• Business Combinations: Southern Cross Acquisition I is a Special Purpose Acquisition Company (SPAC) formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

Ally Tong Zhang, Chief Executive Officer and Chairwoman

Ally Tong Zhang previously served as the General Manager of Shanghai Stockstar and as the Director of Investor Relations at China Finance Online. She also leads Southern Cross Acquisition II, another blank check company.

Wai Siu Lam, Chief Financial Officer

Wai Siu Lam was appointed Chief Financial Officer on July 20, 2026.

Zhiqiang Du, Director

Zhiqiang Du became a director of Southern Cross Acquisition I Corp. on July 21, 2026, and serves as the chair of the audit committee.

Zhuo Liang, Director

Zhuo Liang became a director of Southern Cross Acquisition I Corp. on July 21, 2026, and serves as the chair of the compensation committee.

Qian Xu, Director

Qian Xu became a director of Southern Cross Acquisition I Corp. on July 21, 2026, and serves as a member of the audit committee and the compensation committee.

The key risks for Southern Cross Acquisition I (symbol: NCO), a blank check company, primarily stem from its nature as a Special Purpose Acquisition Company (SPAC) with no ongoing operations.

1. Failure to Complete a Business Combination: Southern Cross Acquisition I was formed with the sole purpose of effecting a merger, share exchange, asset acquisition, or similar business combination with one or more businesses. SPACs typically have a limited timeframe, often around 18-24 months, to identify and complete such a transaction. If the company fails to successfully identify and consummate a business combination within the designated period, it will be forced to liquidate, returning the invested capital to shareholders, usually without any appreciation.

2. Dilution and Suboptimal Acquisition Target: Even if a business combination is completed, existing shareholders face the risk of dilution. This can occur through the issuance of additional ordinary shares, preferred shares, warrants, and rights as part of the acquisition process. Furthermore, the significant incentives for SPAC sponsors to complete a deal, even if not optimal, could lead to the acquisition of an underperforming or overvalued target, which would negatively impact shareholder value. The broad search criteria, not limited to a particular industry or geographic region, could also lead to an acquisition in an unfamiliar or highly competitive sector.

3. Conflicts of Interest: The structure of SPACs, including Southern Cross Acquisition I, presents potential conflicts of interest. The company's CEO and chairwoman, along with other directors and officers, may hold similar positions in other SPACs, creating situations where their interests might not fully align with those of NCO's public shareholders. SPAC sponsors often receive a disproportionately large equity stake for a relatively small cash contribution, known as a "promote," which heavily incentivizes them to complete any transaction to realize their investment, even if the deal is not the most advantageous for public investors.

Share Issuance

• Southern Cross Acquisition I completed its Initial Public Offering (IPO) on July 21, 2026, issuing 10,000,000 shares at $10.00 per share, raising $100 million.
• The company's IPO included the sale of 11,500,000 units at $10.00 each, generating gross proceeds of $115,000,000, which incorporated a full 1.5 million unit over-allotment.
• A concurrent private placement of 239,300 units to its Sponsor generated an additional $2,393,000.

Inbound Investments

• The company raised $100 million through its Initial Public Offering.
• A total of $117,393,000 was raised through its IPO and a private placement.
• As of July 28, 2026, $115,000,000 of the proceeds, net of expenses and working capital, were deposited into a trustee-held trust account.