Southern Cross Acquisition II Corp. priced a $75 million initial public offering on the Nasdaq Capital Market on Monday, according to a company statement.
The blank check company sold 7.5 million units at $10 apiece, with each unit comprising one ordinary share, one redeemable warrant and one right to receive one-fourth of one ordinary share upon completion of an initial business combination. The warrants are exercisable at $11.50 per share and will trade separately as SCATW once the units split.
D. Boral Capital LLC served as the sole book-running manager for the offering. Underwriters retained a 45-day option to purchase up to an additional 1.125 million units to cover over-allotments.
Trading of the units under the temporary ticker SCATU is set to begin on Tuesday, August 26, with the expected closing date for the IPO scheduled for August 27, subject to customary conditions. Upon separation, the ordinary shares will trade as SCAT, the warrants as SCATW and the rights as SCATR.
Southern Cross Acquisition II was formed to pursue a merger, asset acquisition or similar business combination, with no restrictions on target industry or geography.
