Soulpower Acquisition Corporation has completed pricing for its initial public offering (IPO), raising $220 million by selling 22 million units at $10 per unit. The special purpose acquisition company (SPAC) plans to list on the New York Stock Exchange under the ticker symbol 'SOULU' beginning April 2, 2025.
Each unit comprises one Class A ordinary share and one share right to receive one-tenth of a Class A ordinary share upon completing a business combination. The company intends to focus on identifying acquisition opportunities within insurance services, retirement savings, and related financial services sectors.
Led by CEO Justin Lafazan, the management team brings significant expertise to the venture. The IPO represents a strategic vehicle for potential mergers, share exchanges, or asset acquisitions in the financial services ecosystem.
Underwriters have been granted a 45-day option to purchase an additional 3.3 million units to cover potential over-allotments. Cantor Fitzgerald & Co. is serving as the sole book-running manager for the offering.
The capital raise signals continued investor interest in SPACs as a mechanism for identifying and integrating promising business opportunities. By targeting financial services, Soulpower Acquisition Corporation positions itself to potentially address emerging market needs in insurance and retirement planning.
