Southern Cross Acquisition Closes $115 Million IPO on Nasdaq

Southern Cross Acquisition I Corp., a special purpose acquisition company (SPAC), has closed its initial public offering on the Nasdaq, raising gross proceeds of $115 million, according to a company press release dated July 22, 2026. The offering included the full exercise of the underwriters' option to purchase additional units to cover over-allotments.

Offering Details

The IPO consisted of the sale of 11,500,000 units at a price of $10.00 per unit. The total number of units sold includes an additional 1,500,000 units purchased by the underwriters through their over-allotment option.

The units began trading on the Nasdaq Global Market on July 21, 2026, under the ticker symbol "NCOOU". Each unit is comprised of one ordinary share, one redeemable warrant with an exercise price of $11.50 per share, and one right to receive one-fourth of one ordinary share upon the completion of a business combination. Once separated, the shares, warrants, and rights are expected to trade under the tickers "NCO," "NCOOW," and "NCOOR," respectively.

Use of Proceeds

The company stated that the full $115,000,000 in proceeds from the public offering was placed into a trust account. This is a standard practice for SPACs, securing the capital raised from public investors until the company identifies and merges with a target business.

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In a concurrent transaction, Southern Cross also closed a private placement of 239,300 units at $10.00 per unit, which raised an additional $2,393,000 in gross proceeds.

Company Background

Southern Cross Acquisition I Corp. is a Cayman Islands-incorporated blank check company formed for the purpose of effecting a merger, asset acquisition, or similar business combination. The company has not limited its search to a specific industry or geographic region for a potential acquisition target.

D. Boral Capital LLC served as the sole book-running manager for the offering. Robinson & Cole LLP provided legal counsel to the company, while Norton Rose Fulbright US LLP represented the underwriter.