The IPO is now effective and pricing is imminent. Monitor for the pricing announcement and first day of trading under symbol KEYYU (units), KEYY (shares), KEYYW (warrants). Post-IPO, the key catalyst will be identification of a target business within the 21-month window.
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
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.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001213900-26-062203 |
| Document: ea027293705ex3-2.htm | 0001213900-26-062203 |
| Document: ea027293705ex1-1.htm | 0001213900-26-062203 |
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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