The SPAC IPO is now live — expect pricing and first trading day within 1-2 business days. Monitor for the pricing 8-K and subsequent trading in units (KEYYU) and later in the separated shares (KEYY) and warrants (KEYYW). The SPAC has 24 months from the effective date to announce a target; no substantive discussions with any target have been initiated as of the filing.
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Executive Summary
Keystone Acquisition Corp.'s S-1 registration statement for its $250M SPAC IPO was declared effective by the SEC on June 2, 2026. The company can now proceed to price and list 25,000,000 units at $10.00 per unit on Nasdaq, with each unit consisting of one Class A ordinary share and one-half warrant. This marks the formal launch of the SPAC's IPO, after which it will have up to 24 months to identify and complete an initial business combination.
Key Facts
- S-1 declared effective on June 2, 2026 (SEC File No. 333-295539)
- IPO of 25,000,000 units at $10.00/unit for total gross proceeds of $250,000,000
- Each unit consists of one Class A ordinary share and one-half of one redeemable warrant (exercise price $11.50/share)
- Underwriters have a 45-day option to purchase up to an additional 3,750,000 units for over-allotments
- Net proceeds before expenses to the company: $235,000,000 (after $15,000,000 underwriting discounts and commissions)
- Units expected to list on Nasdaq under symbol KEYYU; Class A ordinary shares under KEYY and warrants under KEYYW
- Company is a blank check company targeting high-growth sectors: energy transition, critical minerals, shipbuilding, semiconductors, digital infrastructure, and digital assets
- Public shareholders will have redemption rights in connection with any initial business combination
Financial Impact
IPO gross proceeds of $250,000,000; net proceeds of $235,000,000 before expenses
Risk Factors
- Blank check company with no operating history or identified acquisition target
- Must complete a business combination within 24 months or liquidate and return trust proceeds to shareholders
- Warrant overhang: each whole warrant exercisable at $11.50/share post-business combination
- No guarantee of Nasdaq listing approval for units, shares, or warrants
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| EFFECT Filing (Primary) | 9999999995-26-001846 |
| Document: 9999999995-26-001846-index.html | 9999999995-26-001846 |
| Document: 9999999995-26-001846.txt | 9999999995-26-001846 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 18, 2026 18w ago | Press Release | — | awaiting T+20 | — | — |
Jun 18, 2026 18w ago | 8-K | — | awaiting T+20 | — | — |
Jun 4, 2026 20w ago | Press Release | — | awaiting T+20 | — | — |
Jun 3, 2026 20w ago | 424B4 | — | awaiting T+20 | — | — |
Jun 3, 2026 20w ago | EFFECT | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | 3 | — | awaiting T+20 | — | — |
Jun 2, 2026 20w ago | Press Release | — | awaiting T+20 | — | — |
US Market Status
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