Soulpower Acquisition Corp.

Soulpower Acquisition Corporation and SWB Holdings announced that the Commercial Division of the High Court of Justice of the Virgin Islands granted permission for the sale of Bank of Asia (BVI) Limited's assets to SWB LLC. This approval fulfills one of the conditions of the Asset Sale Agreement, which is integral to the previously announced proposed business combination among Soulpower, SWB Holdings, and SWB LLC. However, other conditions, including obtaining a banking license and deposit protection approval, as well as Soulpower shareholder approval, remain outstanding.

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.

Soulpower Acquisition Corp. issued an unsecured promissory note, the 'B Note,' for up to $2,500,000 to Soulpower Management LLC. The note will be automatically forgiven upon the company's initial business combination, otherwise, it becomes due upon default or liquidation. Proceeds from the non-interest-bearing note will be used for general working capital purposes. The lender is a related party, controlled by Justin Lafazan, the company's CEO and Chairman.

Blake Janover resigned from the board of directors of Soulpower Acquisition Corporation, effective April 1, 2026. The resignation was not due to any disagreement with the company's operations, policies, or practices.