Southern Cross Acquisition I Corp. 8-K

What Happened

• Southern Cross Acquisition I Corp. announced on July 22, 2026 that it completed its initial public offering of 11,500,000 units (including full exercise of a 1,500,000-unit over-allotment). Each Unit sold for $10.00 and includes one ordinary share, one warrant and one right. The IPO generated $115,000,000 in gross proceeds.
• Concurrently, the Company sold 239,300 private units to its Sponsor for $10.00 per unit, generating $2,393,000. Together, the gross proceeds from the IPO and private sale were $117,393,000, and $115,000,000 (net of expenses and working capital) was placed in the Company’s trust account with Continental Stock Transfer & Trust Company as trustee. An audited balance sheet as of July 22, 2026 is included as an exhibit to the filing.

Key Details

• IPO units sold: 11,500,000 (includes 1,500,000-unit over-allotment exercised).
• Price per Unit: $10.00; IPO gross proceeds: $115,000,000.
• Private Units sold to Sponsor: 239,300, gross proceeds $2,393,000.
• Warrant terms: each Warrant entitles holder to one Ordinary Share at $11.50; each Right entitles holder to 1/4 of an Ordinary Share upon completion of a business combination.
• Trust account: $115,000,000 placed in trust for public shareholders and underwriters; trustee is Continental Stock Transfer & Trust Company.

Why It Matters

• For investors, this filing confirms the SPAC has completed its public listing and has cash secured in a trust account to pursue a business combination (the SPAC’s core objective). The unit structure (shares, warrants, rights) and the sponsor’s private units are standard for SPACs and can affect future dilution and ownership once warrants are exercised or the business combination occurs.
• The audited balance sheet included with the 8-K provides confirmation of the proceeds and the Company’s financial position immediately after the IPO.