Southern Cross Acquisition I Corp. prices $100M IPO of 10M units
Southern Cross Acquisition I Corp. has priced its initial public offering at $100 million, comprising 10 million units at $10.00 each. Each unit includes one ordinary share, one redeemable warrant exercisable at $11.50, and one right to a fractional share. Underwriters have an option to purchase 1,500,000 additional units.
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Southern Cross Acquisition I Corp. has priced its initial public offering of 10 million units at $10.00 per unit, generating gross proceeds of $100 million. The offering provides underwriters with a 30-day option to purchase up to 1,500,000 additional units to cover over-allotments. Each unit issued in the offering 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.
The redeemable warrants included in each unit will entitle the holder to purchase one ordinary share at an exercise price of $11.50 per share. These financial instruments are structured to provide investors with exposure to the company's future business combination activities. The rights component allows holders to acquire a fractional share, specifically one-fourth of one ordinary share, once a merger or acquisition is finalized.
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 |
Underwriter Option
Underwriters participating in the offering have been granted a greenshoe option to purchase an additional 1,500,000 units. This option is available solely to cover over-allotments, if any, and is exercisable for 30 days from the date of the offering. The exercise of this option would increase the total size of the offering and the corresponding gross proceeds.
What sectors or industries is Southern Cross Acquisition I Corp. targeting for its potential business combination?
How will the company utilize the $100 million in gross proceeds during its search for a merger target?
What impact could the current SPAC market conditions have on the timeline for completing a business combination?
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