Southern Cross Acquisition I Corp. 8-K

What Happened Southern Cross Acquisition I Corp. announced the closing of its initial public offering on July 22, 2026, selling 11,500,000 units at $10.00 per unit (including the full 1.5M over‑allotment) for gross proceeds of $115,000,000. Each Unit contains one ordinary share, one warrant (exercise price $11.50), and one right (each right entitles the holder to one‑fourth of an ordinary share upon completion of the company’s initial business combination). Substantially concurrently, the Sponsor purchased 239,300 private units for $2,393,000. The net proceeds (a total of $115,000,000, after transaction expenses and working capital) were placed in the company’s trust account and will generally remain there until completion of a business combination or other specified redemption events.

The company completed corporate housekeeping and governance actions related to the listing: it adopted an Amended and Restated Memorandum and Articles of Association (effective July 16, 2026), and on July 21, 2026 appointed three independent directors — Zhiqiang Du (audit committee chair and audit committee financial expert), Zhuo Liang (compensation committee chair), and Qian Xu — who will serve on the audit and compensation committees. As part of initial share allocations, the Sponsor transferred ordinary shares to the CEO (Ally Tong Zhang), CFO (Siu Wai Lam) and the independent directors. The underwriter representative, D. Boral Capital LLC, received 115,000 ordinary shares as underwriting compensation subject to a 180‑day transfer restriction and certain waiver/voting agreements.

Key Details

• IPO: 11,500,000 Units at $10.00 each; gross proceeds $115,000,000 (closing July 22, 2026).
• Private placement: 239,300 Private Units to Sponsor for $2,393,000 (Section 4(a)(2) exemption).
• Trust account: $115,000,000 placed in trust (proceeds held pending business combination or redemption events).
• Governance & shares: Directors Zhiqiang Du, Zhuo Liang, Qian Xu appointed (Du = audit committee financial expert); Representative received 115,000 ordinary shares with 180‑day lockup; small transfers of ordinary shares to CEO (5,000), CFO (3,000) and directors (2,000 each).

Why It Matters This filing confirms Southern Cross Acquisition I is an operationally active SPAC with cash in trust to pursue an initial business combination and with Nasdaq listing and a newly constituted independent board. For investors, key facts to note are the size of the trust ($115M), the unit structure (ordinary shares plus detachable warrants and rights), the 180‑day lockup on underwriter shares, and restrictions on the Sponsor’s private units—all of which affect share liquidity and potential outcomes around a future business combination or redemption vote.