SOUL-UNNYSEBlank ChecksUS GAAP · USD

Soulpower Acquisition Corp.

Soulpower Acquisition Corp. is a special purpose acquisition company incorporated in the Cayman Islands and based in the United States. It was formed to complete a merger, share exchange, asset acquisition, share purchase, recapitalization, or similar business combination with an operating business that it has not yet identified.

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Net income6.0m USD

Fiscal year 2025 · change from previous year

Development 2025–2025

01m USD2025
RevenueOperating profit (EBIT)

Business

Share of revenue
SPAC formation and capital raising100 %

Public shell company structure used to raise capital for a future acquisition.

Customers

Soulpower Acquisition Corp. does not sell products or services to end customers in the ordinary sense; its counterparties are investors, sponsors, and potential merger targets. The company’s economic purpose is to identify and combine with a private operating business, after which the combined company would serve the target’s customers and markets.

Public market investors

Buy SPAC units and shares for exposure to a future business combination and redemption rights.

Sponsor and insider capital providers

Provide founder shares, private placement units, and working capital support to fund the SPAC structure.

Potential acquisition targets

Private operating businesses that may merge with the SPAC to access public markets.

Strategy

The company’s core strategy is to identify and complete an initial business combination within its permitted time window. It relies on sponsor support, public capital, and redemption management to preserve flexibility while evaluating target businesses and negotiating a transaction.

Identify a viable target businessShort term

The SPAC has no operating business until it closes a transaction.

Complete the initial business combinationShort term

Closing a transaction is the central value-creation event for the structure.

Preserve transaction flexibilityMedium term

Sponsor alignment and capital structure affect deal execution and redemption outcomes.

Geography

The company is incorporated as a Cayman Islands exempted company, while its securities are marketed through U.S. capital markets. Its business is global in target search, but the disclosed operating footprint is primarily tied to the United States and the offshore SPAC structure in the Cayman Islands.

Risks

The company’s main risk is that it may not complete a business combination within the required timeframe, which could force liquidation. It also faces execution risk in target selection, due diligence, financing, and shareholder redemptions, along with broader market and geopolitical conditions that can reduce deal availability or investor support.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Failure to complete an initial business combination1Shareholder redemptions2Target diligence and valuation risk3Capital markets and geopolitical volatility4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Failure to complete an initial business combinationImpact: CriticalLikelihood: High

    A SPAC has no operating business until a transaction closes, and failure to do so can trigger liquidation.

    Exposure: Completion window and target availability

  2. Shareholder redemptionsImpact: HighLikelihood: High

    Investors may redeem public shares, reducing cash available for the acquisition and increasing deal uncertainty.

    Exposure: Transaction financing and closing conditions

  3. Target diligence and valuation riskImpact: HighLikelihood: Medium

    The company must evaluate businesses it has not yet identified, increasing the chance of mispricing or poor fit.

    Exposure: Merger terms and post-close performance

  4. Capital markets and geopolitical volatilityImpact: MediumLikelihood: High

    Market disruptions can affect target availability, investor sentiment, and the ability to complete financing.

    Exposure: Global macro conditions

Accounting

Judgemental items
Trust account accounting

Funds raised in the offering are typically held in trust and their classification affects liquidity presentation and redemption mechanics.

Impact: Balance sheet and redemption-related disclosures

Fair value measurement of warrants and units

SPAC instruments often require valuation models and judgment at issuance and remeasurement.

Impact: Non-cash gains or losses and equity classification

Deferred underwriting fee payable

The filing discloses a deferred underwriting fee payable, which is a transaction-specific liability tied to the offering.

Impact: Liabilities and future cash outflows

Going concern and completion-window estimates

Management must assess whether the company can complete a business combination before liquidation.

Impact: Liquidity and continuation disclosures

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Last updated: 24/09/2026