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.