Southern Cross Acquisition II Raises $76.5 Million in Nasdaq Public Debut
New York, Monday, 31 August 2026.
On August 27, 2026, Southern Cross Acquisition II Corp. completed its initial public offering on Nasdaq, raising over $76.5 million to pursue future target company mergers.
Offering Structure and Capitalization
Southern Cross Acquisition II Corp. finalized its initial public offering on August 27, 2026, securing $76,526,300 in gross proceeds before expenses [1]. The transaction involved the sale of 7,652,630 units priced at $10.00 per unit, marking a significant capitalization event for the Cayman Islands exempted company [1]. D. Boral Capital LLC served as the sole bookrunner for the offering, leveraging its position in the special purpose acquisition company market to facilitate the deal [1]. This activity aligns with broader market trends where investors seek structured deployment opportunities in the finance sector [2]. The company began trading on the Nasdaq Capital Market under the ticker symbol SCATU on August 26, 2026, one day prior to the closing of the offering [1].
Trust Allocation and Unit Mechanics
Following the IPO closing, approximately $76,717,616 was placed in a trust account, equating to $10.025 per public unit [1]. In conjunction with the public offering, the company closed a private placement of 224,932 units at $10.00 per unit, generating an additional $2,249,320 in gross proceeds [1]. The total gross proceeds from both the IPO and private placement amount to 78.776 million [1]. Each public unit consists of one ordinary share, one redeemable warrant with an exercise price of $11.50, and one right to receive 0.25 of an ordinary share upon business combination [1]. This structure is designed to protect investor capital while providing upside potential through warrants and rights [6].
Market Performance and Corporate Leadership
As of August 31, 2026, SCATU units traded at $10.01 per share, with a daily trading volume of 249,100 shares [4]. The stock opened at $10.02 on the same day, fluctuating between a low of $10.00 and a high of $10.04 [4]. Corporate leadership is headed by CEO and Chairwoman Ms. Ally Tong Zhang, with Mr. Xin Wang serving as Chief Financial Officer [4]. The company is headquartered in New York, NY, and intends to file a Current Report on Form 8-K with the SEC containing an audited balance sheet as of August 27, 2026 [1][3]. As of August 30, 2026, this filing had not yet been made, indicating a pending regulatory update [alert! ‘Filing status may have changed since source date’] [1]. The company reported zero revenue for the fiscal year ending December 31, 2025, which is typical for a special purpose acquisition company prior to a business combination [2].