Carey Olsen's corporate team in the Cayman Islands has advised newly formed Cayman Islands SPAC Soulpower Acquisition Corporation on its upsized US$220 million IPO of Class A units, which closed on 3 April 2025.
The units are listed on the New York Stock Exchange ("NYSE") under the ticker symbol "SOULU". Each unit consists of one Class A ordinary share and one right (the "Share Right") to receive one tenth (1/10) of one Class A ordinary share upon the consummation of an initial business combination.
Once the securities constituting the units begin separate trading, the Class A ordinary shares and Share Rights are expected to be listed on NYSE under the symbols "SOUL" and "SOULR", respectively.
Soulpowergranted the underwriter, Cantor Fitzgerald & Co., a non-transferable over-allotment option to purchase up to an additional 3,300,000 Class A units at the same price per unit, exercisable within 45 days following the offering's closing.
Soulpower Acquisition is led byCEO and Chairman Justin Lafazan, the founder and former CEO of tech firm Nex Gen HQ. The SPAC'smay pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution, but will focus on insurance services, retirement savings and other related financial services.
Carey Olsen partner Dylan Wiltermuth and associate Nich Vasic advisedSoulpower Acquisition Corporation,alongside US counsel Sichenzia Ross Ference Carmel LLP.Cantor Fitzgerald & Co.Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.
Dylan Wiltermuth commented: "We are pleased to have advisedSoulpower Acquisitionon their successful IPO and we look forward to supporting them as they execute their post-IPO strategy."