Southern Cross Acquisition I Corp.

What they do

The company was incorporated on April 15, 2025 as RTNVM Acquisition Corp. and renamed Southern Cross Acquisition I Corp. on August 4, 2025. It was formed to enter into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more target businesses. It has no revenue and no operations other than identifying and evaluating acquisition candidates, and as of the filing had not selected any target or initiated substantive discussions with any prospect.

Revenue drivers

• No operating revenue — The company has generated no revenue since inception; all activity through June 30, 2026 related to formation and the IPO.
• Trust Account interest — The $115,000,000 held in the Trust Account is the primary asset supporting public shareholders; the filing does not specify income earned on it.
• Sponsor funding — Pre-IPO liquidity came from Sponsor advances under an unsecured promissory note, and post-IPO operations are funded by the $645,899 of proceeds held outside the Trust Account.

Recent performance

As of June 30, 2026, total assets were $420,992, total liabilities were $485,300, and shareholder equity was negative $64,308, with cash and equivalents of $203,861. The balance sheet reflects the company's pre-IPO period, as the offering closed on July 22, 2026, after the quarter end. No revenue or operating income was reported, consistent with a blank-check company that has not commenced operations.

Strategy

The company intends to identify and consummate an initial business combination with one or more businesses or entities. It has not selected a target and its search is not limited to any particular industry or geographic region. Post-IPO, it will use working capital held outside the Trust Account and potential Sponsor, officer or director loans to fund operations while pursuing a transaction. The IPO and concurrent private placement raised $115,000,000 and $2,393,000 respectively, with $115,000,000 placed in the Trust Account. A deferred underwriting commission of $1,150,000 is payable upon consummation of an initial business combination.

Risks

• No target identified — The company has not selected any potential target business or initiated substantive discussions with any prospect.
• Negative equity and pre-revenue — At June 30, 2026, shareholder equity was negative $64,308 and the company has had losses since inception with no revenue.
• Dependence on outside capital — Operations rely on working capital outside the Trust Account ($645,899) and potential loans from the Sponsor, officers, directors or their affiliates.
• Business combination execution — A $1,150,000 deferred underwriting commission is payable only upon consummation of an initial business combination, and failure to complete one would leave that obligation unmet.

Outlook

Management expects to incur increased expenses as a result of being a public company following the IPO. The company expects to continue to incur significant costs in the pursuit of its acquisition plans. Management states that it cannot assure that its plans to raise capital or complete an initial business combination will be successful.