Southern Cross Acquisition II, a blank check company led by a Chinese media entrepreneur, raised $75 million by offering 7.5 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-quarter of a share at the time of the business combination. The company originally filed to offer 10 million shares, before it decreased the share offering on 08/19.
Southern Cross Acquisition II 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. Her other SPAC, Southern Cross Acquisition I (NCOOU), priced in July 2026 and is targeting businesses with industry leadership and revenue visibility.
While it hasn't selected a target industry or geography, the SPAC plans to focus on businesses with defensible market positions and robust revenue growth, among other characteristics.
The New York, NY-based company will trade on the Nasdaq under the symbol SCATU. D. Boral Capital acted as sole bookrunner on the deal.
