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Get filing alertsSoulpower SPAC raises $250M, signs $8.1B bank merger; auditor flags going-concern doubt
Filed March 27, 2026 · Period ending December 31, 2025 · ~2 min read
Key Changes
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Company completed April 2025 IPO raising $250M at $10/unit, then signed November 2025 business combination with SWB Holdings valued at $8.1B—32x the trust account balance—requiring substantial additional financing to close.
Business: IPO and SWB merger verify on EDGAR → -
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Auditor expressed substantial doubt about ability to continue as going concern; company has insufficient cash for next 12 months and borrowed $988K from sponsor plus $2.1M in subsequent notes to fund operations.
Notes: Going concern verify on EDGAR → -
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Post-merger structure gives public shareholders non-voting Class A shares while CEO affiliate holds all voting Class V shares, concentrating control despite public economic interest.
Business: Dual-class structure verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Generated by AI · Jun 3, 2026 10:59 PM