Soulpower Acquisition Corporation has successfully priced its initial public offering (IPO) at $220 million, with 22 million units sold at $10 each. These units, set to be listed on the New York Stock Exchange (NYSE), include one Class A ordinary share and a share right for one-tenth of a Class A ordinary share post-business combination. This move underscores the company's focus on leveraging the IPO proceeds to explore acquisition opportunities within the insurance services, retirement savings, and related financial services sectors.
Under the leadership of CEO Justin Lafazan and a seasoned board of directors, Soulpower is well-equipped to navigate the complexities of identifying and merging with businesses at various development stages. The securities are anticipated to commence trading under the ticker symbols 'SOUL' for shares and 'SOULR' for share rights following the closing on April 3, 2025. Cantor Fitzgerald & Co. plays a pivotal role as the sole book-running manager, with an option to purchase an additional 3.3 million units to address over-allotments within 45 days.
The IPO's proceeds are designated for a trust account, earmarked for future business combinations, highlighting the company's strategic approach to growth and expansion in the financial services industry. With a management team boasting extensive sector experience, Soulpower is positioned to make informed decisions on potential acquisitions that align with its objectives.
The registration statement for these securities, now effective as of April 1, 2025, with the U.S. Securities and Exchange Commission, provides a foundation for this venture. Investors are advised to consider the forward-looking statements and associated risks detailed in the company's registration documents, available at https://www.sec.gov, to make informed decisions.
