KEYYU Keystone Acquisition Corp.

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Executive Summary

Keystone Acquisition Corp. (KEYYU) completed its IPO on June 2, 2026, selling 25,000,000 units at $10.00 per unit, with an over-allotment option for up to 3,750,000 additional units. The IPO raised $250,625,000 in gross proceeds, held in a trust account, alongside $7,625,000 from a private placement of warrants to the Sponsor and Underwriters. The filing also includes amended governing documents and standard officer/director arrangements, marking the SPAC's formal launch with a 21-month deadline to complete a business combination.

Key Financial Metrics

Actionable Insight

Key Facts

• IPO of 25,000,000 units at $10.00/unit, raising $250,625,000 in gross proceeds deposited in trust
• Over-allotment option for up to 3,750,000 additional units
• Private placement of 7,625,000 warrants at $1.00/warrant to Sponsor (5,125,000) and Underwriters (2,500,000), raising $7,625,000
• 21-month deadline from IPO completion to consummate a business combination
• Amended and restated memorandum and articles of association adopted June 2, 2026
• Founder shares (9,583,333 Class B shares) held by Sponsor and director nominees, subject to lock-up

Financial Impact

IPO gross proceeds of $250,625,000 placed in trust, plus $7,625,000 from warrant private placement (total ~$258.25M in trust). Approximately $1,300,000 released for working capital. Deferred underwriting commission of $10,000,000 (4% of firm units) held in trust.

Risk Factors

• Failure to consummate a business combination within 21 months leads to liquidation and distribution of trust assets
• Potential shareholder redemptions could reduce trust account prior to closing a deal
• Overhang from founder shares and warrants could dilute post-business-combination investors
• No identified target at IPO; risks inherent to blank-check SPAC structure

Market Snapshot

Documents Analyzed

This report is based on 2 SEC documents filed with EDGAR.

US Market Status