Southern Cross sponsor buys 15K units at $10
Rhea-AI Filing Summary
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.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 45,000 shares
Net Buy
3 txns
Insider
Southern Cross Acquisition I Sponsor Corp., Chen Dong (DC)
Role
10% Owner | 10% Owner
Bought
45,000 shs
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Private Warrants F1, F2, F4, F3 | 15,000 | -- | -- |
| Purchase | Private Rights F6, F2, F1, F5 | 15,000 | -- | -- |
| Purchase | Ordinary Shares F2, F1 | 15,000 | -- | -- |
Holdings After Transaction:
Private Warrants — 239,300 contracts (Direct);
Private Rights — 239,300 contracts (Direct);
Ordinary Shares — 3,100,300 shares (Direct)
Footnotes (6)
- F1. Southern Cross Acquisition I Sponsor Corp., a Cayman Islands exempted company (the "Sponsor"), is the record holder of the securities reported herein. Mr. Dong Chen is the sole member and director of the Sponsor, which entitles him to voting, dispositive or investment power over the Sponsor. As such, Mr. Dong Chen is deemed to have voting and dispositive rights over the securities of Southern Cross Acquisition I Corp. (the "Issuer") held by the Sponsor.
- F2. Represents 15,000 ordinary shares included in 15,000 additional private units (the "Private Units") purchased by the Sponsor in a private placement (the "Private Placement") simultaneously with the closing of the Issuer's initial public offering in connection with the underwriter's exercise of their over-allotment option, at a purchase price of $10 per Private Unit. Each Private Unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth (1/4) of one ordinary share.
- F3. Represents 15,000 ordinary shares issuable upon exercise of 15,000 private warrants of the Issuer underlying the Private Units acquired by the Sponsor in the Private Placement. Each private warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share.
- F4. As described in the Warrant Agreement dated July 20, 2026, between the Issuer and Continental Stock Transfer & Trust Company, which is filed as Exhibit 4.4 to the Issuer's Registration Statement on Form S-1 (File No. 333-296723)(the "Registration Statement"), the private warrants will become exercisable on the later of (i) 30 days after the completion of an initial business combination and (ii) one year from the date that the Registration Statement is declared effective, and will expire five years after the completion of the Issuer's initial business combination or earlier upon redemption or liquidation, as described in the Registration Statement.
- F5. Represents 3,750 ordinary shares issuable upon conversion of 15,000 private rights of the Issuer, each private right entitling the holder to receive one-fourth (1/4) of one ordinary share of the Issuer, underlying the Private Units acquired by the Sponsor in the Private Placement.
- F6. As described in the Rights Agreement dated July 20, 2026, between the Issuer and Continental Stock Transfer & Trust Company, which is filed as Exhibit 4.6 of the Registration Statement, each private right of the Issuer will automatically convert into one-fourth (1/4) of one ordinary share of the Issuer upon the completion of the Issuer's initial business combination.
Key Figures
Private Units purchased: 15,000 units
Private Unit price: $10 per Private Unit
Ordinary shares acquired: 15,000 shares
+5 more
8 metrics
Private Units purchased
15,000 units
Additional Private Units bought by the Sponsor in a private placement tied to the IPO over-allotment
Private Unit price
$10 per Private Unit
Purchase price for the 15,000 additional Private Units
Ordinary shares acquired
15,000 shares
Ordinary shares included in the 15,000 additional Private Units
Private warrants acquired
15,000 warrants
Private warrants included in the 15,000 additional Private Units
Private rights acquired
15,000 rights
Private rights included in the 15,000 additional Private Units
Total ordinary shares after transaction
3,100,300 shares
Ordinary shares held by the Sponsor following the reported purchase
Total private warrants after transaction
239,300 warrants
Private warrants held by the Sponsor following the reported purchase
Warrant exercise price
$11.50 per share
Exercise price for each private warrant to purchase one ordinary share
Key Terms
Private Units, over-allotment option, Warrant Agreement, Rights Agreement
4 terms
Private Units financial
"Represents 15,000 ordinary shares included in 15,000 additional private units (the "Private Units") purchased"
over-allotment option financial
"simultaneously with the closing of the Issuer's initial public offering in connection with the underwriter's exercise of their over-allotment option"
An over-allotment option is a special agreement that allows underwriters to sell more shares than initially planned if demand is high. Think of it like a retailer offering extra units of a popular product to meet additional customer interest. This option helps ensure the full sale is completed and can also give investors extra shares if they want more.
Warrant Agreement financial
"As described in the Warrant Agreement dated July 20, 2026, between the Issuer and Continental Stock"
A warrant agreement is the legal document that lays out the rules for stock warrants — special certificates that let their holder buy company shares at a set price within a certain time. It explains how and when warrants can be exercised, transferred, changed, or canceled, and what happens to them if the company raises money or is sold; investors care because these terms affect potential future ownership, dilution of shares, and the real value of the warrants.
Rights Agreement financial
"As described in the Rights Agreement dated July 20, 2026, between the Issuer and Continental Stock"
A rights agreement is a contract that grants existing shareholders special rights—commonly the option to buy additional shares at a set price or to trigger protections if a takeover is attempted. Think of it like a neighborhood watch rule that lets current homeowners buy extra lots or lock the gate when an outsider tries to take over the block; it matters to investors because it can dilute or protect share value and influence takeover outcomes.
FAQ
What insider purchases were reported for Southern Cross Acquisition I Corp. (NCO)?
Southern Cross Acquisition I Sponsor Corp., controlled by Dong Chen, purchased 15,000 additional Private Units in a private placement tied to the IPO over-allotment, adding 15,000 ordinary shares, 15,000 private warrants, and 15,000 private rights to its existing holdings.
What are the terms of the private warrants reported for Southern Cross Acquisition I Corp. (NCO)?
The filing reports 15,000 private warrants acquired, with the Sponsor holding 239,300 private warrants in total. Each warrant entitles the holder to purchase one ordinary share at $11.50 per share, becoming exercisable only after the conditions in the Warrant Agreement are met.
At what price were the additional Private Units of Southern Cross Acquisition I Corp. (NCO) purchased?
The additional 15,000 Private Units were purchased by the Sponsor at a price of $10 per Private Unit in a private placement completed simultaneously with the IPO closing in connection with the underwriters’ exercise of their over-allotment option.
What is Dong Chen’s relationship to the reported NCO securities?
All reported securities are held of record by Southern Cross Acquisition I Sponsor Corp. Dong Chen is the sole member and director of the Sponsor and is deemed to have voting and dispositive power over the NCO securities held by the Sponsor.
AI-generated analysis. How Rhea-AI works. Not financial advice.
