KEYY Keystone Acquisition Corp.

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Executive Summary

Keystone Acquisition Corp.'s S-1 registration statement for its $250M SPAC IPO was declared effective by the SEC on June 2, 2026. The company can now proceed to price and list 25,000,000 units at $10.00 per unit on Nasdaq, with each unit consisting of one Class A ordinary share and one-half warrant. This marks the formal launch of the SPAC's IPO, after which it will have up to 24 months to identify and complete an initial business combination.

Actionable Insight

Key Facts

• S-1 declared effective on June 2, 2026 (SEC File No. 333-295539)
• IPO of 25,000,000 units at $10.00/unit for total gross proceeds of $250,000,000
• Each unit consists of one Class A ordinary share and one-half of one redeemable warrant (exercise price $11.50/share)
• Underwriters have a 45-day option to purchase up to an additional 3,750,000 units for over-allotments
• Net proceeds before expenses to the company: $235,000,000 (after $15,000,000 underwriting discounts and commissions)
• Units expected to list on Nasdaq under symbol KEYYU; Class A ordinary shares under KEYY and warrants under KEYYW
• Company is a blank check company targeting high-growth sectors: energy transition, critical minerals, shipbuilding, semiconductors, digital infrastructure, and digital assets
• Public shareholders will have redemption rights in connection with any initial business combination

Financial Impact

IPO gross proceeds of $250,000,000; net proceeds of $235,000,000 before expenses

Risk Factors

• Blank check company with no operating history or identified acquisition target
• Must complete a business combination within 24 months or liquidate and return trust proceeds to shareholders
• Warrant overhang: each whole warrant exercisable at $11.50/share post-business combination
• No guarantee of Nasdaq listing approval for units, shares, or warrants

Documents Analyzed

This report is based on 3 SEC documents filed with EDGAR.

US Market Status

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