Soulpower Acquisition Corporation (NYSE: SOUL) and SWB Holdings announced that the Commercial Division of the High Court of Justice of the Virgin Islands granted permission to the joint liquidators of Bank of Asia (BVI) Limited to sell certain of the bank's property, rights, and assets to SWB LLC.

The court order, issued July 23, 2026, satisfies one condition of an Asset Sale Agreement entered into on November 6, 2025, between the joint liquidators and SWB LLC.

Additional conditions of the Asset Sale Agreement remain outstanding. SWB LLC must obtain a banking license from the British Virgin Islands Financial Services Commission and deposit protection membership approval from the Virgin Islands Deposit Insurance Corporation before it can engage in banking activities. SWB LLC has submitted its banking license application and is progressing through the FSC's review process.

The proposed business combination among Soulpower, SWB Holdings, and SWB LLC remains subject to closing conditions, including approval by Soulpower's shareholders. SWB Holdings intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement and prospectus related to the transaction.

Soulpower is a special purpose acquisition company that raised $250 million in its initial public offering, underwritten by Cantor Fitzgerald in April 2025. SWB LLC is a Cayman Islands company sponsored by The Lafazan Brothers LLC and was formed to launch Soul World Bank.