Southern Cross Acquisition I files audited balance sheet after $117.4M unit sale, $115M placed in trust

Southern Cross Acquisition I consummated an IPO and private placement raising $117,393,000 and placed $115,000,000 in trust.Key Highlights:Original SEC Filing: Southern Cross Acquisition I Corp. [ NCOOU ] - 8-K - Jul. 28, 2026This is an AI-powered summary. It may contain inaccuracies. Consider veri…

Southern Cross Acquisition I consummated an IPO and private placement raising $117,393,000 and placed $115,000,000 in trust.

Key Highlights:

Completed IPO of 11,500,000 units at $10.00 each, including full 1.5M over-allotment, generating $115,000,000 gross proceeds.
Closed concurrent private placement of 239,300 units to Sponsor for $2,393,000.
$115,000,000 of proceeds (net of expenses and working capital) deposited in trustee-held trust account.
Auditor issued clean opinion on July 22, 2026 balance sheet but flagged substantial doubt about going concern due to 12-month mandate to complete a business combination.
Balance sheet shows $115,705,290 total assets, $1,269,860 total liabilities, and $645,899 cash outside the trust for working capital.

Original SEC Filing:

This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.