Southern Cross Acquisition I Corp. closes $115M IPO
Southern Cross Acquisition I Corp. has successfully closed its initial public offering, raising $115 million through the sale of 11.5 million units priced at $10.00 each. The offering included the full exercise of the underwriters' over-allotment option. Concurrently, the company closed a private placement of 239,300 units, generating further proceeds. The units commenced trading on Nasdaq under the symbol NCOOU.
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Southern Cross Acquisition I Corp. has closed its initial public offering of 11,500,000 units at $10.00 per unit, generating gross proceeds of $115,000,000. The offering included the full exercise of the underwriters' option to purchase an additional 1,500,000 units to cover over-allotments. The units are listed on the Nasdaq Global Market and began trading under the ticker symbol "NCOOU" on July 21, 2026. Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth of one ordinary share upon the completion of an initial business combination.
Concurrently with the closing, the company closed a private placement of 239,300 units at $10.00 per unit, resulting in gross proceeds of $2,393,000. The private placement units are identical to the public offering units, subject to certain limited exceptions. Of the net proceeds received, $115,000,000 ($10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet as of July 22, 2026, reflecting receipt of the proceeds, will be included in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Offering Structure
The composition of the units and the associated rights are detailed below:
| Component | Description | Exercise Price / Ratio |
|---|---|---|
| Ordinary Share | One share per unit | — |
| Redeemable Warrant | One warrant per unit | $11.50 per share |
| Right | One right per unit | 1/4 of one ordinary share |
Key Details
The redeemable warrants entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the ordinary shares, warrants, and rights are expected to be listed on Nasdaq under "NCO," "NCOOW," and "NCOOR," respectively. D. Boral Capital LLC acted as the sole book-running manager for the offering. Robinson & Cole LLP served as legal counsel to the company, while Norton Rose Fulbright US LLP served as legal counsel to D. Boral Capital LLC.
What sectors or industries is Southern Cross Acquisition I targeting for its initial business combination?
How will the company utilize the $115 million held in trust to identify and secure a merger target within the typical SPAC timeframe?
What impact will the separation of the units into ordinary shares, warrants, and rights have on early trading volatility?
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