Southern Cross Acquisition II Corp. has filed a prospectus for an initial public offering of up to 7.5 million units at a price of $10.00 per unit, targeting proceeds of up to $75 million. The Cayman Islands-incorporated special purpose acquisition company (SPAC) plans to effect a merger, share exchange, asset acquisition, or similar business combination with one or more businesses or entities.

The company stated that its efforts to identify a prospective target will not be limited to a particular industry or geographic region. However, due to significant ties to China, Southern Cross Acquisition II may pursue opportunities in China, including Hong Kong and Macau.

Offering Structure

Each unit offered consists of:

• One ordinary share
• One redeemable warrant
• One right to receive one-fourth (1/4) of one ordinary share

Each whole redeemable warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share. Warrants become exercisable on the later of 30 days after the completion of an initial business combination or one year from the date the registration statement is declared effective. They expire five years after the completion of the initial business combination or earlier upon redemption or liquidation.

Rights holders must hold rights in multiples of four to receive whole shares upon the consummation of a business combination, as fractional shares will not be issued. Holders of public shares sold in this offering will have the opportunity to redeem their shares.

Underwriting and Regulatory Status

D. Boral Capital LLC, as representative of the underwriters, has been granted a 45-day option to purchase up to an additional 1,125,000 units to cover over-allotments if any.

Southern Cross Acquisition II qualifies as an "emerging growth company" under applicable federal securities laws and will be subject to reduced public company reporting requirements. No offer or invitation to subscribe for securities may be made to the public in the Cayman Islands.