Southern Cross Acquisition I, a blank check company targeting businesses with industry leadership and revenue visibility, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one warrant to purchase a share exercisable at $11.50, and one right to receive one-fourth of one share at the time of the business combination.
Southern Cross Acquisition I is led by CEO and Chairwoman Ally Zhang, whose previous roles include serving as General Manager of Shanghai Stockstar and Director of Investor Relations at China Finance Online. While it hasn't selected a target industry or geography, the SPAC plans to focus on businesses with industry leadership and long-term revenue visibility, among other characteristics.
The New York, NY-based company will trade on the Nasdaq under the symbol NCOOU. D. Boral Capital acted as sole bookrunner on the deal.
