<html><head></head><body><h3>Viking Acquisition Corp. II</h3><a href="https://www.spacinsider.com/spac/viking-acquisition-corp-ii" target="_blank">Viking II</a> (NYSE:VII.U) has filed for <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/2139246/000121390026067909/ea0293867-01.htm" target="_blank">a $200 million SPAC</a> that is the second vehicle for its team of Deutsche Bank veterans.It is offering largely the same terms as the first one in the series, <a href="https://www.spacinsider.com/spac/viking-acquisition-corp-i" target="_blank">Viking I</a> (NYSE:VACI), which IPO’d in October 2025 and announced <a href="https://www.spacinsider.com/news/deal-announcements-amendments/viking-i-vaci-to-merge-with-northstar-earth-space-in-405m-deal" target="_blank">a business combination</a> with space asset-tracker Northstar in April 2026. Both included 1/3 warrants in their units along with a slightly higher fee for underwriter Cohen &amp; Company.Cohen has largely stuck to a 2.0% upfront and 4.0% deferred compensation structure over the past two years, but the Viking SPACs have been among the rare exceptions. The bank’s upfront fee has instead been set at 2.25% and it is re-investing more than the habitual half of this fee into private placement unit purchases.It will spend $0.125 per unit of this upfront fee to purchase 250,000 private units at $10 per unit with the remainder of the upfront fee due to Cohen in cash. This investment represents 71.4% of the $3.5 million in at risk capital with 350,000 private units set to be purchased and Cohen will increase its commitment to 310,000 units if its over-allotment option is exercised in full. But, the SPAC sponsor’s 100,000-unit share will not be adjusted with over-allotments.Cohen will also base its deferred fee on the amounts remaining in the SPAC’s trust account after final redemptions.In one move slightly in the team-friendly direction, Viking II will be permitted to withdraw up to 7% of the interest accrued on its trust to pay for working capital expenses. The sponsor’s promote is scaled to the equivalent of 25% of the total offering.The latest Viking vehicle will again be steered by KingsRock Advisors co-founders Håkan Wohlin and Louis Jaffe in the CEO and chairman seats, respectively. Before founding KingsRock, the pair spent a collective 37 years manning a series of senior roles at Deutsche Bank. SPAC finance specialist Gil Ottensoser is set to serve as Viking II’s CFO and technology executive Philipp von Girsewald will be its chief strategy officer.<h3>Southern Cross Acquisition I Corp.</h3><a href="https://www.spacinsider.com/spac/southern-cross-acquisition-i-corp" target="_blank">Southern Cross I</a> (NASDAQ:NCOU) has filed for <a href="https://www.sec.gov/Archives/edgar/data/2116230/000192998026000257/sxgc_s1.htm" target="_blank">a $100 million SPAC</a> that is the latest underwritten by D. Boral Capital with a notably generous unit structure.It is the ninth SPAC for which D. Boral has served as left lead underwriter so far this year and, of these, four of the last six have included both a whole warrant and a right to a 1/4 share in each unit. Southern Cross I also shares this group’s tight 12-month transaction deadline and it does not have an automatic means of extending this.D. Boral has also stayed flexible on its compensation and will this time charge a $0.10 per unit commission on both the front and back end of the offering while receiving 100,000 representative shares at the close of the offering. This number will bump up to 115,000 if the over-allotment option is exercised in part or in full. Any capital raised by Southern Cross from investors introduced by D. Boral will be subject to a further 2.0% fee.The sole shareholder in Southern Cross I’s sponsor, Dong Chen, resides in China, but Chairwoman and CEO Ally Tong Zhang is based in New Zealand, CFO Siu Wai Lam is in Hong Kong. Many of its directors are also scattered across the Asia-Pacific region.At any rate, the team will consider merger targets in China but it does not have a preference in terms of sector. It is also considering getting a second SPAC, Southern Cross Acquisition II Corp., going and it confidentially filed an S-1 for a $115 million IPO with this second vehicle on May 29. But, it has not yet advanced it beyond this stage and notes in this first SPAC S-1 that the high volume of SPACs that have entered the market recently could be a cause of hesitation.<h3>Pelican Acquisition II Corporation</h3><a href="https://www.spacinsider.com/spac/pelican-acquisition-ii-corporation" target="_blank">Pelican II</a> (NASDAQ:PLCIU) is another sequel SPAC and it hopes to raise <a href="https://www.sec.gov/Archives/edgar/data/2122392/000182912626006339/pelicanacq2_s1.htm" target="_blank">$75 million at IPO</a>.This team’s first SPAC, <a href="https://www.spacinsider.com/spac/pelican-acquisition-corporation" target="_blank">Pelican I</a>, managed to file, list and close with a target within 12 months from April 2025 to March 2026, but Pelican II is giving itself more time with a 21-month transaction deadline.This extra time is perhaps the most notable term that Pelican II has lined up in its favor as compared to Pelican I as both SPACs offered one right to a 1/10 share in each unit. In exchange, investors are getting an arguably bigger concession in that Pelican II has agreed to overfund its trust to 101% with $10.10 per unit in trust from the start.EarlyBirdCapital’s underwriting compensation for this venture is to be in the form of a $0.20 per unit upfront cash fee and it will be issued 200,000 promote shares at the close of the offering. The underwriter will also take a 3.5% deferred fee. Of this, 1.0% will be paid in the form of a convertible note, 1.5% in cash and 1.0% will be adjusted proportionate to the amount of capital remaining in the SPAC’s trust at the close of a deal.The underwriter will also get a bonus worth 1.0% of the offering if it introduces Pelican II to its eventual merger target.Last time around, Pelican I <a href="https://www.spacinsider.com/news/deal-announcements-amendments/pelican-peli-to-combine-with-greenland-energy-in-215m-deal" target="_blank">combined</a> in its swift process with Greenland Energy (NASDAQ:GLND), which is exploring potential oil and gas reserves in Greenland’s Jameson Land Basin. Periodic excitement about Greenland has provided some spikes for the company since close, but it lately has been trading in a $2-$3 range.Robert Labbe will again run the SPAC as a one-man show as chairman, CEO and CFO, but he has picked two new Board members to come along for the ride in retail executive Becky Fallon and municipal administrator Sean Michael Deegan.
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