BVI Court Approves Key Asset Sale, Clearing Hurdle for Soulpower's Bank Merger
SOUL is trading near its 52-week low of $9.99 (4.1% above the low) on elevated volume (3.9× avg).
Summary
The BVI High Court approved the sale of Bank of Asia (BVI) assets to SWB LLC, satisfying a condition of the November 2025 Asset Sale Agreement. This is a concrete step forward for Soulpower's SPAC merger with SWB Holdings, which aims to launch SOUL WORLD BANK. The banking license application is now under FSC review, with deposit insurance approval also required. The deal still needs shareholder approval and other closing conditions. Given Soulpower's going-concern status and low cash, progress on this complex transaction is material.
At the time of this announcement, SOUL was trading at $10.40 on NYSE in the Finance sector, with a market capitalization of approximately $270M. The 52-week trading range was $9.99 to $11.00. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.