Southern Cross Acquisition (NCOOU, NCOOW, NCOOR) has priced a $100 million IPO at $10 a unit, the special purpose acquisition company (SPAC) announced late Monday.

The units are expected to trade on the Nasdaq Global Market, under the symbol NCOOU, starting on Tuesday.

Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth of one ordinary share upon consummation of an initial business acquisition or combination.

Each redeemable warrant entitles the holder to purchase one ordinary share at an exercise price of $11.50 per share.

Once the Southern Cross Acquisition securities comprising the units begin trading, the ordinary shares, warrants and rights are expected to be listed on Nasdaq under the symbols NCO, NCOOW, and NCOOR, respectively.

Southern Cross Acquisition is a "blank check" IPO, meaning that, in general, after raising funds the company will seek to acquire an operating enterprise, usually privately held.

The Southern Cross Acquisition offering is slated to close on Wednesday.

The company said no target industry or geography has been established.