# EDGAR Filing Document

**Accession Number:** 0001866364
**File Stem:** 0001213900-26-044746
**Filing Date:** 2026-4
**Character Count:** 79848
**Document Hash:** 30a8ebce635c2ac397e3cd01a755a2cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-044746.hdr.sgml**: 20260416

**ACCESSION NUMBER**: 0001213900-26-044746

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260416

**EFFECTIVENESS DATE**: 20260416

**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:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295112
- **FILM NUMBER:** 26868612

**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

**As filed with the U.S. Securities and Exchange Commission on April 16, 2026**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Webull Corporation**

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **Not Applicable** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **200 Carillon Parkway**<br> **St. Petersburg, Florida** | **33716** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**Webull Corporation 2026 Employee Share Purchase Plan**

(Full title of the plan)

**Anquan Wang**

**Chairman and Chief Executive Officer<br> Webull Corporation<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716**

(Name and address of agent for service)

**(917) 725-2448**

(Telephone number, including area code, of agent for service)

***Copies to:***

---

| | |
|:---|:---|
| **Christian O. Nagler, P.C.**<br> **Mathieu Kohmann**<br> **Kirkland & Ellis LLP**<br> **601 Lexington Avenue**<br> **New York, New York 10022**<br> **Telephone: (212) 446-4800** | **Benjamin James, Esq.**<br> **General Counsel<br> Webull Corporation<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716**<br> **Telephone: (917) 725-2448** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

**Item 1. Plan Information.**

The documents containing the information specified in Part I will be delivered in accordance with Rule 428(b) under the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not required to be, and are not being, filed with the U.S. Securities and Exchange Commission (the "Commission"), either as part of this registration statement on Form S-8 (this "Registration Statement") or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act. These documents, and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of the Form S-8, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**Item 2. Registrant Information and Employee Plan Annual Information.**

The written statement required by Item 2 of Part I is included in documents that will be delivered to participants in the plans covered by this Registration Statement pursuant to Rule 428(b) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents, which have been filed by Webull Corporation (the "Registrant") with the Commission, are incorporated in this Registration Statement by reference:

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Annual Report on [Form 20-F](https://www.sec.gov/ix?doc=/Archives/edgar/data/1866364/000121390026041653/ea0283691-20f_webull.htm) filed with the Commission on April 9, 2026 (the "2025 Annual Report");

(b) The description of the Registrant's ordinary shares contained in the Registrant's Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1866364/000121390025030444/ea0235805-8a12b_webull.htm) (File
No. 001-42597) filed with the Commission on April 10, 2025 pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), as amended by the description of the Registrant's ordinary shares contained in [Exhibit 2.6](https://www.sec.gov/Archives/edgar/data/1866364/000121390026041653/ea028369101ex2-6.htm) to
the Registrant's 2025 Annual Report, including any amendments or reports filed for the purpose of updating such description.

All documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this Registration Statement, but prior to the filing of a post-effective amendment that indicates that all securities offered hereby have been sold or that deregisters all securities then remaining unsold shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents, including any Reports on Form 6-K furnished by the Registrant to the Commission that indicate that they are incorporated herein by reference, shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing of such documents.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The laws of the Cayman Islands do not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against willful default, willful neglect or the consequences of committing a crime.

The fifth amended and restated memorandum and articles of association of the Registrant provide that every director (including alternate director), secretary or other officer for the time being and from time to time of the Registrant (but not including the Registrant's auditors) and the personal representatives of the same (each an "Indemnified Person") shall be indemnified and secured harmless against all actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Person, other than by reason of such Indemnified Person's own dishonesty, willful default, willful neglect or fraud, in or about the conduct of the Registrant's business or affairs or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such Indemnified Person in defending (whether successfully or otherwise) any civil, criminal, administrative or investigative proceedings (whether threatened, pending or completed) proceedings concerning the Registrant or its affairs in any court or tribunal whether in the Cayman Islands or elsewhere.

The Registrant entered into indemnification agreements with its directors and executive officers under the laws of the Cayman Islands, pursuant to which the Registrant agrees to indemnify each such person against certain liabilities and expenses incurred by such persons in connection with claims made by reason of their being a director or officer of the Registrant. The Registrant's obligations under the indemnification agreements will be subject to certain customary restrictions and exceptions. The form of such indemnification agreement was previously filed as Exhibit 4.5 to the 2025 Annual Report.

In addition, the Registrant maintains standard policies of insurance under which coverage is provided to its directors and officers against the cost of defense, settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit <br> Number** | **Description of Exhibit** |
| 4.1 | [Fifth Amended and Restated Memorandum and Articles of Association of Webull Corporation (incorporated by reference to Exhibit 1.1 to the Report on Form 6-K filed by Webull Corporation on April 14, 2025)\*\*](https://www.sec.gov/Archives/edgar/data/1866364/000121390025031269/ea023813201ex1-1_webull.htm) |
| 4.2 | [Specimen Class A Ordinary Share Certificate of Webull Corporation (incorporated by reference to Exhibit 4.1 filed with the F-4 Registration Statement on December 5, 2024)\*\*](http://www.sec.gov/Archives/edgar/data/1866364/000121390024106111/ea020166912ex4-1_webull.htm) |
| 4.3 | [Webull Corporation 2026 Employee Share Purchase Plan\*](ea028634901ex4-3_webull.htm) |
| 5.1 | [Opinion of Ogier, Cayman Islands Counsel to the Registrant\*](ea028634901ex5-1_webull.htm) |
| 23.1 | [Consent of KPMG LLP, Independent Registered Public Accounting Firm of Webull Corporation\*](ea028634901ex23-1_webull.htm) |
| 23.2 | [Consent of Ogier (included as part of Exhibit 5.1)\*](ea028634901ex5-1_webull.htm) |
| 24.1 | [Power of Attorney (included on the signature page of this Registration Statement)\*](#poa_001) |
| 107 | [Filing Fee Table\*](ea028634901ex-fee_webull.htm) |

---

**\*** Filed herewith.

**\*\*** Previously filed.

**Item 9. Undertakings.**

(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales
 are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3)
 of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising
 after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually
 or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to
 the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this
 Registration Statement;

 

*provided, however,* that subparagraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability
 under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities
 offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective
 amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned Registrant hereby undertakes that,
 for the purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant
 to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee
 benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by
 reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein,
 and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising
 under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing
 provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public
 policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against
 such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person
 of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling
 person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has
 been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by
 it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in St. Petersburg, Florida, on April 16, 2026.

---

| | |
|:---|:---|
| **WEBULL CORPORATION** | **WEBULL CORPORATION** |
| By: | /s/ Anquan Wang |
| Name: | Anquan Wang |
| Title: | Chairman and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Anquan Wang, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, in connection with this Registration Statement, including to sign in the name and on behalf of the undersigned, this Registration Statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the U.S. Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the U.S. Securities and Exchange Commission, granting unto such attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Anquan Wang | Chairman and Chief Executive Officer | April 16, 2026 |
| Anquan Wang | (*Principal Executive Officer*) |  |
| /s/ Anthony Denier | Director and President | April 16, 2026 |
| Anthony Denier |  |  |
| /s/ H. C. Wang | Director and Chief Financial Officer | April 16, 2026 |
| H. C. Wang | (*Principal Financial and Accounting Officer*) |  |
| /s/ Benjamin James | Director and General Counsel | April 16, 2026 |
| Benjamin James |  |  |
| /s/ William Houlihan | Director | April 16, 2026 |
| William Houlihan |  |  |
| /s/ Walter Bishop | Director | April 16, 2026 |
| Walter Bishop |  |  |

---

**SIGNATURE OF AUTHORIZED REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the requirements of the Securities Act of 1933, the undersigned, solely in his capacity as the duly authorized representative of the registrant, has signed this registration statement in the United States, on April 16, 2026.

---

| | | |
|:---|:---|:---|
| **Authorized U.S. Representative** | **Authorized U.S. Representative** | **Authorized U.S. Representative** |
| **Webull Holdings (US) Inc.** | **Webull Holdings (US) Inc.** | **Webull Holdings (US) Inc.** |
| By: | /s/ Anquan Wang | /s/ Anquan Wang |
|  | Name: | Anquan Wang |
|  | Title: | Director |

---

## Exhibit 4.3

**Exhibit 4.3**

**WEBULL CORPORATION**

**2026 EMPLOYEE SHARE PURCHASE PLAN**

Section 1. PURPOSE

The purpose of the Plan is to provide an opportunity for Employees of Webull Corporation, a Cayman Islands exempted company ("<u>Sponsor</u>") and its Participating Subsidiaries (collectively Sponsor and its Participating Subsidiaries shall be referred to as the "<u>Company</u>"), to purchase Ordinary Shares of Sponsor and thereby to have an additional incentive to contribute to the prosperity of the Company. It is the intention of the Company that the Plan (excluding any sub-plans thereof except as expressly provided in the terms of such sub-plan) qualify as an "<u>Employee Stock Purchase Plan</u>" under Section 423 of the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), and the Plan shall be administered in accordance with this intent. In addition, the Plan authorizes the grant of options pursuant to sub-plans or special rules adopted by the Committee designed to achieve desired tax or other objectives in particular locations outside of the United States or to achieve other business objectives in the determination of the Committee, which sub-plans shall not be required to comply with the requirements of Code Section 423 or all of the specific provisions of the Plan, including but not limited to terms relating to eligibility, Offering Periods or Purchase Price.

Section 2. DEFINITIONS

(a) " <u>Applicable Law</u> " shall mean the legal requirements relating to the administration of an employee share purchase
plan under applicable U.S. state corporate laws, U.S. federal and applicable state securities laws, the Code, any share exchange rules
or regulations and the applicable laws of any other country or jurisdiction, as such laws, rules, regulations and requirements shall be
in place from time to time.

(b) " <u>Board</u> " shall mean the Board of Directors of Sponsor.

(c) " <u>Code</u> " shall mean the Internal Revenue Code of 1986, as such is amended from time to time, and any reference to
a section of the Code shall include any successor provision of the Code.

(d) " <u>Commencement Date</u> " shall mean, with respect to a given Offering Period, the first Trading Day during such Offering
Period.

(e) " <u>Committee</u> " shall mean the Compensation Committee of the Board (or any successor committee) or the officer, officers
or committee appointed by the Compensation Committee in accordance with Section 15 of the Plan (to the extent of the duties and responsibilities
delegated by the Compensation Committee of the Board).

(f) " <u>Ordinary Share</u> " shall mean Class A ordinary shares
of Sponsor, par value $0.0001 per share, or any securities into which such Ordinary Shares may be converted.

(g) " <u>Compensation</u> " shall mean the total compensation
paid by the Company to an Employee with respect to an Offering Period, including salary, commissions, overtime, shift differentials, and
all or any portion of any item of compensation considered by the Company to be part of the Employee's regular earnings, but excluding
items not considered by the Company to be part of the Employee's regular earnings. Items excluded from the definition of "Compensation"
include but are not limited to such items as relocation bonuses, expense reimbursements, certain bonuses paid in connection with mergers
and acquisitions, author incentives, recruitment and referral bonuses, foreign service premiums, differentials and allowances, imputed
income pursuant to Code Section 79, income realized as a result of participation in any stock option, restricted stock, restricted stock
unit, stock purchase or similar equity plan maintained by Sponsor or a Participating Subsidiary, and tuition and other reimbursements.
The Committee shall have the authority to determine and approve all forms of pay to be included in the definition of Compensation and
may change the definition on a prospective basis.

(h) " <u>Effective Date</u> " shall mean January 1, 2026.

(i) " <u>Employee</u> " shall mean an individual classified as
an employee (within the meaning of Code Section 3401(c) and the regulations thereunder) by Sponsor or a Participating Subsidiary on Sponsor's
or such Participating Subsidiary's payroll records during the relevant participation period. Notwithstanding the foregoing, no employee
of Sponsor or a Participating Subsidiary shall be included within the definition of "Employee" if such person's customary
employment is for less than twenty (20) hours per week or for less than five (5) months per year. Individuals classified as independent
contractors, consultants or advisers are not considered "Employees."

(j) " <u>Enrollment Period</u> " shall mean, with respect to a given Offering Period, that period established by the Committee
prior to the commencement of such Offering Period during which Employees may elect to participate in order to purchase Ordinary Shares
at the end of that Offering Period in accordance with the terms of this Plan.

(k) " <u>Exchange Act</u> " shall mean the Securities Exchange Act of 1934, as amended from time to time, and any reference
to a section of the Exchange Act shall include any successor provision of the Exchange Act.

(l) " <u>Market Value</u> " on a given date of determination (e.g., a Commencement Date or Purchase Date, as appropriate) means,
as of any date, the value of the Ordinary Share determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Ordinary Shares are listed on any established stock exchange or traded on any established market, the Market Value of Ordinary Shares as of any date of determination will be, unless otherwise determined by the Board or Committee, the closing sales price for such shares as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Ordinary Shares) on the date of determination, as reported in a source the Board or Committee deems reliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise provided by the Board or Committee, if there is no closing sales price for the Ordinary Shares on the date of determination, then the Market Value will be the closing selling price on the last preceding date for which such quotation exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In the absence of such markets for the Ordinary Shares, the Market Value will be determined by the Board or Committee in good faith.

(m) " <u>Offering Period</u> " shall mean a period of no more
than twenty-seven (27) months at the end of which an option granted pursuant to the Plan shall be exercised. The Plan shall be implemented
by a series of Offering Periods with terms established by the Committee in accordance with the Plan. Once established, the duration and
timing of Offering Periods may be changed or modified by the Committee as permitted by the Plan.

(n) " <u>Offering Price</u> " shall mean the Market Value of
a share of Ordinary Shares on the Commencement Date for a given Offering Period.

(o) " <u>Participant</u> " shall mean a participant in the Plan
as described in Section 5 of the Plan.

(p) " <u>Participating Subsidiary</u> " shall mean a Subsidiary
that has been designated by the Committee in its sole discretion as eligible to participate in the Plan with respect to its Employees.

(q) " <u>Plan</u> " shall mean this 2026 Employee Share Purchase
Plan, including any sub-plans or appendices hereto.

(r) " <u>Purchase Date</u> " shall mean the last Trading Day
of each Offering Period.

(s) " <u>Purchase Price</u> " shall have the meaning set out
in Section 8(b).

(t) " <u>Securities Act</u> " shall mean the U.S. Securities
Act of 1933, as amended, as amended from time to time, and any reference to a section of the Securities Act shall include any successor
provision of the Securities Act.

(u) " <u>Shareholder</u> " shall mean any person or persons entered
on the register of members of the Sponsor from time to time as the holder of an Ordinary Share.

(v) " <u>Subsidiary</u> " shall mean any entity treated as a
corporation (other than Sponsor) in an unbroken chain of corporations beginning with Sponsor, within the meaning of Code Section 424(f),
whether or not such corporation now exists or is hereafter organized or acquired by Sponsor or a Subsidiary.

(w) " <u>Trading Day</u> " shall mean a day on which U.S. national
stock exchanges are open for trading and the Ordinary Shares are being publicly traded on one or more of such markets.

Section 3. ELIGIBILITY

(a) Any Employee employed by Sponsor or by any Participating Subsidiary at the beginning of an Enrollment Period for a given Offering
Period shall be eligible to participate in the Plan with respect to such Offering Period and future Offering Periods, provided that the
Committee may establish administrative rules requiring that employment commence some minimum period (not to exceed 90 days) prior to an
Enrollment Period and/or that customary employment exceed a specified number of hours or period during a calendar year to be eligible
to participate with respect to the associated Offering Period. The Committee may also determine that a designated group of highly compensated
Employees is ineligible to participate in the Plan so long as the excluded category fits within the definition of "highly compensated
employee" in Code Section 414(q). If the Committee does not establish different rules with respect to an Offering Period, the minimum
period of employment that must be completed prior to the beginning of an Enrollment Period shall be five (5) working days.

(b) No Employee may participate in the Plan if immediately after an option
is granted the Employee owns or is considered to own (within the meaning of Code Section 424(d)) Ordinary Shares, including Ordinary Shares
which the Employee may purchase by conversion of convertible securities or under outstanding options granted by Sponsor or its Subsidiaries,
possessing five percent (5%) or more of the total combined voting power or value of all classes of shares of Sponsor or of any
of its Subsidiaries. All Employees who participate in the Plan shall have the same rights and privileges under the Plan, except for differences
that may be mandated by local law and that are consistent with Code Section 423(b)(5); provided that individuals participating in a sub-plan
adopted pursuant to Section 16 which is not designed to qualify under Code Section 423 need not have the same rights and privileges as
Employees participating in the Code section 423 Plan. No Employee may participate in more than one Offering Period at a time.

Section 4. OFFERING PERIODS

The Plan shall be implemented by a series of Offering Periods, which shall possess terms specified by the Committee in accordance with the terms of the Plan. Offering Periods shall continue until the Plan is terminated pursuant to Section 14 hereof. Once established, the Committee shall have the authority to change the frequency and/or duration of Offering Periods (including the Commencement Dates thereof) with respect to future Offering Periods if such change is announced prior to the scheduled occurrence of the Enrollment Period for the first Offering Period to be affected thereafter. If the Committee does not establish different rules with respect to an Offering Period, then the duration of an Offering Period shall be six (6) months and there shall be no overlapping Offering Periods.

Section 5. PARTICIPATION

(a) An Employee who is eligible to participate in the Plan in accordance with its terms at the beginning of an Enrollment Period for an
Offering Period and elects to participate in such Offering Period shall automatically receive an option in accordance with Section 8(a).
Such an Employee shall become a Participant by completing and submitting, on or before the date prescribed by the Committee with respect
to a given Offering Period, a completed payroll deduction authorization and Plan enrollment form provided by Sponsor or its Participating
Subsidiaries or by following an electronic or other enrollment process as prescribed by the Committee. An eligible Employee may authorize
payroll deductions at the rate of any whole percentage of the Employee's Compensation, not to be less than one percent (1.0%) and
not to exceed fifteen percent (15.0%) of the Employee's Compensation (or such other percentages as the Committee may establish from
time to time before an Enrollment Period for a future Offering Period) of such Employee's Compensation on each payday during the
Offering Period. All payroll deductions will be held in a general corporate account or a trust account. No interest shall be paid or credited
to the Participant with respect to such payroll deductions. Sponsor shall maintain or cause to be maintained a separate bookkeeping account
for each Participant under the Plan and the amount of each Participant's payroll deductions shall be credited to such account. A
Participant may not make any additional payments into such account, unless payroll deductions are prohibited under Applicable Law, in
which case the provisions of Section 5(b) of the Plan shall apply.

(b) Notwithstanding any other provisions of the Plan to the contrary, in locations where local law prohibits payroll deductions, an eligible
Employee may elect to participate through contributions to his or her account under the Plan in a form acceptable to the Committee. In
such event, any such Employees shall be deemed to be participating in a sub-plan, unless the Committee otherwise expressly provides that
such Employees shall be treated as participating in the Plan. Under procedures and at times established by the Committee, a Participant
may withdraw from the Plan during an Offering Period, by completing and filing a new payroll deduction authorization and Plan enrollment
form with the Company or by following electronic or other procedures prescribed by the Committee. If a Participant withdraws from the
Plan during an Offering Period, he or she may elect to have their accumulated payroll deductions refunded to the Participant without interest,
and his or her right to participate in the current Offering Period will be automatically terminated and no further payroll deductions
for the purchase of Ordinary Shares will be made during the Offering Period. Any Participant who wishes to withdraw from the Plan during
an Offering Period, must complete the withdrawal procedures prescribed by the Committee, subject to any rules established by the Committee,
or changes to such rules, pertaining to the timing of withdrawals, limiting the frequency with which Participants may withdraw and re-enroll
in the Plan, or imposing a waiting period on Participants wishing to re-enroll following withdrawal.

(c) A Participant may not increase, decrease or otherwise change his or her rate of contribution through payroll deductions or otherwise
during a given Offering Period.

Section 6. TERMINATION OF EMPLOYMENT

In the event any Participant terminates employment with Sponsor and its Participating Subsidiaries for any reason (including death) prior to the expiration of an Offering Period, the Participant's participation in the Plan shall immediately terminate and all amounts credited to the Participant's account shall be paid to the Participant or, in the case of death, to the Participant's heirs or estate, without interest. Whether a termination of employment has occurred shall be determined by the Committee. The Committee may also establish rules regarding when leaves of absence or changes of employment status will be considered to be a termination of employment, including rules regarding transfer of employment among Participating Subsidiaries, Subsidiaries and Sponsor, and the Committee may establish termination-of-employment procedures for this Plan that are independent of similar rules established under other benefit plans of Sponsor and its Subsidiaries; provided that such procedures are not in conflict with the requirements of Code Section 423.

Section 7. SHARES

Subject to adjustment as set forth in Section 11, the aggregate number of Ordinary Shares that may be issued under the Plan shall be 5,000,000 Ordinary Shares (the "<u>Share Reserve</u>").

Subject to adjustment as set forth in Section 11, the maximum number of Ordinary Shares that may be issued to any Employee in a given Offering Period shall be five thousand (5,000) Ordinary Shares. The Committee may change this limitation at any time on a prospective basis to apply to future Offering Periods. If, on a given Purchase Date, the number of shares with respect to which options are to be exercised exceeds either maximum, the Committee shall make, as applicable, such adjustment or pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable.

Section 8. OFFERING

(a) On the Commencement Date relating to each Offering Period, each eligible Employee, whether or not such Employee has elected to participate
as provided in Section 5(a), shall be granted an option to purchase a number of whole Ordinary Shares (as adjusted as set forth
in Section 11) established by the Committee, which may be purchased with the payroll deductions accumulated on behalf of such Employee
during each Offering Period at the purchase price specified in Section 8(b) below, subject to the additional limitation that no Employee
participating in the Plan shall be granted an option to purchase Ordinary Shares under the Plan if such option would permit his or her
rights to purchase shares under all employee stock purchase plans (described in Code Section 423) of Sponsor and its Subsidiaries to accrue
at a rate which exceeds U.S. twenty-five thousand dollars (U.S. $25,000) of the Market Value of such Ordinary Shares (determined at the
time such option is granted) for each calendar year in which such option is outstanding at any time. For purposes of the Plan, an option
is " <u>granted</u> " on a Participant's Commencement Date. An option will expire upon the earliest to occur of (i) the
termination of a Participant's participation in the Plan or such Offering Period (ii) the beginning of a subsequent Offering Period
in which such Participant is participating; or (iii) the termination of the Offering Period. This Section 8(a) shall be interpreted so
as to comply with Code Section 423(b)(8).

(b) The Purchase Price under each option shall be with respect to an Offering
Period the lower of (i) a percentage (not less than eighty-five percent (85%)) (" <u>Designated Percentage</u> ") of the Offering
Price, or (ii) the Designated Percentage of the Market Value of a share of Ordinary Shares on the Purchase Date on which the Ordinary
Shares is purchased; provided that the Purchase Price may be adjusted by the Committee pursuant to Sections 11 or 12 in accordance with
Code Section 424(a). For a given Offering Period, the Designated Percentage shall be established no later than the beginning of the Enrollment
Period for such Offering Period. The Committee may change the Designated Percentage with respect to any future Offering Period, but not
to below eighty-five percent (85%), and the Committee may determine with respect to any prospective Offering Period that the Purchase
Price shall be the Designated Percentage of the Market Value of a share of the Ordinary Shares solely on the Purchase Date. If the Committee
does not established the Designated Percentage prior to the beginning of the Enrollment Period for a given Offering Period, the Designated
Percentage for such Offering Period shall be eighty-five percent (85%).

Section 9. PURCHASE OF SHARES

Unless a Participant withdraws from the Plan as provided in Section 5(c), terminates employment prior to the end of an Offering Period as provided in Section 6, or except as provided in Sections 7, 12 or 14(b), upon the expiration of each Offering Period, a Participant's option shall be exercised automatically for the purchase of that number of whole Ordinary Shares which the accumulated payroll deductions credited to the Participant's account at that time shall purchase at the applicable price specified in Section 8(b) in accordance with the terms of the Plan, including Section 7. Notwithstanding the foregoing, Sponsor or its Participating Subsidiary may make such provisions and take such action as it deems necessary or appropriate for the withholding of taxes and/or social insurance and/or other amounts which Sponsor or its Participating Subsidiary determines is required by Applicable Law. Each Participant, however, shall be responsible for payment of all individual tax liabilities arising under the Plan. The Ordinary Shares purchased upon exercise of an option hereunder shall be considered for tax purposes to be sold to the Participant on the Purchase Date. A Participant's option to purchase Ordinary Shares hereunder is exercisable only by him or her.

Section 10. PAYMENT AND DELIVERY

As soon as practicable after the exercise of an option, Sponsor shall deliver or cause to have delivered to the Participant a record of the Ordinary Shares purchased and the balance of any amount of payroll deductions credited to the Participant's account not used for the purchase of Ordinary Shares, except as specified below. The Committee may permit or require that shares be deposited directly with a broker designated by the Committee or to a designated agent of the Company, and the Committee may utilize electronic or automated methods of share transfer. The Committee may require that shares be retained with such broker or agent for a designated period of time and/or may establish other procedures to permit tracking of disqualifying dispositions of such shares. Sponsor or its Participating Subsidiary shall retain the amount of payroll deductions used to purchase Ordinary Shares as full payment for the Ordinary Shares and the Ordinary Shares shall then be fully paid and non-assessable. No Participant shall have any voting, dividend, or other Shareholders rights with respect to shares subject to any option granted under the Plan until the shares subject to the option have been purchased and delivered to the Participant as provided in this Section 10. The Committee may in its discretion direct Sponsor to retain in a Participant's account for the subsequent Offering Period any payroll deductions which are not sufficient to purchase a whole share of Ordinary Shares or return such amount to the Participant. Any other amounts left over in a Participant's account after a Purchase Date shall be returned to the Participant. If the Committee does not establish different rules with respect to an Offering Period, then all amounts left over in a Participant's account after a Purchase Date shall be returned to the Participant.

Section 11. RECAPITALIZATION

Subject to any required action by the Shareholders of Sponsor, if there is any change in the outstanding shares of Ordinary Shares or other securities of Sponsor because of a merger, consolidation, spin-off, reorganization, recapitalization, dividend in property other than cash, extraordinary dividend whether in cash and/or other property, share split, reverse share split, stock dividend, liquidating dividend, combination or reclassification of the Ordinary Shares or other securities (including any such change in the number of Ordinary Shares or other securities effected in connection with a change in domicile of Sponsor), or any other increase or decrease in the number of Ordinary Shares or other securities effected without receipt of consideration by Sponsor, provided that conversion of any convertible securities of Sponsor shall not be deemed to have been "effected without receipt of consideration," the type and number of securities covered by each option under the Plan which has not yet been exercised and the type and number of securities which have been authorized and remain available for issuance under the Plan, as well as the maximum number of securities which may be purchased by a Participant in an Offering Period, and the price per share covered by each option under the Plan which has not yet been exercised, shall be appropriately and proportionally adjusted by the Board, and the Board shall take any further actions which, in the exercise of its discretion, may be necessary or appropriate under the circumstances. The Board's determinations under this Section 11 shall be conclusive and binding on all parties.

12. MERGER, LIQUIDATION, OTHER CORPORATE TRANSACTIONS

(a) In the event of the proposed liquidation or dissolution of Sponsor, the Offering Period will terminate immediately prior to the consummation
of such proposed transaction, unless otherwise provided by the Board in its sole discretion, and all outstanding options shall automatically
terminate and the amounts of all payroll deductions will be refunded without interest to the Participants.

(b) In the event of a proposed sale of all or substantially all of the assets of Sponsor, or the merger or consolidation or similar combination
of Sponsor with or into another entity, then in the sole discretion of the Board, (1) each option shall be assumed or an equivalent option
shall be substituted by the successor corporation or parent or subsidiary of such successor entity, (2) on a date established by the Board
on or before the date of consummation of such merger, consolidation, combination or sale, such date shall be treated as a Purchase Date,
and all outstanding options shall be exercised on such date or (3) all outstanding options shall terminate and the accumulated payroll
deductions will be refunded without interest to the Participants.

Section 13. TRANSFERABILITY

Neither payroll deductions credited to a Participant's bookkeeping account nor any rights to exercise an option or to receive Ordinary Shares under the Plan may be voluntarily or involuntarily assigned, transferred, pledged, or otherwise disposed of in any way, and any attempted assignment, transfer, pledge, or other disposition shall be null and void and without effect. If a Participant in any manner attempts to transfer, assign or otherwise encumber his or her rights or interests under the Plan, other than as permitted by the Code, such act shall be treated as an election by the Participant to discontinue participation in the Plan pursuant to Section 5(c).

Section 14. AMENDMENT OR TERMINATION OF THE PLAN

(a) The Plan shall continue from the Effective Date until the time that the Plan is terminated in accordance with Section 14(b).

(b) The Board or the Committee may, in its sole discretion, insofar as
permitted by law, terminate or suspend the Plan, or revise or amend it in any respect whatsoever, except that, without approval of the
Shareholders, no such revision or amendment shall increase the number of shares subject to the Plan, other than an adjustment under Section
11 of the Plan, or make other changes for which Shareholders approval is required under Applicable Law. Upon a termination or suspension
of the Plan, the Board may in its discretion (i) return without interest, the payroll deductions credited to Participants' accounts
to such Participants or (ii) set an earlier Purchase Date with respect to an Offering Period then in progress.

Section 15. ADMINISTRATION

The Board has appointed the Compensation Committee of the Board to administer the Plan (the "<u>Committee</u>"), who will serve for such period of time as the Board may specify and whom the Board may remove at any time. The Committee will have the authority and responsibility for the day-to-day administration of the Plan, the authority and responsibility specifically provided in this Plan and any additional duty, responsibility and authority delegated to the Committee by the Board, which may include any of the functions assigned to the Board in this Plan. The Committee may delegate to a sub-committee and/or to an officer or officers or employees of Sponsor the day-to-day administration of the Plan. The Committee shall have full power and authority to adopt, amend and rescind any rules and regulations which it deems desirable and appropriate for the proper administration of the Plan, to construe and interpret the provisions and supervise the administration of the Plan, to make factual determinations relevant to Plan entitlements and to take all action in connection with administration of the Plan as it deems necessary or advisable, consistent with the delegation from the Board. Decisions of the Committee shall be final and binding upon all Participants. Any decision reduced to writing and signed by a majority of the members of the Committee shall be fully effective as if it had been made at a meeting of the Committee duly held. The Company shall pay all expenses incurred in the administration of the Plan.

Section 16. COMMITTEE RULES FOR FOREIGN JURISDICTIONS

The Committee may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax, withholding procedures and handling of share certificates which vary with local requirements; however, if such varying provisions are not in accordance with the provisions of Code Section 423(b), including but not limited to the requirement of Code Section 423(b)(5) that all options granted under the Plan shall have the same rights and privileges unless otherwise provided under the Code and the regulations promulgated thereunder, then the individuals affected by such varying provisions shall be deemed to be participating under a sub-plan and not in the Plan. The Committee may also adopt sub-plans applicable to particular Subsidiaries or locations, which sub-plans may be designed to be outside the scope of Code Section 423 and shall be deemed to be outside the scope of Code Section 423 unless the terms of the sub-plan provide to the contrary. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 7, but unless otherwise superseded by the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. The Committee shall not be required to obtain the approval of the Shareholders prior to the adoption, amendment or termination of any sub-plan unless required by the laws of the foreign jurisdiction in which Employees participating in the sub-plan are located.

Section 17. SECURITIES LAWS REQUIREMENTS

(a) No option granted under the Plan may be exercised to any extent unless the shares to be issued upon such exercise under the Plan are
covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all applicable
provisions of law, domestic or foreign, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations
promulgated thereunder, applicable state and foreign securities laws and the requirements of any stock exchange upon which the Shares
may then be listed, subject to the approval of counsel for the Company with respect to such compliance. If on a Purchase Date in any Offering
Period hereunder, the Plan is not so registered or in such compliance, options granted under the Plan which are not in material compliance
shall not be exercised on such Purchase Date, and the Purchase Date shall be delayed until the Plan is subject to such an effective registration
statement and such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and the Purchase Date shall
in no event be more than twenty-seven (27) months from the Commencement Date relating to such Offering Period. If, on the Purchase Date
of any offering hereunder, as delayed to the maximum extent permissible, the Plan is not registered and in such compliance, options granted
under the Plan which are not in material compliance shall not be exercised and all payroll deductions accumulated during the Offering
Period (reduced to the extent, if any, that such deductions have been used to acquire Ordinary Shares) shall be returned to
the Participants, without interest. The provisions of this Section 17 shall comply with the requirements of Code Section 423(b)(5) to
the extent applicable.

(b) As a condition to the exercise of an option, Sponsor may require the person exercising such option to represent and warrant at the
time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute
such Shares if, in the opinion of counsel for Sponsor, such a representation is required by any of the aforementioned applicable provisions
of law.

18. GOVERNMENTAL REGULATIONS

This Plan and Sponsor's obligation to sell and deliver Ordinary Shares under the Plan shall be subject to the approval of any governmental authority required in connection with the Plan or the authorization, issuance, sale, or delivery of shares hereunder.

19. NO ENLARGEMENT OF EMPLOYEE RIGHTS

Nothing contained in this Plan shall be deemed to give any Employee or other individual the right to be retained in the employ or service of Sponsor or any Participating Subsidiary or to interfere with the right of Sponsor or Participating Subsidiary to discharge any Employee or other individual at any time, for any reason or no reason, with or without notice.

20. GOVERNING LAW

This Plan shall be construed in accordance with and governed by the laws of the Cayman Islands.

21. EFFECTIVE DATE

This Plan shall be effective on the Effective Date, subject to approval of the Shareholders of Sponsor within twelve (12) months before or after its date of adoption by the Board.

22. REPORTS

Individual accounts shall be maintained for each Participant in the Plan. Statements of account shall be made available to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Purchase Price, the number of Ordinary Shares purchased and the remaining cash balance, if any.

23. DESIGNATION OF BENEFICIARY FOR OWNED SHARES

With respect to Ordinary Shares purchased by the Participant pursuant to the Plan and held in an account maintained by Sponsor or its assignee on the Participant's behalf, the Participant may be permitted to file a written designation of beneficiary, who is to receive any shares and cash, if any, from the Participant's account under the Plan in the event of such Participant's death subsequent to the end of an Offering Period but prior to delivery to him or her of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant's account under the Plan in the event of such Participant's death prior to the Purchase Date of an Offering Period. If a Participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective, to the extent required by local law. The Participant (and if required under the preceding sentence, his or her spouse) may change such designation of beneficiary at any time by written notice. Subject to local legal requirements, in the event of a Participant's death, Sponsor or its assignee shall deliver any Ordinary Shares and/or cash to the designated beneficiary. Subject to local law, in the event of the death of a Participant and in the absence of a beneficiary validly designated who is living at the time of such Participant's death, Sponsor shall deliver such Ordinary Shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of Sponsor), Sponsor in its sole discretion, may deliver (or cause its assignee to deliver) such Ordinary Shares and/or cash to the spouse, or to any one or more dependents or relatives of the Participant, or if no spouse, dependent or relative is known to Sponsor, then to such other person as Sponsor may determine. The provisions of this Section 23 shall in no event require Sponsor to violate local law, and Sponsor shall be entitled to take whatever action it reasonably concludes is desirable or appropriate in order to transfer the assets allocated to a deceased Participant's account in compliance with local law.

24. ADDITIONAL RESTRICTIONS OF RULE 16b-3.

The terms and conditions of options granted hereunder to, and the purchase of Ordinary Shares by, persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This Plan shall be deemed to contain, and such options shall contain, and the Ordinary Shares issued upon exercise thereof shall be subject to, such additional conditions and restrictions, if any, as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions.

25. NOTICES

All notices or other communications by a Participant to Sponsor or the Committee under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by Sponsor or the Committee at the location, or by the person, designated by Sponsor for the receipt thereof.

## Exhibit 5.1

**Exhibit 5.1**

![](ea028634901_ex5-1img1.jpg)

---

| | | |
|:---|:---|:---|
| **Webull Corporation**<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716 | **D** | **+852 6595 3937 / +852 3656 6073** |
| **Webull Corporation**<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716 | **E**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**nicholas.plowman@ogier.com /**<br> **rachel.huang@ogier.com** |
| **Webull Corporation**<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716 | | |
| **Webull Corporation**<br> 200 Carillon Parkway<br> St. Petersburg, Florida 33716 | Reference: NJP/RYH/505546.00003 | Reference: NJP/RYH/505546.00003 |

---

16 April 2026

Dear Sirs

**Webull Corporation (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form S-8, including all amendments and supplements thereto (the **Registration Statement**), to be filed on or about the date hereof with the U.S. Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). The Registration Statement relates to the registration of up to 5,000,000 class A ordinary shares of a par value of US$0.00001 each (collectively, the **ESPP Shares**) pursuant to the Company's 2026 employee share purchase plan adopted by the Compensation Committee on 22 December 2025 and effective from 1 January 2026 (the **ESPP**).

We are furnishing this opinion as Exhibits 5.1 and 23.2 to the Registration Statement.

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| | |
|:---|:---|
| **1** | **Documents examined** |

---

For the purposes of giving this opinion, we have examined copies or drafts of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 certificate of incorporation of the Company dated 2 September 2019 issued by the Registrar
 of Companies of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 fifth amended and restated memorandum and articles of association of the Company adopted
 by a special resolution passed on 3 December 2024 and effective on 10 April 2025 and filed
 with the Registrar on 16 April 2025 (the **Memorandum** and the **Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a
 certificate of good standing dated 14 April 2026 issued by the Registrar in respect of the
 Company (the **Good Standing Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 register of directors and officers of the Company filed with the Registrar on 16 June 2025
 (the **Register**);

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands, Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li<br> Cecilia Li | Yuki Yan<br> David Lin<br> Alan Wong<br> Janice Chu<br> Zhao Rong Ooi<br> Rachel Huang\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup><br>| \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

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Page 2 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a
 certificate from a director of the Company the date of this opinion as to certain matters
 of facts (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Register of Writs at the office of the Clerk of Courts in the Cayman Islands as inspected
 by us on 15 April 2026 (the **Register of Writs**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a
 search on the Cayman Online Registry Information Service conducted against the Company at
 the Registrar on 15 April 2026 (the **CORIS Search**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 charter of the Compensation Committee adopted pursuant to the unanimous written resolutions
 of the board of directors of the Company passed on 10 April 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) copies
 of minutes of the regular meeting of the Compensation Committee held on 22 December 2025
 (the **Committee Minutes**) and the written resolutions adopted by the Compensation Committee
 on 23 January 2026 (the **Committee Resolutions**, together with the Committee Minutes,
 the **Approvals**), approving, among other things, the Company's filing of the Registration
 Statement, the adoption of the ESPP, and the issuance of the ESPP Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the
 ESPP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Registration Statement.

---

| | |
|:---|:---|
| **2** | **Assumptions** |

---

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all
 original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all
 copies of documents examined by us (whether in facsimile, electronic or other form) conform
 to the originals and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all
 signatures, seals, dates, stamps and markings (whether on original or copy documents) are
 genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each
 of the Good Standing Certificate, the Register, and the Director's Certificate is accurate
 and complete as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 CORIS Search which we have examined is accurate and that the information disclosed by the
 CORIS Search is true and complete and that such information has not since been altered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Register of Writs constitutes a complete and accurate record of the proceedings affecting
 the Company before the Grand Court of the Cayman Islands as at the time we conducted our
 investigation of such register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all
 copies of the Registration Statement are true and correct copies and the Registration Statement
 conforms in every material respect to the latest drafts of the same produced to us and, where
 the Registration Statement has been provided to us in successive drafts marked-up to indicate
 changes to such documents, all such changes have been so indicated;

Page 3 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 Approvals remain in full force and effect and each of the directors of the Company who is
 a member of the Compensation Committee has acted in good faith with a view to the best interests
 of the Company and has exercised the standard of care, diligence and skill that is required
 of him or her in approving the ESPP and the Registration Statement and no director has a
 financial interest in or other relationship to a party of the transactions contemplated in
 the ESPP and/or the Registration Statement which has not been properly disclosed in the Approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each
 of the ESPP and the Registration Statement has been duly authorised and duly executed and
 unconditionally delivered by or on behalf of the Company in accordance with all relevant
 laws (other than the laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) one
 of the persons within the category of persons nominated in the Approvals as authorised to
 execute the ESPP, the Registration Statement and the documents contemplated thereunder on
 behalf of the Company in fact executed those documents with the intention to bind the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) each
 of the ESPP and the Registration Statement is legal, valid and binding and enforceable against
 all relevant parties in accordance with its terms under relevant law (other than, with respect
 to the Company, the laws of the Cayman Islands);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) if
 an obligation is to be performed in a jurisdiction outside the Cayman Islands, its performance
 will not be contrary to an official directive, impossible or illegal under the laws of that
 jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the
 ESPP Shares shall be issued at an issue price at least equal to the par value thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the
 capacity, power, authority and legal right of the Company under all relevant laws and regulations
 (other than the laws of the Cayman Islands) to enter into, execute, unconditionally deliver
 and perform its obligations under the ESPP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) no
 moneys paid to or for the account of any party under the ESPP represent, or will represent,
 criminal property or terrorist property (as defined in the Proceeds of Crime Act (Revised),
 and the Terrorism Act (Revised) respectively). None of the parties to the ESPP is acting
 or will act in relation to the transactions contemplated by the ESPP, in a manner inconsistent
 with sanctions imposed by Cayman Islands authorities, or United Nations or United Kingdom
 sanctions or measures extended by statutory instrument to the Cayman Islands by orders of
 His Majesty in Council;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the
 Company has received, or will receive, money or money's worth (the **Consideration**)
 in consideration for the issue of the ESPP Shares, and none of the ESPP Shares have, or will
 be, issued for less than their par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) neither
 the directors nor the shareholders of the Company have taken any steps to appoint a liquidator
 of the Company and no receiver or restructuring officer has been appointed over any of the
 Company's property or assets;

Page 4 of **6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) none
 of the opinions expressed herein will be adversely affected by the laws or public policies
 of any jurisdiction other than the Cayman Islands. In particular, but without limitation
 to the previous sentence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 laws or public policies of any jurisdiction other than the Cayman Islands will not adversely
 affect the capacity or authority of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither
 the execution or delivery of the ESPP nor the exercise by any party to the ESPP of its rights
 or the performance of its obligations under them contravene those laws or public policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) each
 written agreement, contract, or other instrument or document evidencing an option to be granted,
 or to effect the issuance of the shares of the Company, under the ESPP (each an **ESPP Agreement**)
 (as applicable) will be authorised, duly executed and unconditionally delivered by or on
 behalf of the Company in accordance with all relevant laws upon the issuance of the ESPP
 Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) each
 ESPP Agreement will be legal, valid and binding and enforceable against all relevant parties
 in accordance with its terms under relevant law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) there
 are no agreements, documents or arrangements (other than the documents expressly referred
 to in this opinion as having been examined by us) that materially affect or modify the ESPP
 or the transactions contemplated by the ESPP or restrict the powers and authority of the
 Company in any way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) none
 of the transactions contemplated by the ESPP relate to any partnership interests, shares,
 voting rights in a Cayman Islands company, limited liability company, limited liability partnership,
 limited partnership, foundation company, exempted limited partnership, or any other person
 that may be prescribed in regulations from time to time (a **Legal Person**) or to the
 ultimate effective control over the management of a Legal Person (the **Relevant Interests**)
 that are subject to a restrictions notice issued pursuant to the Beneficial Ownership Transparency
 Act (Revised) of the Cayman Islands (a **Restrictions Notice**).

---

| | |
|:---|:---|
| **3** | **Opinions** |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Valid Issuance of ESPP Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 ESPP Shares to be offered and issued by the Company pursuant to the provisions of the ESPP,
 having been duly authorised and, when issued by the Company upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) payment
 in full of the Consideration as set out in the provisions of the ESPP and in accordance with
 the provisions of the ESPP, the then effective memorandum and articles of association of
 the Company, the Approvals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 entry of those ESPP Shares as fully paid on the register of members of the Company,

shall be validly issued, fully paid and non-assessable.

Page 5 of **6**

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| | |
|:---|:---|
| **4** | **Limitations and Qualifications** |

---

4.1 We
 offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as
 to any laws other than the laws of the Cayman Islands, and we have not, for the purposes
 of this opinion, made any investigation of the laws of any other jurisdiction, and we express
 no opinion as to the meaning, validity, or effect of references in the ESPP and/or the Registration
 Statement to statutes, rules, regulations, codes or judicial authority of any jurisdiction
 other than the Cayman Islands; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except
 to the extent that this opinion expressly provides otherwise, as to the commercial terms
 of, or the validity, enforceability or effect of the Registration Statement, the accuracy
 of representations, the fulfilment of warranties or conditions, the occurrence of events
 of default or terminating events or the existence of any conflicts or inconsistencies among
 the Registration Statement and any other agreements into which the Company may have entered
 or any other documents.

4.2 Under
 the Companies Act (as revised) of the Cayman Islands (the **Companies Act**), the register
 of members of a Cayman Islands company is by statute regarded as *prima facie* evidence
 of any matters which the Companies Act directs or authorises to be inserted therein. A third
 party interest in the shares in question would not appear. An entry in the register of members
 may yield to a court order for rectification (for example, in the event of fraud or manifest
 error).

4.3 Under
 the Companies Act annual returns in respect of the Company must be filed with the Registrar,
 together with payment of annual filing fees. A failure to file annual returns and pay annual
 filing fees may result in the Company being struck off the Register of Companies, following
 which its assets will vest in the Financial Secretary of the Cayman Islands and will be subject
 to disposition or retention for the benefit of the public of the Cayman Islands.

4.4 **In good standing** means only that as of the date of the Good Standing Certificate the Company
 is up-to-date with the filing of its annual returns and payment of annual fees with the Registrar.
 We have made no enquiries into the Company's good standing with respect to any filings or
 payment of fees, or both, that it may be required to make under the laws of the Cayman Islands
 other than the Companies Act.

4.5 In
 this opinion, the phrase "non-assessable" means, with respect to the ESPP Shares
 in the Company, that a shareholder shall not, solely by virtue of its status as a shareholder,
 be liable for additional assessments or calls on the ESPP Shares by the Company or its creditors
 (except in exceptional circumstances, such as involving fraud, the establishment of an agency
 relationship or an illegal or improper purpose or other circumstance in which a court may
 be prepared to pierce or lift the corporate veil).

4.6 Our
 examination of the Register of Writs cannot conclusively reveal whether or not there is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any
 current or pending litigation in the Cayman Islands against the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 application for the winding up or dissolution of the Company or the appointment of any liquidator,
 trustee in bankruptcy or restructuring officer in respect of the Company or any of its assets,

as notice of these matters might not be entered on the Register of Writs immediately or updated expeditiously or the court file associated with the matter or the matter itself may not be publicly available (for example, due to sealing orders having been made). Furthermore, we have not conducted a search of the summary court. Claims in the summary court are limited to a maximum of CI $20,000.

Page 6 of **6**

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| | |
|:---|:---|
| **5** | **Governing law of this opinion** |

---

5.1 This
 opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed
 by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited
 to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined
 to, and given on the basis of, the laws and practice in the Cayman Islands at the date of
 this opinion.

5.2 Unless
 otherwise indicated, a reference to any specific Cayman Islands legislation is a reference
 to that legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving such consent, we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

This opinion may be used only in connection with the issuance of the ESPP Shares while the Registration Statement is effective.

---

| |
|:---|
| Yours faithfully |
| **/s/ Ogier** |
| **Ogier** |

---

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement on Form S-8 of Webull Corporation of our report dated April 8, 2026, with respect to the consolidated financial statements, which appears in the annual report on Form 20-F of Webull Corporation for the year ended December 31, 2025, incorporated herein by reference.

/s/ KPMG LLP

New York, New York

April 16, 2026

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Webull Corp**

**Table 1: Newly Registered Securities**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Ordinary shares, par value $0.00001 per share, reserved for issuance pursuant to the Webull Corporation 2026 Employee Share Purchase Plan | (1) | Other | 5000000 | $4.97 | $24850000.00 | 0.0001381 | $3431.79 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $24850000.00 |  | 3431.79 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 3431.79 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $0.00 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents ordinary shares issuable pursuant to the 2026 ESPP which shares consist of 5,000,000 Class A ordinary shares reserved and available for delivery under the 2026 ESPP pursuant to such plan's terms and conditions. Estimated for the purpose of calculating the registration fee in accordance with Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the Class A ordinary shares reported on Nasdaq on April 9, 2026, which was approximately $4.97 per share.

**Table 2: Fee Offset Claims and Sources**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Registrant or Filer Name** | **Notes** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | **Security Title Associated with Fee Offset Claimed** | **Unsold Securities Associated with Fee Offset Claimed** | **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | **Fee Paid with Fee Offset Source** |
| *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* | *Rule 457(p)* |
| Fee Offset Claims | Webull Corporation | (1) | F-1 | 333-288787 | 07/18/2025 |  | $3431.79 | Equity | Webull Class A Ordinary Shares, par value $0.00001 per share | 1791792 | $794385000.00 | $— |
| Fee Offset Sources | Webull Corporation |  | F-1 | 333-288787 |  | 07/18/2025 |  |  |  |  |  | 143951.06 |

---

**__________________________________________ Rule 457(p) Statement of Withdrawal, Termination, or Completion:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The registrant has terminated or completed any offerings that included the unsold securities under the Prior Registration Statement (as defined below). The registrant previously paid a registration fee of $143,951.06 with respect to the registrant's Registration Statement on Form F-1 (File No. 333-288787), which was initially filed by the registrant on July 18, 2025 (the "Prior Registration Statement") pertaining to the registration of up to 75,159,236 Webull Class A Ordinary Shares, par value $0.00001 per share (the "Webull Class A Ordinary Shares"), of which 63,500,000 Webull Class A Ordinary Shares remained unsold. Pursuant to Rule 457(p) under the Securities Act, the registrant is entitled to offset a registration fee of $121,620.34 with respect to unsold securities registered under the Prior Registration Statement. The offering of securities under the Prior Registration Statement will be deemed terminated as of the date of effectiveness of this registration statement on Form S-8.