On August 27, 2026, Southern Cross Acquisition II Corp. closed its initial public offering (IPO), selling 7,652,630 units at $10.00 per unit. This included the partial exercise of an underwriters' over-allotment option for an additional 152,630 units. Each unit consists of one ordinary share, one redeemable warrant, and one right to acquire one-fourth of an ordinary share. The warrants are exercisable at $11.50 per share. Concurrently, the company completed a private placement of 224,932 units to its Sponsor and the underwriter's representative, also at $10.00 per unit.
Total gross proceeds from the IPO and private placement amounted to $78,775,620. After deducting transaction expenses, including underwriting commissions of $805,000 and other offering costs, $76,717,616 was placed in a trust account managed by Equiniti Trust Company, LLC. The company also issued 153,053 ordinary shares to the underwriter as compensation, valued at $515,789.
The company’s auditors, TAAD, LLP, have issued an opinion expressing substantial doubt about the company’s ability to continue as a going concern. The audit report notes that the company is a special purpose acquisition corporation formed to complete a business combination within 12 months. It states there is no assurance the company will obtain necessary approvals or raise additional capital to fund operations or complete a merger.
As of August 27, 2026, the company had not commenced any operations and has not selected any potential business combination targets. The balance sheet as of that date lists total assets of $77,441,783, primarily consisting of $76,717,616 held in the trust account and $660,417 in cash. Total liabilities and shareholder equity are reported at $77,441,783. The company’s working capital is listed as $374,839.
