Keystone Acquisition Corp. reported the closing of its initial public offering in a transaction that included an over-allotment exercise by the underwriters. The company sold a total of 28.75 million units at a price of $10.025 per unit, with 3.75 million of those units issued as part of the underwriters' over-allotment option.
Each unit is composed of one Class A ordinary share and one-half of one redeemable warrant. The warrants included with the units are exercisable at $11.50 per share. Trading of the units commenced on Nasdaq under the ticker symbol "KEYYU" on June 3, 2026.
In parallel with the public offering, Keystone completed a private placement of 8,468,750 warrants, sold at $1.00 per warrant, producing $8.47 million in gross proceeds. Allocation of the private placement warrants was disclosed as follows: Keystone International Acquisition Management LLC, the company’s sponsor, purchased 5,593,750 warrants; Cohen & Company Capital Markets acquired 2,731,250 warrants; and Clear Street LLC purchased 143,750 warrants.
Proceeds from the completed offerings were placed into a trust account. The company said it placed $288.22 million from the combined offerings into trust, representing an amount equivalent to $10.025 per unit sold in the public offering.
Keystone Acquisition is structured as a special purpose acquisition company that will pursue a business combination with companies operating in high-growth segments related to U.S. industrial development. The company identified several target areas of focus, explicitly naming energy transition and critical minerals; shipbuilding and maritime engineering; semiconductors and advanced electronics; digital infrastructure and data centers; and digital assets and crypto treasuries.
Underwriting roles for the offering were led by Cohen & Company Capital Markets as the book-running manager, with Clear Street LLC serving as co-manager. The company noted that, once separate trading of the components begins, the Class A ordinary shares and the warrants are expected to trade under the symbols "KEYY" and "KEYYW," respectively.
Data and facts listed in this report are taken from the company’s disclosure regarding the offering, allocations and listing.