McKinley Acquisition Corp Announces Closing of $150 Million Initial Public Offering

Rhea-AI Summary

McKinley Acquisition Corporation (Nasdaq: MKLY) has successfully completed its initial public offering (IPO) of 15,000,000 units at $10.00 per unit, raising gross proceeds of $150 million.

Each unit comprises one Class A ordinary share and one right, with the right entitling holders to receive one-tenth of a Class A ordinary share upon completing an initial business combination. The units trade on Nasdaq under "MKLYU", while the separated components will trade as "MKLY" and "MKLYR".

The entire IPO proceeds of $150 million have been placed in trust. Clear Street LLC served as the sole book-runner, with Brookline Capital Markets as co-manager. Underwriters have a 45-day option to purchase up to 2,250,000 additional units to cover over-allotments.

Positive

• None.

Negative

• Potential shareholder dilution from rights conversion (1/10 share per right)
• No specific business combination target identified yet
• Success depends on finding suitable acquisition target

Insights

Financial Analyst

McKinley Acquisition Corp completed its $150M SPAC IPO, positioning itself to pursue acquisition targets with full proceeds held in trust.

McKinley Acquisition Corporation has successfully completed its $150 million initial public offering (IPO), selling 15 million units at $10.00 per unit. This SPAC (Special Purpose Acquisition Company) structure is designed specifically to raise capital for future acquisitions of private businesses, effectively offering them a streamlined path to public markets.

The full $150 million raised has been placed in trust, which is standard practice for SPACs to protect investor capital until a suitable acquisition target is identified. The SPAC has a typical structure with units that will eventually separate into Class A ordinary shares (ticker: MKLY) and rights (ticker: MKLYR), with each right convertible to one-tenth of a share upon business combination completion.

Clear Street LLC served as the sole book-runner, with Brookline Capital Markets as co-manager. The underwriters have a 45-day option to purchase up to an additional 2.25 million units to cover potential over-allotments, which could increase the total proceeds by up to $22.5 million if fully exercised.

For investors, SPACs represent a unique investment vehicle with distinct risk-reward characteristics. The $10 initial unit price provides a theoretical floor while investors evaluate management's ability to identify and execute a value-creating business combination. However, the success ultimately depends on the quality of acquisition target and negotiated terms, which remain unknown at this stage.

NEEDHAM, Mass, Aug. 13, 2025 (GLOBE NEWSWIRE) -- McKinley Acquisition Corporation (Nasdaq: MKLYU) (the “Company”) announced today that it closed its initial public offering of 15,000,000 units.  The offering was priced at $10.00 per unit resulting in gross proceeds of $150,000,000.

The units are listed on The Nasdaq Global Market under the symbol “MKLYU”. Each unit consists of one Class A ordinary share and one right. Each right entitles the holder to receive one-tenth (1/10) of one Class A ordinary share upon consummation of the Company’s initial business combination.  Once the securities comprising the units begin separate trading, the Class A ordinary shares and rights will be traded on Nasdaq under the symbols “MKLY” and “MKLYR,” respectively.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement, $150,000,000 (or $10.00 per unit sold in the public offering) was placed in trust.  An audited balance sheet of the Company as of August 13, 2025 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission.

Clear Street LLC acted as the sole book-running manager for the offering. Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager.

The Company has granted the underwriters a 45-day option to purchase up to 2,250,000 additional units at the initial public offering price to cover over-allotments, if any.

A registration statement relating to these securities has been declared effective by the U.S. Securities and Exchange Commission (the "SEC"). 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 an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements," including with respect to the proposed initial public offering and the anticipated use of the net proceeds. 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 and preliminary prospectus for the Company's 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.

Company Contact:
McKinley Acquisition Corp
info@mckinleyspac.com
Peter Wright

FAQ

How much did McKinley Acquisition Corp (MKLY) raise in its IPO?

McKinley Acquisition Corp raised $150 million through an IPO of 15 million units priced at $10.00 per unit.

What is included in McKinley Acquisition Corp's (MKLY) IPO units?

Each unit consists of one Class A ordinary share and one right that entitles holders to receive one-tenth of a Class A ordinary share upon completing a business combination.

What are the trading symbols for McKinley Acquisition Corp's securities?

The units trade as MKLYU on Nasdaq, while the Class A ordinary shares and rights will trade separately as MKLY and MKLYR respectively.

How much of McKinley Acquisition Corp's (MKLY) IPO proceeds are held in trust?

100% of the IPO proceeds ($150 million, or $10.00 per unit) have been placed in trust.

What is the over-allotment option for McKinley Acquisition Corp's (MKLY) IPO?

Underwriters have a 45-day option to purchase up to 2,250,000 additional units at the IPO price to cover over-allotments.