微牛美股招股说明书(2025-11-20版)

PROSPECTUS SUPPLEMENT NO. 1(to the Prospectus dated September 11, 2025) Webull Corporation Up to 75,159,236 Webull Class A Ordinary Shares This prospectus supplement (this “Prospectus Supplement No. 1”) is part of the prospectus of Webull Corporation (the “Company”), dated September 11, 2025 (the“Prospectus”), which forms a part of the Company’s registration statement on Form F-1 (Registration No. 333-288787) (as amended, the “Registration Statement”), related to theoffer 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 SellingSecurityholder 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 Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus. The purpose of this Prospectus Supplement No. 1 is to update and supplement the information included in the Prospectus with the information contained in our Reporton Form 6-K which was submitted to the U.S. Securities and Exchange Commission (the “SEC”) on November 20, 2025 and is included immediately following the cover page of This Prospectus Supplement No. 1 is not complete without, and may not be utilized except in connection with, the Prospectus, including any supplements andamendments thereto. We may further amend or supplement the Prospectus and information in this Prospectus Supplement No. 1 from time to time by filing amendments to the RegistrationStatement or other supplements to the Prospectus, as required. You should read the entire Prospectus, this Prospectus Supplement No. 1, any amendments to the RegistrationStatement, subsequent supplements to the Prospectus or prior supplements to the Prospectus (to the extent information therein is not superseded by more up to date information The Webull Class A Ordinary Shares and Webull Warrants are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “BULL” and “BULLW”,respectively. On November 19, 2025, the last reported prices of the Webull Class A Ordinary Shares and Webull Warrants, as reported on the Nasdaq, were $8.22 and $3.34,respectively. Investing in our securities involves risks. See “Risk Factors” beginning on page 9 of the Prospectus. Neither the SEC nor any state securities commission hasapproved or disapproved of these securities or determined if the Prospectus, as supplemented by this Prospectus Supplement No. 1, is truthful or complete. Anyrepresentation to the contrary is a criminal offense. The date of this Prospectus Supplement No. 1 is November 20, 2025. INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K On November 20, 2025, Webull Corporation (the “Company”) issued a press release reporting financial results for the three months ended September 30, 2025. On November20, 2025, the Company also made available an investor presentation on its website. Copies of the press release and investor presentation are attached hereto as Exhibits 99.1 and99.2, respectively. Forward-Looking Statements This Report includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Allstatements other than statements of historical fact contained in this Report, the Exhibits thereto or other statements of the Company made in connection therewith, including, forinstance, statements as to business strategy and plans, future results of operations and financial position, planned products and services, objectives of management for futureoperations or strategies of the Company, market size and growth opportunities, competitive position and technological and market trends are forward-looking statements. Someof these forward-looking statements can be identified by the use of forward-looking words, including “anticipate,” “expect,” “suggests,” “plan,” “believe,” “predict,” “potential,” All forward-looking statements are based upon current estimates and forecasts and reflect the reasonable views, assumptions, expectations, and opinions of the Company and itsmanagement as of the date of this Report, and are therefore subject to a number of factors, risks and uncertainties, some of which are not currently known to the Company and itsmanagement and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Some of these factors include, but are notlimited to: (1) the ability of the Company to grow and manage growth profitably, maintain relationships and deepen engagement with users, customers and suppliers, and retainits management and key employees; (2) the reliance of key functions of the Company’s business on third-parties and the risk that the Company’s platform and systems rely onsoftware and applications that are highly technical and may contain undetected errors that could result in une