Southern Cross Acquisition I Corp. (NASDAQ:NCOOU), a Cayman Islands blank check company, closed its initial public offering of 11,500,000 units at $10.00 per unit, including the full exercise of the underwriters' 1,500,000-unit over-allotment option, generating $115,000,000 in gross proceeds before fees.
The units began trading on the Nasdaq Global Market under ticker NCOOU on July 21, 2026. Each unit includes one ordinary share, one redeemable warrant exercisable at $11.50 per share, and one right to receive one-fourth of one ordinary share upon completion of an initial business combination. Following separation, the shares, warrants and rights are expected to trade as NCO, NCOOW and NCOOR, respectively.
Concurrently, the company completed a private placement of 239,300 units at $10.00 per unit for additional gross proceeds of $2,393,000. According to the company, $115,000,000, or $10.00 per public unit, was placed in a trust account. An audited balance sheet as of July 22, 2026 will be filed on Form 8-K with the SEC.
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Positive
IPO gross proceeds of $115,000,000 from 11,500,000 units at $10.00
Over-allotment fully exercised for 1,500,000 additional units
Private placement raised $2,393,000 from 239,300 units at $10.00
$115,000,000 placed in trust at $10.00 per public unit
Negative
None.
News Market Reaction – NCOOU
+0.10%
+0.10%Session close to close
In the Jul 23 session, NCOOU gained 0.10%, reflecting a mild positive market reaction.
Private placement proceeds$2,393,000239,300 units at $10.00 per unit
Warrant exercise price$11.50 per shareRedeemable warrant terms
Trust deposit$115,000,000.00Net proceeds from the public offering and private placement
Right entitlementOne-fourth of one ordinary shareUpon consummation of an initial business combination
Key Terms
redeemable warrant, private placement, over-allotments, form 8-k, +1 more
5 terms
redeemable warrantfinancial
"Each redeemable warrant entitles the holder thereof to purchase one ordinary share"
A redeemable warrant is a financial tool that gives its holder the right to buy shares of a company at a fixed price within a certain period. If the holder chooses to do so, the company can buy back or cancel the warrant before it expires, often to encourage investment or manage share issuance. For investors, it provides an option to potentially buy shares at a favorable price while offering some flexibility for the issuing company.
private placementfinancial
"the Company closed a private placement of 239,300 units"
A private placement is a sale of securities directly to a selected group of investors, typically institutions or accredited investors, instead of through a public offering. It lets a company raise money faster and with fewer regulatory steps; for existing shareholders it matters because the newly issued shares, often sold at a discount, increase the share count and can dilute their ownership.
over-allotmentsfinancial
"to cover over-allotments"
An over-allotment is a temporary extra batch of shares that the underwriters of a stock offering are allowed to sell beyond the original amount, with the right to buy those shares back later. Think of it as spare tickets sold to meet demand and then reclaimed if needed to keep the market orderly; it helps stabilize the stock price after an offering and can affect short-term supply and potential dilution, which matters to investors tracking price and ownership stakes.
form 8-kregulatory
"included as an exhibit to a Current Report on Form 8-K"
A Form 8-K is a report that companies file with the government to share important news quickly, such as changes in leadership, major business deals, or financial updates. It matters because it helps investors stay informed about significant events that could affect the company's value or stock price.
blank check companyfinancial
"The Company is a blank check company formed to effect a merger"
A blank check company is a publicly listed shell that raises money from investors before naming a specific business to buy or merge with, similar to handing a cashier a signed check and asking them to fill in the payee later. It matters to investors because it offers a faster, often cheaper path for private firms to become public, but carries extra risk since returns depend on the organizers’ ability to find a good deal and on limited information about the future business.
NEW YORK CITY, NY / ACCESS Newswire / July 22, 2026 / Southern Cross Acquisition I Corp. (NASDAQ:NCOOU) (the "Company"), a Cayman Islands exempted company, announced today the closing of its initial public offering of 11,500,000 units at $10.00 per unit, which includes the full exercise of the underwriters' option to purchase an additional 1,500,000 units to cover over-allotments.The gross proceeds from the offering were $115,000,000 before deducting underwriting discounts and estimated offering expenses. The units are listed on the Nasdaq Global Market ("Nasdaq") and began trading under the ticker symbol "NCOOU" on July 21, 2026. Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth of one ordinary share upon consummation of an initial business combination. Each redeemable warrant entitles the holder thereof to purchase one ordinary share at an exercise price of $11.50 per share. Once the securities comprising the units begin separate trading, the ordinary shares, warrants and rights are expected to be listed on Nasdaq under "NCO," "NCOOW," and "NCOOR," respectively.
Concurrently with the closing of the initial public offering, the Company closed a private placement of 239,300 units at a price of $10.00 per unit, resulting in gross proceeds of $2,393,000. The private placement units are identical to the units sold in the initial public offering, subject to certain limited exceptions as described in the final prospectus.
D. Boral Capital LLC acted as sole book-running manager of the offering.
Robinson & Cole LLP served as legal counsel to the Company on the initial public offering. Norton Rose Fulbright US LLP served as legal counsel to D. Boral Capital LLC.
Of the net proceeds received from the consummation of the initial public offering and simultaneous private placement, $115,000,000.00 ($10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of July 22, 2026, reflecting receipt of the proceeds upon the consummation of the initial public offering and the private placement, will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC").
A final prospectus relating to and describing the final terms of the offering was filed with the SEC on July 21, 2026. The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained from D. Boral Capital LLC, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 970-5150 or by email at dbccapitalmarkets@dboralcapital.com. Copies of the registration statement can also be obtained by visiting EDGAR on the SEC's website at www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Southern Cross Acquisition I Corp.
The Company is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company's target search will not be limited to a particular industry or geographic region.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering, the anticipated use of the net proceeds and the search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement, preliminary prospectus and final prospectus for the Company's offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.
What are the key terms of Southern Cross Acquisition I Corp (NASDAQ:NCOOU) IPO completed on July 22, 2026?
Southern Cross Acquisition I Corp completed an IPO of 11,500,000 units at $10.00 each, raising $115,000,000 in gross proceeds. According to the company, units trade as NCOOU and include one share, one redeemable warrant, and one right to one-fourth share.
How is the $115,000,000 raised in the NCOOU IPO being held for investors?
According to Southern Cross Acquisition I Corp, $115,000,000, or $10.00 per public unit, has been placed in a trust account. These funds come from the IPO and concurrent private placement and are reserved pending an initial business combination.
What does each Southern Cross Acquisition I Corp (NCOOU) unit include for IPO investors?
Each NCOOU unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth of one ordinary share. According to the company, each redeemable warrant allows purchase of one ordinary share at an exercise price of $11.50.
When did Southern Cross Acquisition I Corp (NCOOU) begin trading on Nasdaq and under what symbols?
Southern Cross Acquisition I Corp units began trading on the Nasdaq Global Market under ticker NCOOU on July 21, 2026. According to the company, once separated, the ordinary shares, warrants, and rights are expected to trade as NCO, NCOOW, and NCOOR, respectively.
What was the size and purpose of the Southern Cross Acquisition I Corp concurrent private placement?
Concurrently with the IPO closing, Southern Cross Acquisition I Corp completed a private placement of 239,300 units at $10.00, raising $2,393,000. According to the company, these units are generally identical to IPO units, with limited exceptions described in the final prospectus.
What type of company is Southern Cross Acquisition I Corp (NCOOU) and what are its acquisition plans?
Southern Cross Acquisition I Corp is a blank check company formed to pursue a merger or similar business combination. According to the company, its target search will not be limited to any specific industry or geographic region, giving broad flexibility for future transactions.
Where can investors find official SEC filings for the Southern Cross Acquisition I Corp (NCOOU) IPO?
Investors can access the registration statement and final prospectus for Southern Cross Acquisition I Corp via the SEC’s EDGAR system at www.sec.gov. According to the company, an audited balance sheet as of July 22, 2026 will be filed on Form 8-K.
