SK Growth Opportunities Corporation is a SPAC — a shell company with no operations whose sole purpose is to acquire a private company and take it public through a merger. SK Growth raised proceeds in a June 2022 IPO, with funds held in trust invested in U.S. government securities. The sponsor, Auxo Capital Managers (backed by SK Inc., the large Korean conglomerate), received founder shares at a nominal cost, giving the sponsor strong incentive to close a deal. SK Growth has identified Webull, an online retail brokerage, as its acquisition target and signed a Business Combination Agreement in February 2024. Under the proposed deal, SK Growth merges into Webull's structure, Webull lists on Nasdaq, and SK Growth public shareholders receive Webull Class A ordinary shares on a one-for-one basis. The deal has faced repeated execution challenges: SK Growth has extended its combination deadline three times, faced heavy share redemptions, and must close by June 23, 2025 or face Nasdaq delisting. As of December 31, 2024, roughly $112.7M remained in trust. If SK Growth fails to close, it must liquidate, return approximately $10.25 per public share, and the sponsor loses its entire founder share investment. SK Growth acknowledges going concern doubt, with only ~$170K in cash outside of trust and a working capital deficit of ~$4.9M.