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Southern Cross Acquisition I Corp. (NCO), a Cayman Islands blank check company, reported a small pre-IPO operating loss while preparing for its initial public offering and future business combination. For the six months ended June 30, 2026, it recorded a net loss of $84,023, entirely from formation and operating costs, and had total assets of $420,992, mainly cash and deferred offering costs.
At June 30, 2026, cash was $203,861 with a working capital deficit of $281,439 and a shareholder deficit of $64,308, financed in part by a $469,300 non‑interest promissory note from the sponsor. Management concluded that the mandatory liquidation date, 12 months from the July 22, 2026 IPO closing, raises substantial doubt about the company’s ability to continue as a going concern.
Subsequent to quarter‑end, the company completed its IPO of 11,500,000 units at $10.00 each and a concurrent private placement of 239,300 units to the sponsor, placing $115,000,000 in a trust account for a future business combination and retaining $645,899 outside the trust for working capital. The company has not yet identified a target and will liquidate and redeem public shares if no business combination is completed within the combination period.
Southern Cross Acquisition I Corp. (NCO) has a large shareholder group led by Sculptor Capital entities that collectively report beneficial ownership of 625,000 ordinary shares of the company’s Class A ordinary shares. This represents 5.32% of the class, calculated using 11,739,300 Class A ordinary shares outstanding as referenced from a July 23, 2026 Form 8-K.
Sculptor Capital LP and Sculptor Capital II LP act as principal investment managers to various private funds and accounts that hold the shares, with related entities (SCHC, SCHC-II, SCU and Sculptor Master Fund, Ltd.) potentially deemed beneficial owners through their control or advisory roles. The group reports no sole voting or dispositive power but shared voting and dispositive power over all 625,000 shares, reflecting a coordinated investment position managed across the reporting business units of Sculptor.
Southern Cross Acquisition I Corp. (NCO) reported that Southern Cross Acquisition I Sponsor Corp., with Dong Chen deemed to have voting and dispositive power over it, purchased 15,000 additional Private Units in a private placement completed alongside the IPO underwriters' exercise of their over-allotment option at $10 per Private Unit.
The Private Units consist of 15,000 ordinary shares, 15,000 private warrants and 15,000 private rights. Following these purchases, the Sponsor holds 3,100,300 ordinary shares and 239,300 private warrants$11.50 per share, becoming exercisable after the conditions described in the Warrant Agreement and expiring five years after completion of an initial business combination. The 239,300 private rights (including these 15,000) automatically convert into ordinary shares at a rate of one-fourth of a share per right upon completion of an initial business combination.
Southern Cross Acquisition I Corp. priced an initial public offering of 10,000,000 units at $10.00 per unit, for a total offering size of $100 million. The units are expected to begin trading on the Nasdaq Global Market under the 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 completion of an initial business combination. Each whole redeemable warrant enables the purchase of one ordinary share at an exercise price of $11.50 per share, and the ordinary shares, warrants and rights are expected to trade separately under the symbols “NCO”, “NCOOW” and “NCOOR” once separation occurs.
D. Boral Capital LLC is acting as sole book-running manager, and the underwriters have a 45-day option to purchase up to 1,500,000 additional units to cover over-allotments. The offering is expected to close on July 22, 2026, subject to customary closing conditions. Southern Cross Acquisition I Corp. is a blank check company formed to pursue a business combination without limitation to a specific industry or region.
Space Summit Capital LLC filed a Schedule 13G reporting a passive ownership stake in Southern Cross Acquisition I Corp. Units. As of the reported date, Space Summit Capital may be deemed the beneficial owner of 640,000 Units, representing 6.4% of the total Units outstanding.
The reporting person has sole voting power and sole dispositive power over all 640,000 Units, with no shared voting or dispositive power reported. The Units are identified by CUSIP G82934129. The filing is signed by Keith Fleischmann as Managing Member of Space Summit Capital LLC.