Soulpower Acquisition Corporation Reports Q2 2026 Financial Results and Business Combination Progress

Soulpower Acquisition Corporation has reported its financial results for the second quarter of 2026, revealing a net income of $1.9 million for the three months ending June 30, 2026, compared to $2.1 million for the same period in 2025. The company generated interest income of $2.3 million from cash held in its Trust Account, alongside $740 in dividend income. Operating expenses for the quarter were $318,525, a decrease from $389,691 in the prior year. For the first half of 2026, net income totaled $3.5 million, significantly higher than the $1.96 million reported in the first half of 2025, driven by increased interest income from the Trust Account.

The company’s balance sheet as of June 30, 2026, shows total assets of $265.3 million, a slight increase from $259.1 million at the end of 2025. Cash held in the Trust Account rose to $262.2 million, up from $257.6 million. However, total liabilities increased to $15 million from $12.3 million, primarily due to a rise in loans payable to the Sponsor, which reached $3.7 million compared to $988,480 at the end of 2025. The accumulated deficit also widened to $11.8 million from $10.8 million, reflecting ongoing operational costs and interest expenses.

In terms of strategic developments, Soulpower Acquisition Corporation is in the process of completing a business combination with SWB LLC, which was announced on November 24, 2025. This merger is expected to create an international financial institution focused on digital banking services. The transaction remains subject to customary closing conditions, including shareholder and regulatory approvals. The company has not yet commenced operations and does not anticipate generating revenue until after the completion of this business combination.

Operationally, the company reported a cash balance of $120,744 outside of the Trust Account, which is intended for working capital purposes. The company has also engaged in various financing activities, including the issuance of unsecured promissory notes to support its working capital needs. As of June 30, 2026, the company had borrowed a total of $3.7 million from the Sponsor, which is expected to be repaid upon the consummation of the business combination.

Looking ahead, Soulpower Acquisition Corporation faces significant uncertainty regarding its ability to complete the proposed business combination by the deadline of April 3, 2027. Management has expressed concerns about the company's liquidity and capital resources, indicating that if the business combination does not close, the company may need to seek alternative transactions or face liquidation. The company’s ability to continue as a going concern is contingent upon successfully completing the business combination and securing additional financing if necessary.