE="padding: 0pt; vertical-align: middle; width: 38%; text-align: center; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Facsimile:<BR>
                                            +1 212 446 4900</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">January
16, 2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>VIA EDGAR</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ms. Kate
Tillan<BR>
Mr. Mark Brunhofer<BR>
Ms. Sonia Bednarowski<BR>
Mr. J. Nolan McWilliams</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Office
of Crypto Assets<BR>
Division of Corporation Finance<BR>
Securities and Exchange Commission<BR>
100 F Street, NE<BR>
Washington, D.C. 20549</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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

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<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Re:</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Webull Corporation (CIK No.
                                         0001866364)<BR>
                                         <U>Response to the Staff&rsquo;s Comments on Amendment No. 2 to Registration Statement on Form
                                         F-4 Filed December 26, 2024<BR>
                                         File No. 333-283635</U></B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dear Ms.
Tillan, Mr. Brunhofer. Ms. Bednarowski and Mr. McWilliams:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
behalf of our client, Webull Corporation (the &ldquo;<B>Company</B>&rdquo;), we submit to the staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) this letter setting forth the Company&rsquo;s
responses to the comments contained in the Staff&rsquo;s letter dated January 10, 2025 on the Company&rsquo;s Amendment No. 2 to
Registration Statement on Form F-4 filed on December 26, 2024 (the &ldquo;<B>Registration Statement</B>&rdquo;). The Staff&rsquo;s
comments are repeated below in bold and are followed by the Company&rsquo;s responses. Statements about the Company or otherwise
regarding actions or acknowledgments of the Company are based on representations from the Company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Concurrently
with the submission of this letter, the Company is filing its Amendment No. 3 to Registration Statement on Form F-4 (the &ldquo;<B>Revised
Registration Statement</B>&rdquo;) via EDGAR with the Commission for review. Unless otherwise indicated, capitalized terms used herein
have the meanings assigned to them in the Revised Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Austin
&nbsp;&nbsp;&nbsp;Bay Area &nbsp;&nbsp;&nbsp;Beijing &nbsp;&nbsp;&nbsp;Boston &nbsp;&nbsp;&nbsp;Brussels &nbsp;&nbsp;&nbsp;Chicago &nbsp;&nbsp;&nbsp;Dallas
&nbsp;&nbsp;&nbsp;Hong&nbsp;Kong &nbsp;&nbsp;&nbsp;Houston &nbsp;&nbsp;&nbsp;London &nbsp;&nbsp;&nbsp;Los&nbsp;Angeles &nbsp;&nbsp;&nbsp;Miami
&nbsp;&nbsp;&nbsp;Munich &nbsp;&nbsp;&nbsp;Paris <BR>
&nbsp;&nbsp;&nbsp;Riyadh &nbsp;&nbsp;&nbsp;Salt&nbsp;Lake&nbsp;City &nbsp;&nbsp;&nbsp;Shanghai
&nbsp;&nbsp;&nbsp;Washington,&nbsp;D.C.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">January 16,
2025</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Page <FONT STYLE="font-size: 10pt">2</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Amendment
No. 2 to Registration Statement on Form F-4</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>General</U></B></FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>1.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>We note
                                            your response to prior comment 1 as well as your responses to related comments in prior comment
                                            letters. Please confirm your understanding in writing that our decision not to issue additional
                                            comments should not be interpreted to mean that we either agree or disagree with your responses,
                                            or any conclusions you have made, positions you have taken, or practices you have engaged
                                            in or may engage in with respect to your fractional bond program.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company hereby respectfully confirms its understanding that the Staff&rsquo;s decision not to issue additional comments should not be
interpreted to mean that the Staff either agrees or disagrees with the Company&rsquo;s responses, or any conclusions the Company has
made, positions the Company has taken, or practices the Company has engaged in or may engage in with respect to the Company&rsquo;s fractional
bond program.</FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>2.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            provide us with copies of any correspondence that Webull Financial LLC submits in response
                                            to the letter dated November 25, 2024 from the House Select Committee on the Strategic Competition
                                            Between the United States and the Chinese Communist Party.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Substantially concurrently with the submission of this response letter, the
Company has provided the Staff, on a confidential basis under separate cover, a copy of the correspondence that Webull Financial LLC
has submitted to the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party (the
&ldquo;<B>Select Committee</B>&rdquo;) in response to the letter dated December 5, 2024 from the Select Committee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Summary
of the Proxy Statement/Prospectus<BR>
Corporate History and Structure of Webull, page 1</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>3.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            disclose here your recent restructuring initiatives, including the establishment of a VIE
                                            structure in April 2021, subsequent elimination of the VIE structure completed in August
                                            2022, and the July 2023 spin of Webull Pay LLC, and discuss the reasons for each. Balance
                                            this section by summarizing the risks you are subject to from your historical operations
                                            and include a cross-reference to the relevant risk factor discussion.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comment, the Company has added the requested disclosure on pages 188 and 189 of the Revised Registration
Statement.</FONT></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Corporate
History and Structure of Webull, page 1</U></B></FONT></P>

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

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>4.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>You
                                            disclose potential dilution from the issuance of up to 44,400,984 Webull Ordinary Shares
                                            reserved for issuance under the 2021 Global Share Incentive Plan of Webull, which after applying
                                            the current Share Subdivision Factor of 3.3593 represents approximately 13,217,332 pre-transaction
                                            ordinary shares of Webull. In your draft registration statement submitted August 28, 2024,
                                            you disclosed on page 14 this amount as 80,756,743 Webull Ordinary Shares, which after applying
                                            the then-current Share Subdivision Factor of 5.4732 represented approximately 14,754,941
                                            pre-transaction ordinary shares of Webull. Please address the following:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tell
                                            us why the pre-transaction historical ordinary shares of Webull associated with the 2021
                                            Global Share Incentive Plan declined 1,537,609 shares from the draft registration statement
                                            submitted on August 28, 2024, and, to the extent applicable, tell us where you explained
                                            this difference in your filing. In this regard, based on the disclosures in Note 9 of your
                                            September 30, 2024 interim financial statements compared to your March 31, 2024 interim financial
                                            statements in your last draft registration statement, it appears that you granted only 60,500
                                            awards (10,500 stock options and 50,000 restricted stock units) during the second and third
                                            quarters of 2024, and we note no disclosure of additional awards in your subsequent events
                                            in Note 18 on page F-82.</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>To
                                            the extent you granted additional awards after September 30, 2024, tell us:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
                                            quantity and type of awards;</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>When
                                            you issued those awards;</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
                                            strike price, vesting provisions and other relevant terms of those awards;</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>How
                                            you valued those awards and the value assigned thereto;</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>The
                                            value of ordinary shares used to calculate the value of the awards; and</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>How
                                            the value of ordinary shares relates to the latest value provided in your June 14, 2024 response
                                            to comment 15 from our May 31, 2024 letter, and explain the drivers for the change in value
                                            of your ordinary shares.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company respectfully informs the Staff that subsequent to the draft registration statement submitted on August 28, 2024, Webull and
SKGR amended the Business Combination Agreement, the Company decided to amend its 2021 Global Share Incentive Plan (the
&ldquo;<B>Plan</B>&rdquo;) prior to the Closing so that the amount of Webull Class A Ordinary Shares potentially issuable will
decrease by 1,537,804 (representing the entire difference noted by the Staff), prior to the application of the Share Subdivision
Factor. After the Closing, the Plan will have a share reserve balance of 44,440,984.</FONT></P>

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

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company also respectfully informs the Staff that in response to the Staff&rsquo;s comment, the Company has (i) added disclosure on pages
14 and 15 of the Revised Registration Statement that the amount of Webull Class A Ordinary Shares reserved for issuance under the Plan
reflects the amendment of the Plan and (ii) added a cross-reference on pages 14 and 15 of the Revised Registration Statement to
the section titled &ldquo;Other Related Events or Agreements in Connection with the Business Combination <FONT STYLE="font-size: 10pt">&mdash;
</FONT>Amendment of 2021 Global Share Incentive Plan of Webull&rdquo; on page 230 of the Registration Statement that discusses the effects
of the amendment of the Plan on the amount of Webull Class A Ordinary Shares reserved for issuance under the Plan.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Our
business depends on our strong brand, page 39</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>5.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            clarify that each of the referenced letters makes allegations specifically with respect to
                                            the People&rsquo;s Republic of China and that the December 5, 2024 letter was delivered by
                                            the House Select Committee on Strategic Competition Between the United States and the Chinese
                                            Communist Party. Also disclose that the House Select Committee requested information from
                                            Webull Financial and briefly summarize the nature of the information requested. Similarly
                                            revise the risk factor on page 66.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comment, the Company has added the requested disclosure on pages 39 and 40 of the Revised Registration
Statement as a new risk factor to specifically disclose risks relating to U.S. government action against companies with connections to
China. As a result, the Company has removed the relevant language in the risk factors on pages 39 and 66 of the Registration Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>We
may be involved in regulatory investigations, page 42</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>6.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            disclose the administrative proceeding and cease-and-desist order concerning Webull Financial
                                            and briefly describe the nature of the allegations and sanctions. Refer to Exchange Act Rel.
                                            No. 101707 (Nov. 22, 2024).</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comment, the Company has added the requested disclosure on page 44 of the Revised Registration Statement.</FONT></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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></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">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Risks
Relating to SKGR and the Business Combination, page 63</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>7.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Please
                                            add a risk factor describing the risk that the business combination may be subject to regulations
                                            and review by the Committee on Foreign Investment in the United States (CFIUS). We note the
                                            disclosure in SKGR&rsquo;s Form 10-K for the fiscal year ended December 31, 2023 and Definitive
                                            Proxy Statement on Schedule 14A filed September 3, 2024.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comment, the Company has added the requested disclosure on pages 65 and 66 of the Revised Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Unaudited
Pro Forma Condensed Combined Financial Information, page 223</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>8.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>On page
                                            118 and elsewhere, you disclose the issuance of 20,000,000 Incentive Warrants to Webull&rsquo;s
                                            later round investors. Please tell us your intended accounting for these warrants and explain
                                            why you do not appear to include them in your pro forma financial statements. In this regard,
                                            although you disclose on page 13 and elsewhere that these warrants are expected to have zero
                                            initial cash value, they have economic value. In your response, specifically tell us whether
                                            these warrants represent the issuance of a dividend. Reference for us the authoritative literature
                                            you rely upon to support your position.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Incentive Warrants Classification</I></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">The Company respectfully informs the Staff that
the Incentive Warrants to be issued to certain of the existing Webull preferred shareholders at the Closing are identical in form to the
Incentive Warrants that are to be issued to non-redeeming SKGR Shareholders at the Closing. Based upon the Company&rsquo;s preliminary
accounting assessment, as disclosed on page 228 of the Revised Registration Statement, the Company believes that the Incentive Warrants
will qualify for equity accounting treatment. The Company further respectfully informs the Staff that in response to the Staff&rsquo;s
comment, the Company has revised footnote &ldquo;V&rdquo; in Note 2 to the Unaudited Pro Forma Condensed Combined Financial Information
on page 241 of the Revised Registration Statement to disclose the Company&rsquo;s accounting for the dividend in the Unaudited Pro Forma
Condensed Combined Balance Sheet.</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"><I>Dividend Accounting</I></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">As disclosed in the Company&rsquo;s
registration statement filed on December 5, 2024, the Company and SKGR amended the Business Combination Agreement. A significant
change to the terms of the Business Combination reflected in the amended Business Combination Agreement was the decreased
transaction value from $7.7 billion to $5.0 billion. In light of the decreased valuation, the Company proposed to issue
approximately 42.7 million incentive shares (as further discussed below in the Company&rsquo;s response to the Staff&rsquo;s comment
number 9) and 20 million Incentive Warrants to certain existing Webull preferred shareholders at the Closing consistent with the
provision within the Shareholders&rsquo; Agreement, which establishes expected return thresholds for certain preferred
shareholders.</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"></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></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">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company acknowledges the Staff&rsquo;s comment
that the Incentive Warrants to be issued have economic value. While the proposed issuance of Incentive Warrants (the <B>&ldquo;Warrant
Issuance&rdquo;</B>) represents a return to such Webull preferred shareholders, the Warrant Issuance does not meet the definition of
&ldquo;stock dividend&rdquo; and is not within the scope of ASC 505-20 as the Warrant Issuance involves shares of a different class.
However, the Company has determined that the Warrant Issuance meets the general definition of a dividend because the substance of such
distribution is a return to the Webull preferred shareholders and the number of Incentive Warrants to be distributed was objectively
determined based on a consistent approach including consideration of the shareholders&rsquo; respective investments in the Company. Accordingly,
the Company will record the dividend at fair value upon consummation of the Business Combination.</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">The Company is expected to be in an accumulated
deficit position at the Closing; and, therefore, the dividend will be recorded as a reduction of additional paid-in capital, offset by
the economic value of the Incentive Warrants recorded as an increase to additional paid-in capital. The Company has analogized to SAB
Topic 3.C for recording the dividend against additional paid-in capital.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Unaudited
Pro Forma Condensed Combined Statement of Operations for the Year Ended December 31, 2023, page 234</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>9.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>In footnote
                                            (4) to the table at the bottom of page 235 you indicate that shares outstanding after the
                                            proposed Business Combination held by existing Webull shareholders includes the issuance
                                            of 42,685,593 Webull Class A Ordinary Shares to certain of Webull&rsquo;s preferred shareholders
                                            prior to Closing. Please address the following:</B></FONT></TD></TR></TABLE>

<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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tell
                                            us whether these shares were already issued and explain why you have issued or will issue
                                            these shares;</B></FONT></TD></TR></TABLE>

<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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Tell
                                            us whether these shares represent dividends to those holders; and</B></FONT></TD></TR></TABLE>

<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><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Clarify
                                            how you reflected the issuance of these shares in your pro forma financial statements and
                                            reference the authoritative literature you rely upon to support your presentation and anticipated
                                            accounting.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company respectfully informs the Staff
that the 42,685,593 Webull Class A Ordinary Shares are incentive shares (the <B>&ldquo;Incentive Shares&rdquo;</B>) to be issued to
certain Webull preferred shareholders at the Closing. The Company proposed to issue these shares in light of the decreased
transaction value, as discussed above.</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">The Company respectfully advises the Staff that
it has determined that the issuance of the Incentive Shares represents a dividend as it is transferring value to the preferred shareholders
as a return to such shareholders. The proposed issuance of the Incentive Shares represents a distribution in the form of shares of a different
class. Therefore, the Incentive Shares do not meet the definition of &ldquo;stock dividend&rdquo; and their issuance is not within the
scope of ASC 505-20 as they involve shares of a different class. However, the Company has determined that the issuance of Incentive Shares
meets the general definition of a dividend because the substance of such distribution is a return to the Webull preferred shareholders
and the number of Incentive Shares to be distributed was objectively determined based on a consistent approach including consideration
of the shareholders&rsquo; respective investments in the Company. Accordingly, the Company will record the dividend at fair value upon
consummation of the Business Combination.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><IMG SRC="image_002.jpg" ALT="">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></P>

<P STYLE="margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company is expected to be in an accumulated
deficit position at the Closing; and, therefore, the dividend will be recorded as a reduction of additional paid-in capital, offset by
the fair value of the Webull Class A Ordinary Shares issued that will be recorded as an increase to additional paid-in capital. The Company
analogized to SAB Topic 3.C for recording the dividend against additional paid-in capital.</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">The Company further respectfully informs the Staff
that in response to the Staff&rsquo;s comment, the Company has (i) added the section titled &ldquo;Other Related Events or Agreements
in Connection with the Business Combination &mdash; Ordinary Share Incentive Issuance&rdquo; on page 230 of the Revised Registration Statement
to disclose the issuance of the Incentive Shares, (ii) added disclosure to footnote (4) of the table on page 238 of the Revised Registration
Statement summarizing the pro forma ownership of Webull Ordinary Shares immediately after the Closing that the issuance of 42,685,593
Webull Class A Ordinary Shares pertains to the Ordinary Share Incentive Issuance, and (iii) revised footnote &ldquo;W&rdquo; in Note 2
to the Unaudited Pro Forma Condensed Combined Financial Information on page 241 of the Revised Registration Statement to disclose the
Company&rsquo;s accounting for the dividend.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><U>Exhibits</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>10.</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Refer
                                            to the consent of WithumSmith+Brown, PC included in Exhibit 23.2. We note that the report
                                            of WithumSmith+Brown, PC dated March 29, 2024 is included in Amendment No. 2 of the Form
                                            F-4 and not incorporated by reference from a Form 10- K. Accordingly, please request WithumSmith+Brown,
                                            PC to modify their consent to clarify whether they are consenting to the use of their report
                                            included in Amendment No. 2 of the Form F-4. We note that the current consent refers to their
                                            report appearing in &ldquo;the entity&rsquo;s&rdquo; Annual Report on Form 10-K.</B></FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
response to the Staff&rsquo;s comment, WithumSmith+Brown, PC has modified its consent included in Exhibit 23.2 to the Revised Registration
Statement.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</I></FONT></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>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<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"><IMG SRC="image_002.jpg" ALT="">&nbsp;</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: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 16, 2025</P>

<P STYLE="margin: 0pt 0">Page <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></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; text-indent: 0.5in; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
you have any questions regarding the Company&rsquo;s responses, please feel free to contact me at christian.nagler@kirkland.com or by
telephone at +1 212 446 4660.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Thank
you for your time and attention.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></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: 60%">&nbsp;</TD>
    <TD STYLE="width: 40%; padding-top: 0pt; text-indent: 0in">Very truly yours,</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-indent: 0in">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0pt; text-indent: 0in">/s/ Christian O. Nagler, P.C.</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 0pt; text-indent: 0in">Christian O. Nagler, P.C.</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></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"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">cc:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">H. C. Wang, Chief
                                            Financial Officer, Webull Corporation</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Benjamin
James, Esq., General Counsel, Webull Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Richard
Chin, Chief Executive Officer, SK Growth Opportunities Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Derek
Jensen, Chief Financial Officer, SK Growth Opportunities Corporation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Robert
G. Day, Esq., Wilson Sonsini Goodrich &amp; Rosati</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ethan
Lutske, Esq., Wilson Sonsini Goodrich &amp; Rosati</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lianna
C. Whittleton, Esq., Wilson Sonsini Goodrich &amp; Rosati</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cionie
Lopez, Partner, KPMG LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Fatema
Raza, Partner, WithumSmith+Brown, PC</FONT></P>

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

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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