KEYY Keystone Acquisition Corp.

Executive Summary

Keystone Acquisition Corp. filed Amendment No. 1 to its S-1 for a $250M SPAC IPO (25M units at $10/unit). The registration was declared effective on June 2, 2026 per the cross-filing EFFECT notice, meaning the IPO is imminent and can now price and list on Nasdaq. The SPAC targets high-growth US industrial sectors (energy transition, semiconductors, digital infrastructure, digital assets).

Key Financial Metrics

Actionable Insight

Key Facts

• Offering of 25,000,000 units at $10.00/unit, each consisting of one Class A ordinary share and one-half redeemable warrant
• Gross proceeds of $250M ($287.5M if over-allotment exercised in full)
• $250.625M ($10.025/unit) to be placed in trust account
• Sponsor holds 8,333,333 founder shares (post-forfeiture) purchased for $25,000 (~$0.003/share)
• Sponsor and underwriters committed to purchase 7,625,000 private placement warrants at $1.00/warrant
• 21-month window to complete initial business combination (can extend up to 36 months)
• Target sectors: energy transition, shipbuilding, semiconductors, digital infrastructure, digital assets
• Registration declared effective June 2, 2026

Financial Impact

IPO gross proceeds of $250,000,000 (up to $287,500,000 with over-allotment) with $250,625,000 deposited in trust

Risk Factors

• Blank check company with no operating history or revenues
• Must complete business combination within 21 months or liquidate trust
• Sponsor founder shares purchased at ~$0.003/share create massive dilution for public shareholders
• No target identified or substantive discussions initiated
• Potential conflicts of interest for management and sponsor

Documents Analyzed

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

US Market Status

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