Webull (BULL) Tumbles 11% on $1-Billion Share Sale to Yorkville

Webull Corporation (NASDAQ:BULL) is one of the 10 Stocks Crash Hard Alongside Wall Street.

Webull Corporation fell by 11.05 percent on Monday to end at $12.72 apiece following news that an investment fund managed by Yorkville Advisors is set to acquire a significant stake in the company for $1 billion, paving the way for a potential dilution of existing stocks.

In a statement last week, Webull Corporation (NASDAQ:BULL) said that it entered into a standby equity purchase agreement with YA II PN, Ltd which would grant Webull Corporation (NASDAQ:BULL) to issue up to $1 billion shares to Yorkville over a three-year period.

The subscription price Yorkville will pay for the shares will represent a 2.5 percent discount to the market price during each one-day pricing period elected by the company.

Webull Corporation (NASDAQ:BULL) said it intends to use the purchase agreement strategically to raise and deploy capital, using as little or as much as circumstances warrant, when market conditions and business opportunities justify doing so.

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Disclosure: None. This article is originally published at Insider Monkey.