Webull Moves to Acquire Pi Securities in $100 Million Thailand Deal

§ 01 Executive Snapshot

• What: Webull Securities (Thailand) is acquiring Pi Securities for approximately $100 million.
• Who: Webull Securities (Thailand) and Pi Securities Public Company Limited.
• Why it matters: This acquisition aims to enhance Webull's presence and offerings in Thailand's capital markets, leveraging local expertise and digital technology.

§ 02 Key Developments

• Webull Securities (Thailand) has signed a share purchase agreement to acquire Pi Securities, valuing the latter at approximately $100 million.
• The acquisition is subject to customary closing conditions, including regulatory and shareholder approvals.
• The disclosure regarding this acquisition was submitted to the Stock Exchange of Thailand on 29 June 2026.

§ 03 Strategic Context

• Pi Securities has over 50 years of experience in Thailand's capital markets, providing significant local expertise that Webull aims to leverage.
• This acquisition reflects Webull's strategic ambition to expand its footprint in Southeast Asia, where it currently has over 27 million registered users across 16 markets.

§ 04 Strategic Implications

• The immediate consequence of this acquisition will be an enhanced investment product offering for Thai investors through Webull's platform.
• Long-term, the integration of Webull’s technology with Pi Securities’ local market expertise is expected to support sustainable growth in the region.

§ 05 Risks & Constraints

• Potential regulatory hurdles and the need for shareholder approvals may delay the transaction's completion.
• The competitive landscape in Southeast Asia's investment services market may pose challenges to Webull's growth post-acquisition.

§ 06 Watchlist / Forward Signals

• Approval timelines for regulatory and shareholder approvals will be crucial in determining the speed of the acquisition's completion.
• Future developments that signal the success of this acquisition will include the integration progress of Webull's technology with Pi Securities' operations and any expansion of service offerings to clients.