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Southern Cross Acquisition II Corp. (SCATU) received an unqualified audit opinion on its balance sheet as of August 27, 2026, but the auditor highlighted substantial doubt about its ability to continue as a going concern because it must complete a business combination within 12 months of its IPO or liquidate. The SPAC completed an IPO of 7,652,630 units at $10.00, raising gross proceeds of $76.5 million, and placed $76.7 million in a trust account, with 7,652,630 public shares redeemable at $10.025 per share. Outside the trust, it had $660,417 in cash and total working capital of $374,839 to fund formation and deal-search costs. The structure includes public and private rights and warrants classified in equity, sponsor-funded founder shares, and potential Working Capital Loans and Extension Loans that can convert into units if a business combination closes; none were outstanding as of August 27, 2026.
Southern Cross Acquisition II Corp. (SCATU) has a large shareholder group led by Southern Cross Acquisition II Sponsor Corp. and its sole shareholder and director, Peizhong Yu. Together they report beneficial ownership of 3,025,800 ordinary shares, equal to 27.75% of the company’s outstanding ordinary shares as of August 27, 2026, when total shares outstanding were 10,905,615.
The Sponsor initially received 2,875,000 founder shares on May 26, 2026, for an aggregate purchase price of $25,000, and later transferred 55,000 founder shares to the chief executive officer, chief financial officer and three independent directors. At the IPO closing on August 27, 2026, the Sponsor purchased 205,800 private placement units, each including one ordinary share, one warrant exercisable at $11.50 per share, and one right to receive one‑fourth of an ordinary share. The reporting persons state they may acquire additional shares depending on market and other conditions but list no specific plans for corporate transactions or governance changes.
Southern Cross Acquisition II Corp. (SCATU) has a new significant shareholder disclosure. Feis Equities LLC and Lawrence M. Feis jointly report beneficial ownership of 745,684 ordinary shares, representing 9.74% of the class. This percentage is based on 7,652,630 ordinary shares outstanding as of August 27, 2026, as reported by the company. The reporting persons state they have sole voting and sole dispositive power over all reported shares and no shared voting or dispositive power.
Southern Cross Acquisition II Corp. (SCATU) announced the pricing of its initial public offering of 7,500,000 units at $10.00 per unit, for gross proceeds of $75 million. The units are expected to begin trading on Nasdaq under the symbol SCATU on August 26, 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 whole warrant permits the purchase of one ordinary share at an exercise price of $11.50 per share. After the units begin separate trading, the ordinary shares, warrants and rights are expected to trade on Nasdaq under SCAT, SCATW and SCATR, respectively.
D. Boral Capital LLC is acting as sole book-running manager, and the underwriters have a 45-day option to purchase up to 1,125,000 additional units to cover over-allotments. The offering is expected to close on August 27, 2026, subject to customary conditions. SCAT is a blank check company formed to pursue a business combination in any industry or region.
Southern Cross Acquisition II Corp. (SCATU), a Cayman Islands blank check company, is conducting a $75,000,000 initial public offering of 7,500,000 units at $10.00 per unit, each unit consisting of one ordinary share, one redeemable warrant and one right to receive one-fourth of one ordinary share.
The underwriter has a 45‑day option to buy up to 1,125,000 additional units. For each public unit, $10.025 will be placed into a U.S. trust account to fund a future business combination and redemptions; public shareholders can redeem at cash per-share value of the trust, subject to a 15% cap per holder and a $5,000,001 net tangible asset minimum.
The company has 12 months after the IPO to complete a business combination or redeem 100% of public shares and liquidate, unless extended under its governing documents. Founders acquired 2,875,000 founder shares for $25,000 and the sponsor and D. Boral will buy private units at $10.00, all of which, together with potential working capital and extension units, may substantially dilute public shareholders. The SPAC has significant ties to China and may be considered a “foreign person” for CFIUS purposes, and it highlights extensive PRC- and HFCAA-related legal and regulatory risks if it combines with a China-based business.
Southern Cross Acquisition II Corp. (SCATU) disclosed initial beneficial ownership on a Form 3 by Southern Cross Acquisition II Sponsor Corp. and Peizhong Yu as ten percent owners. The Sponsor holds 3,025,800 Ordinary Shares, including founder shares and shares underlying private units. It also holds 205,800 Private Warrants, each exercisable for one Ordinary Share at $11.50 after the later of 30 days following an initial business combination or one year after the registration statement’s effectiveness, and Private Rights that convert into Ordinary Shares upon completion of the initial business combination. Peizhong Yu is the sole member and director of the Sponsor and is deemed to have voting and dispositive power over these securities.
Southern Cross Acquisition II Corp. (SCATU) reported that director Zhiqiang Du is a beneficial owner of its equity. A sponsor entity, Southern Cross Acquisition II Sponsor Corp., transferred 10,000 Ordinary Shares of Southern Cross Acquisition II Corp. to Zhiqiang Du on or around August 25, 2026, and he now directly owns these 10,000 shares.
Southern Cross Acquisition II Corp. (SCATU) filed an initial ownership report for its Chief Executive Officer and director, Ally Tong Zhang. A sponsor entity transferred 15,000 Ordinary Shares of Southern Cross Acquisition II Corp. to Ally Tong Zhang on or around August 25, 2026, and Zhang now directly owns these 15,000 Ordinary Shares.
Southern Cross Acquisition II Corp. (SCATU) reported that its Chief Financial Officer, Xin Bob Wang, holds 10,000 Ordinary Shares of the company. According to a sponsor transfer on or around August 25, 2026, Southern Cross Acquisition II Sponsor Corp. transferred these 10,000 shares to Xin Bob Wang, who now directly owns them.
Southern Cross Acquisition II Corp. (SCATU) reported the initial equity holdings of director Hongmei Zhao in a Form 3. Zhao directly owns 10,000 ordinary shares of Southern Cross Acquisition II Corp., which were transferred on or around August 25, 2026 from Southern Cross Acquisition II Sponsor Corp.