Correction: Keystone Acquisition Corp. Announces Closing of $287.5 Million Initial Public Offering Including Exercise of Underwriters’ Over-Allotment Option

Rhea-AI Summary

Keystone Acquisition Corp (Nasdaq: KEYYU) closed a $287.5 million initial public offering of 28,750,000 units at $10.025 per unit, including the underwriters’ over-allotment. Each unit has one Class A share and one-half warrant exercisable at $11.50.

The units trade on Nasdaq as KEYYU, with shares and warrants expected to trade separately as KEYY and KEYYW. A concurrent private placement of 8,468,750 warrants raised $8,468,750, and $288,218,750 was placed in trust to pursue a business combination focused initially on high-growth U.S. industrial innovation sectors.

Positive

• IPO raises $287.5 million via 28,750,000 units
• $288,218,750 placed in trust at $10.025 per unit
• Concurrent private placement adds $8,468,750 in gross proceeds
• Public units and future KEYY, KEYYW listings on Nasdaq
• Sponsor and managers participate in 8,468,750 private warrants

Negative

• None.

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NEW YORK, NEW YORK, June 04, 2026 (GLOBE NEWSWIRE) -- Keystone Acquisition Corp. (Nasdaq: KEYYU) (the “Company”) today announced the closing of its initial public offering of 28,750,000 units, which includes 3,750,000 units issued pursuant to the exercise by the underwriters of their over-allotment option, at a public offering price of $10.025 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one Class A ordinary share at a price of $11.50 per share.

The units are listed on The Nasdaq Global Market (“Nasdaq”) and commenced trading under the ticker symbol “KEYYU” on June 3, 2026. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “KEYY” and “KEYYW,” respectively.

Concurrently with the closing of the initial public offering, the Company closed on a private placement of 8,468,750 warrants at a price of $1.00 per warrant, resulting in gross proceeds of $8,468,750. Keystone International Acquisition Management LLC, the Company’s sponsor, purchased 5,593,750 of the private placement warrants, Cohen & Company Capital Markets purchased 2,731,250 of the private placement warrants and Clear Street LLC purchased 143,750 of the private placement warrants. Each private placement warrant is exercisable to purchase one Class A ordinary share at $11.50 per share. Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $288,218,750 (or $10.025 per unit sold in the public offering) was placed in trust.

Keystone Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. While the Company may pursue an initial business combination in any sector or geographic region, it intends initially to focus on opportunities in the high growth sectors related to innovation in United States industrial development, with an emphasis on energy transition & critical minerals, shipbuilding & maritime engineering, semiconductors & advanced electronics, digital infrastructure & data centers, and digital assets & crypto treasuries.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, acted as the lead book-running manager of the offering. Clear Street LLC is acting as co-manager for the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering was made only by means of a prospectus. Copies of the prospectus relating to this offering may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s search for an initial business combination and the anticipated use of the net proceeds of the initial public offering and simultaneous private placement. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

Jake Cho
Chief Financial Officer
Keystone Acquisition Corp.
jake.cho@kystinter.com

FAQ

What did Keystone Acquisition Corp (Nasdaq: KEYYU) announce on June 4, 2026?

Keystone Acquisition Corp announced the closing of its $287.5 million initial public offering. According to the company, 28,750,000 units were sold at $10.025 per unit, including the full exercise of the underwriters’ over-allotment option.

How is the Keystone Acquisition Corp (KEYY) SPAC IPO structured for investors?

The IPO units each include one Class A ordinary share and one-half redeemable warrant. According to the company, each whole warrant allows purchase of one Class A share at $11.50, providing potential upside if a successful business combination is completed.

What Nasdaq symbols will Keystone Acquisition Corp securities trade under?

The units trade on Nasdaq as KEYYU following the IPO. According to the company, once separate trading begins, the Class A ordinary shares are expected to trade as KEYY and the warrants as KEYYW, offering distinct trading options.

How much capital from the Keystone (KEYY) SPAC IPO was deposited into the trust?

Keystone deposited $288,218,750 into a trust account from the IPO and private placement proceeds. According to the company, this equals $10.025 per public unit, earmarked to fund a future business combination or redemptions.

What private placement accompanied the Keystone Acquisition Corp (KEYY) IPO?

Alongside the IPO, Keystone completed a private placement of 8,468,750 warrants at $1.00 each. According to the company, this generated $8,468,750 in gross proceeds, with each warrant exercisable for one Class A share at $11.50.

Which sectors will Keystone Acquisition Corp (KEYY) target for its business combination?

Keystone may pursue deals in any sector but plans to focus on U.S. industrial innovation. According to the company, priority areas include energy transition, critical minerals, shipbuilding, semiconductors, digital infrastructure, data centers, and digital assets.

Who managed the Keystone Acquisition Corp (KEYY) SPAC initial public offering?

Cohen & Company Capital Markets served as lead book-running manager for the Keystone IPO. According to the company, Clear Street acted as co-manager, and both firms also participated in the private placement of warrants linked to the transaction.