Southern Cross Acquisition I Corp. Closes $115 Million IPO on Nasdaq

Southern Cross Acquisition I Corp. (Nasdaq: NCOOU), a special purpose acquisition company (SPAC), has closed its initial public offering, raising $115 million in gross proceeds. The Cayman Islands-incorporated firm's units began trading on the Nasdaq Global Market on July 21, 2026, with the offering officially closing on July 22.

Offering Details

The IPO consisted of the sale of 11,500,000 units at a price of $10.00 per unit. This total includes 1,500,000 units issued as part of the full exercise of the underwriters’ over-allotment option. According to the company's announcement, the proceeds have been placed into a trust account pending a future acquisition.

Each unit sold in the IPO contains:

• One ordinary share
• One redeemable warrant to purchase one ordinary share at an exercise price of $11.50
• One right to receive one-quarter of one ordinary share upon the completion of an initial business combination

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Once the securities comprising the units begin separate trading, the ordinary shares, warrants, and rights are expected to be listed on Nasdaq under the symbols "NCO," "NCOOW," and "NCOOR," respectively. The company also completed a concurrent private placement of 239,300 units, raising an additional $2,393,000.

Strategy and Advisors

As a blank check company, Southern Cross Acquisition I Corp. was formed to effect a merger, asset acquisition, or other business combination with an operating company. The company stated that its search for a target will not be limited to a specific industry or geographic region.

D. Boral Capital LLC acted as the sole book-running manager for the offering. The company was represented by Robinson & Cole LLP, while Norton Rose Fulbright US LLP served as legal counsel to the underwriter. The company is expected to file an audited balance sheet as of July 22, 2026, with the U.S. Securities and Exchange Commission via a Form 8-K.