Southern Cross Acquisition II Sponsor Corp. and Peizhong Yu filed a Form 4 on November 4, 2026, disclosing the forfeiture of 324,123 ordinary shares of Southern Cross Acquisition II Corp. (NASDAQ:SCAT) on November 2, 2026, following the underwriter's partial exercise of its over-allotment option.

Key Highlights

  • Forfeiture date: 324,123 ordinary shares were forfeited on November 2, 2026, without consideration (price: $0).
  • Transaction code: The disposal was recorded under transaction code J.
  • Remaining holdings: Following the forfeiture, the Sponsor beneficially owned 2,701,677 ordinary shares.
  • Holdings composition: The post-transaction total includes 2,495,877 ordinary shares acquired prior to the IPO and 205,800 ordinary shares underlying private units acquired in a private placement concurrent with the IPO.
  • Reporting persons: Southern Cross Acquisition II Sponsor Corp. (a Cayman Islands exempted company) and Peizhong Yu, its sole member and director, filed jointly as 10% owners.
  • Private unit structure: According to the filing, each Private Unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth (1/4) of one ordinary share.

Sponsor Share Forfeiture Following Underwriter Partial Over-Allotment Exercise

According to the filing, on November 2, 2026, Southern Cross Acquisition II Sponsor Corp. forfeited 324,123 ordinary shares of Southern Cross Acquisition II Corp. (NASDAQ:SCAT) without consideration. The filing states that the forfeiture occurred "following the underwriter's partial exercise of its over-allotment option." The transaction was coded J and carried a price of $0, indicating no proceeds were received by the Sponsor in connection with the disposal.

The filing identifies two reporting persons: Southern Cross Acquisition II Sponsor Corp., a Cayman Islands exempted company based at 1412 Broadway, 21st Floor Suite 21V, New York, New York 10018, and Peizhong Yu, who is described as the sole member and director of the Sponsor. The filing notes that this structure "entitles him to voting, dispositive or investment power over the Sponsor," and that as a result, Peizhong Yu "is deemed to have voting and dispositive rights over the securities of Southern Cross Acquisition II Corp. held by the Sponsor." Both reporting persons are identified as 10% owners of the issuer.

After the forfeiture, the Sponsor reported direct beneficial ownership of 2,701,677 ordinary shares. The filing breaks this figure into two components: 2,495,877 ordinary shares acquired prior to the IPO, and 205,800 ordinary shares underlying private units obtained in a private placement that closed simultaneously with the consummation of the initial public offering. All reported ownership is listed as direct.

What Was Disclosed

The Form 4 discloses a forfeiture of 324,123 ordinary shares at $0 by Southern Cross Acquisition II Sponsor Corp. and Peizhong Yu on November 2, 2026, reducing the Sponsor's beneficial ownership to 2,701,677 ordinary shares following the underwriter's partial over-allotment exercise.