Soulpower Acquisition Corp. (symbol: SOUL) is the issuer of record for a Form 425 filing submitted to the SEC.
Soulpower Acquisition Corp. (symbol: SOUL) is the issuer of record for a Form 8-K filing submitted to the SEC.
Soulpower Acquisition Corporation, a Cayman Islands SPAC, reported June 30, 2026 total assets of $265.3 million, primarily $262.2 million of cash and equivalents held in its trust account. The company has not begun operating activities and its income is almost entirely interest on trust assets.
For the six months ended June 30, 2026, Soulpower recorded net income of $3.5 million, driven by $4.6 million of trust interest, partially offset by $1.0 million of general and administrative costs and interest on a sponsor note. Cash outside the trust was $120,744, with a working capital deficit of $1.24 million and sponsor loans totaling $3.66 million, including promissory notes of which $2.91 million may be forgiven if a deal closes. Due from affiliate SWB LLC for reimbursable deal costs was $2.95 million.
The company entered into a Business Combination Agreement with SWB LLC and Pubco, aiming to form “SOUL WORLD BANK.” SWB LLC expects contributions of assets valued at about $6.75 billion, with an implied pre-money value of approximately $8.1 billion, and Pubco has a $5.0 billion committed equity facility, all subject to closing conditions. Management discloses that, given limited cash, reliance on financing, and an April 3, 2027 combination deadline, there is substantial doubt about its ability to continue as a going concern.
Soulpower Acquisition Corporation reports that, on July 23, 2026, the Commercial Division of the High Court of Justice of the Virgin Islands granted an application by the joint liquidators of Bank of Asia (BVI) Limited (in liquidation) for permission to sell certain of the bank’s property, rights and assets to SWB LLC (or its affiliate, successor or designee).
The approval is described as satisfying one of the conditions of the Asset Sale Agreement dated November 6, 2025 between the joint liquidators and SWB LLC, which is connected to the previously announced proposed business combination among Soulpower Acquisition Corporation, SWB Holdings and SWB LLC. Soulpower and SWB Holdings issued a press release about this development on July 30, 2026.
Soulpower Acquisition Corporation and SWB Holdings reported that, on July 23, 2026, the Commercial Division of the High Court of Justice of the Virgin Islands granted the application of the joint liquidators of Bank of Asia (BVI) Limited to sell certain of the bank’s property, rights and assets to SWB LLC or its affiliate. This permission satisfies one of the conditions in the Asset Sale Agreement dated November 6, 2025 between the liquidators and SWB LLC, which underpins the previously announced proposed business combination among Soulpower, SWB Holdings and SWB LLC.
The companies note that other conditions under the Asset Sale Agreement remain outstanding. SWB must still obtain a banking licence from the British Virgin Islands Financial Services Commission and deposit protection membership from the Virgin Islands Deposit Insurance Corporation before engaging in banking activities; its licence application is under review. The proposed business combination remains subject to applicable closing conditions, including approval by Soulpower’s shareholders. Soulpower is a SPAC that raised $250 million in its upsized IPO in April 2025.
Soulpower Acquisition Corporation entered into a new financing arrangement with an affiliate of its sponsor. On May 29, 2026, the company issued an unsecured promissory note of up to $2,500,000 to Soulpower Management LLC for general working capital needs.
The note bears no interest, is not convertible into company securities, and will be automatically forgiven in full if Soulpower completes its initial business combination. If no business combination occurs, the principal becomes due upon an event of default or the company’s liquidation, under customary default terms in the note.
Barclays PLC reports beneficial ownership of 1,129,639 shares of SOULPOWER ACQUISITION CO-A common stock, representing 4.40% of the class as of 03/31/2026. The filing states Barclays Bank PLC as the acquiring subsidiary and records sole voting and dispositive power over the 1,129,639 shares. The Schedule 13G/A is signed by Ramya Rao, Director, dated 05/14/2026.
Soulpower Acquisition Corporation reported net income of $1,580,333 for the quarter ended March 31, 2026, driven mainly by $2,265,236 of interest earned on $259,885,212 held in its Trust Account. Operating costs were $685,558 as the SPAC continued pursuing a business combination.
The company has a proposed Business Combination Agreement with SWB LLC and SWB Holdings (Pubco), under which the combined group aims to operate as SOUL WORLD BANK, an international digital-focused financial institution. However, the deal had not closed by March 31, 2026 and remains subject to shareholder and regulatory approvals.
Liquidity is tight, with only $56,403 of cash outside the Trust Account and loans payable to the sponsor totaling $2,257,906. Management cites negative working capital of $863,801, reliance on sponsor financing, and a hard deadline of April 3, 2027 to complete a transaction, concluding there is substantial doubt about the company’s ability to continue as a going concern.
Soulpower Acquisition Corp. ownership disclosure: AQR Capital Management, LLC and related entities report beneficial ownership of 1,254,947 ordinary shares, representing 4.90% of the class. The filing lists shared voting and dispositive power for the same 1,254,947 shares.
The statement identifies AQR Capital Management, LLC; AQR Capital Management Holdings, LLC; and AQR Arbitrage, LLC as filing persons and notes entity relationships among them.
Soulpower Acquisition Corporation amendment to a Schedule 13G/A discloses that Wolverine Asset Management, LLC and related filers report shared voting and dispositive power over 1,219,496 shares of Class A ordinary shares, representing 4.76% of outstanding shares. The filing cites 25,620,000 shares outstanding as of March 27, 2026.
The filing states that Wolverine Holdings, LLC is the sole member/manager of WAM and that Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Holdings; all three are reported with shared voting and dispositive power over the same 1,219,496 shares. The Schedule is signed and dated April 17, 2026.