MergerJul 30, 2026, 05:03 PM
Soulpower SPAC Merger: Court Approves Bank of Asia Asset Sale
AI Summary
Soulpower Acquisition Corp. and SWB Holdings announced that the Virgin Islands High Court has approved the application for the joint liquidators of Bank of Asia (BVI) Limited to sell certain assets to SWB LLC. This court approval is a key condition for the proposed business combination. However, other conditions, including SWB obtaining a banking license from the British Virgin Islands Financial Services Commission and deposit protection membership, remain outstanding. The overall business combination is also subject to Soulpower shareholder approval.
Key Highlights
- Virgin Islands High Court approved asset sale for Soulpower SPAC merger.
- Joint liquidators of Bank of Asia (BVI) Limited to sell assets to SWB LLC.
- Court permission granted on July 23, 2026, for asset sale.
- Asset Sale Agreement was initially signed on November 6, 2025.
- SWB LLC still requires a banking license from BVI FSC and VIDIC approval.
- SWB has submitted its banking license application for review.
- Proposed business combination remains subject to shareholder approval and other conditions.
- Soulpower Acquisition Corp. raised $250 million in its April 2025 IPO.
Price Impact
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