Court Approval Granted for Soulpower and SWB Holdings' BVI Transaction
On July 30, 2026, Soulpower Acquisition Corporation (NYSE: SOUL) and SWB Holdings announced that the High Court of Justice in the British Virgin Islands has approved a key condition related to their proposed transaction involving Bank of Asia (BVI). The court granted permission for joint liquidators of Bank of Asia (BVI) Limited to sell certain assets to SWB LLC, fulfilling one requirement under an asset sale agreement dated November 6, 2025. However, additional conditions remain outstanding. SWB Holdings must also obtain a banking license from the British Virgin Islands Financial Services Commission and deposit protection membership approval by the Virgin Islands Deposit Insurance Corporation before it can engage in banking activities. SWB has already submitted its application for a banking license and is progressing through regulatory review processes. The proposed business combination remains subject to shareholder approval. Soulpower Acquisition Corp., a special purpose acquisition company, raised $250 million in an initial public offering underwritten by Cantor Fitzgerald in April 2025.
Tickers: $SOUL U
Topics: acquisition banking court approval SPAC merger