Southern Cross (NCO) Sponsor (10% Owner) Buys 15,000 Private Units

What Happened

• Southern Cross Acquisition I Sponsor Corp. (the "Sponsor"), the Issuer's 10% owner, acquired 15,000 Private Units on July 22, 2026 as part of a private placement concurrent with the IPO over-allotment exercise. Each Private Unit was purchased for $10, for a cash outlay of $150,000.
• The Private Units include: 15,000 ordinary shares (issued immediately), 15,000 private warrants (each exercisable for one share at $11.50), and 15,000 private rights (each equal to 1/4 of a share). The warrants and rights are derivative securities and carry their own exercise/ conversion conditions.
• Mr. Dong Chen is the sole member and director of the Sponsor and is therefore deemed to have voting and dispositive power over these securities.

Key Details

• Transaction date: July 22, 2026; Form 4 filed July 24, 2026 (timely filing).
• Price paid: $10.00 per Private Unit; total cash paid = $150,000.
• Immediate shares acquired: 15,000 ordinary shares.
• Potential additional shares: 15,000 shares issuable upon exercise of private warrants (exercise price $11.50, future cash required $172,500), plus 3,750 shares issuable upon conversion of 15,000 private rights (1/4 share each) upon completion of the issuer's initial business combination — total potential incremental shares = 18,750.
• Notable footnotes: warrants become exercisable only after specified post‑combination / time conditions and expire per the Warrant Agreement; rights convert automatically upon completion of the initial business combination. Sponsor is Cayman Islands entity; Mr. Dong Chen controls the Sponsor.
• Filing status: appears timely (no late filing indicated).

Context

• This was a private placement tied to the IPO over-allotment (not an open-market trade), so it reflects sponsor participation in the offering structure rather than independent market purchases by an unrelated investor.
• The derivative securities (warrants and rights) are not immediate common shares — warrants require future cash to exercise and have timing/expiry conditions; rights convert into fractional shares upon an initial business combination.