Soulpower Acquisition Corp. (NYSE: SOUL-RI)

Soulpower Acquisition Corporation is a blank check company incorporated as a Cayman Islands exempted company on May 14 2024. The company was formed for the sole purpose of effecting a merger amalgamation share exchange asset acquisition share purchase reorganization or similar business combination with one or more businesses or entities. It intends to consummate its Business Combination using cash from the proceeds of its Initial Public Offering and the sale of Private Placement Units as well as its shares debt or a combination of cash shares and debt. As of the date of the filing Soulpower Acquisition Corporation has not engaged in any commercial operations and remains a shell vehicle searching for a suitable target. The management team and the sponsor are responsible for identifying negotiating and completing the initial business combination. The company’s organizational activities since inception have been limited to preparations for its public offering and administrative functions required of a publicly listed entity.

Soulpower Acquisition Corporation has not generated any operating revenues since its inception. The company’s only source of income is non operating interest earned on the proceeds held in the trust account from its Initial Public Offering and Private Placement Units. For the three months ended September 30 2025 it reported interest income of two million six hundred thirty eight thousand two hundred two dollars which partially offset operational costs of four hundred one thousand nine hundred forty dollars resulting in net income of two million two hundred forty two thousand eight hundred sixty three dollars. For the nine months ended September 30 2025 interest income was five million one hundred fifty eight thousand five hundred eighteen dollars offset by operational costs of nine hundred seventy one thousand five hundred thirty nine dollars yielding net income of four million two hundred thousand two hundred fifty nine dollars. The company expects to continue earning interest on the trust balance until a Business Combination is completed after which operating revenues will depend on the acquired business. Until that time all expenses are related to being a public company and to due diligence activities.

Soulpower Acquisition Corporation operates within the special purpose acquisition company sector which comprises numerous blank check entities that raise capital through initial public offerings with the intent of acquiring an operating business. The company competes with other SPACs that are likewise seeking suitable targets across various industries and geographies. While the filing does not name specific rivals the broader market includes many well known sponsors and management teams that have completed multiple combinations. Soulpower Acquisition Corporation’s competitive position stems from its freshly raised trust balance of approximately two hundred fifty five million dollars the experience of its sponsor and management team and the flexibility to use cash shares or debt as consideration in a transaction. The ability to structure consideration in multiple forms may enhance its attractiveness to prospective target businesses seeking a customized deal structure. Moreover the company’s status as a newly incorporated entity allows it to adopt current governance practices and comply with the evolving regulatory framework for SPACs including the 2024 SPAC Rules without legacy constraints.

The company does not have traditional customers because it has not yet commenced operations following a Business Combination. Its primary stakeholders are the public shareholders who purchased units in the Initial Public Offering and the private placement investors who acquired the Private Placement Units. In addition Soulpower Acquisition Corporation engages with potential target businesses that it evaluates for a possible merger or acquisition. These target entities represent the counterparties with which the company negotiates terms conducts due diligence and ultimately seeks to combine. Until a Business Combination is completed the company’s interactions are limited to advisory consultations financial analysis and negotiation activities with these prospective partners. No specific customer names are disclosed in the filing.