Soulpower Acquisition Corp., a blank check company incorporated in the Cayman Islands, has reported its financial performance and strategic developments in its recent 10-K filing. The company completed its initial public offering (IPO) on April 3, 2025, raising gross proceeds of $250 million from the sale of 25 million units, each consisting of one Class A ordinary share and one right to receive one-tenth of a share upon the completion of a business combination. Additionally, the company raised $6.2 million through a private placement of 620,000 units. As of December 31, 2025, Soulpower held approximately $257.6 million in its trust account, with an additional $207,108 in cash available for operational expenses.
In terms of operational developments, Soulpower has not generated any revenue to date, as it has focused on identifying potential business combination targets. The company reported a net income of $5.96 million for the year ended December 31, 2025, primarily due to interest earned on cash held in the trust account. The company incurred operational costs of approximately $1.67 million, reflecting its expenses related to being a public entity and pursuing acquisition opportunities. The filing indicates that the company is actively seeking to complete its initial business combination, with a focus on technology and software infrastructure companies, particularly those serving the financial services, real estate, and asset management sectors.
Significant strategic developments include the announcement of a business combination agreement with SWB LLC on November 24, 2025. This agreement outlines a merger that will result in Soulpower shareholders receiving non-voting Class A ordinary shares of SWB Holdings, the newly formed entity. The merger is expected to create an international financial institution focused on digital banking services. The company has also established working capital loans to finance transaction costs associated with the business combination, with outstanding amounts of $988,480 as of December 31, 2025.
Looking ahead, Soulpower's management has expressed confidence in completing the business combination with SWB, although they acknowledge the potential challenges posed by market conditions and the competitive landscape for acquisition targets. The company has indicated that it may need to secure additional financing to complete the business combination, particularly if the cash portion of the purchase price exceeds the available funds in the trust account. The filing emphasizes the importance of timely execution and the need for strategic decision-making as the company approaches its completion window for the business combination, which is set at 24 months from the IPO date.
About Soulpower Acquisition Corp.
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