Keystone Acquisition Corp., a Cayman Islands SPAC, completed its IPO on June 4, 2026, selling 28,750,000 units at $10.00 each and raising $287.5 million. Together with a concurrent private placement, $288,218,750 was deposited into a U.S. trust account invested in Treasuries and money market funds.
As of June 30, 2026, total assets were $290.3 million, including $288.97 million in the trust and $1.07 million in operating cash, against $11.95 million of liabilities plus $288.97 million of Class A shares classified as redeemable. The company reported net income of $74,031 for the quarter and $36,791 for the six months, driven by $754,831 of interest on trust investments and $12,500 of referral income, offset by operating and compensation expenses.
Management discloses that projected liquidity raises substantial doubt about the ability to continue as a going concern if no business combination is completed by March 4, 2028, the mandatory liquidation deadline. No business combination has been executed yet; activities remain focused on target identification.
AQR Capital Management, LLC, AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC report a passive ownership stake in Keystone Acquisition Corp. They collectively beneficially own 1,723,275 units, representing 1,723,275 Class A ordinary shares.
This position equals 5.99% of the outstanding Class A ordinary shares. The AQR entities report no sole voting or dispositive power over these shares, but shared voting and shared dispositive power over all 1,723,275 shares. AQR Capital Management, LLC is a wholly owned subsidiary of AQR Capital Management Holdings, LLC, and AQR Arbitrage, LLC is deemed controlled by AQR Capital Management, LLC.
Magnetar Financial LLC and related entities report a significant ownership position in Keystone Acquisition Corp. As of June 30, 2026, Magnetar Financial, Magnetar Capital Partners LP, Supernova Management LLC, and David J. Snyderman are each deemed to beneficially own 2,000,000 Class A ordinary shares of Keystone Acquisition Corp, representing approximately 6.96% of the company’s outstanding shares.
The 2,000,000 shares are held across several Magnetar-managed funds, and the reporting persons have shared voting and dispositive power over all of these shares, with no sole voting or dispositive power. The ownership percentage is based on 28,750,000 shares outstanding, as referenced from a Form 8-K filed by the issuer.
Keystone Acquisition Corp. announced that holders of its units from the initial public offering of 28,750,000 units may begin separately trading the Class A ordinary shares and warrants on or about June 22, 2026. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant.
The units will continue to trade on Nasdaq under "KEYYU," while the shares and warrants will trade separately under "KEYY" and "KEYYW." No fractional warrants will be issued, and only whole warrants with an exercise price of $11.50 per share will trade. Holders must instruct their brokers to contact the transfer agent, Efficiency INC., to separate units.
Keystone Acquisition Corp. completed its initial public offering of 28,750,000 units at $10.00 per unit, raising gross proceeds of $287,500,000. Each unit includes one Class A ordinary share and half of a redeemable warrant exercisable at $11.50 per share.
The company also sold 8,468,750 private placement warrants for $1.00 each, adding $8,468,750. In total, $288,218,750, including $11,500,000 of deferred underwriting commission, was deposited into a U.S. trust account, giving public shareholders initial redemption value of $10.025 per share while the SPAC seeks a business combination.
Keystone Acquisition Corp. completed its initial public offering of 28,750,000 units, generating gross proceeds of $287,500,000. Each unit includes one Class A ordinary share and one-half of a redeemable warrant exercisable at $11.50 per share after a future business combination.
The company also sold 8,468,750 private placement warrants for $8,468,750, with terms that restrict transfer, allow cashless exercise and provide registration rights. In total, $288,218,750 from the IPO and private placement was deposited into a trust account for a future acquisition.
Keystone appointed three independent directors, set up staggered board classes, granted them Class B shares as compensation and adopted amended and restated governing documents in connection with the IPO.
Keystone Acquisition Corp. files a prospectus to offer $250,000,000 through 25,000,000 units at $10.00 per unit. Each unit comprises one Class A ordinary share and one-half of one redeemable warrant; whole warrants exercise at $11.50 per share.
The offering places $250,625,000 (or $288,218,750 if the underwriters’ over-allotment option is exercised in full) into a U.S.-based trust account. Public shareholders may redeem their Class A ordinary shares in connection with an initial business combination. Founder shares and private placement warrants held by the sponsor and insiders create potential dilution and alignment risks described in the prospectus.
Keystone Acquisition Corp. director Martin J. Payne filed an initial Form 3 showing beneficial ownership of 35,000 Class B ordinary shares. These Class B shares are directly held, are convertible into the company’s Class A ordinary shares, and, according to the disclosure, have no expiration date.
Keystone Acquisition Corp. director Cho Paul Yoonku reported his initial beneficial ownership on a Form 3. He holds 25,000 Class B ordinary shares, which are convertible into 25,000 Class A ordinary shares as described in the company’s Registration Statement on Form S-1.