Keystone Acquisition closes $287.5 million IPO with over-allotment option

Keystone Acquisition Corp. (NASDAQ: KEYYU) completed its initial public offering of 28.75 million units at $10.025 per unit, including 3.75 million units from the underwriters' over-allotment option exercise, the company announced.

Each unit consists of one Class A ordinary share and half of one redeemable warrant. The warrants are exercisable at $11.50 per share. The units began trading on Nasdaq under ticker symbol "KEYYU" on June 3, 2026.

The company simultaneously completed a private placement of 8,468,750 warrants at $1.00 per warrant, generating $8.47 million in gross proceeds. Keystone International Acquisition Management LLC, the company's sponsor, purchased 5,593,750 private placement warrants, while Cohen & Company Capital Markets acquired 2,731,250 warrants and Clear Street LLC purchased 143,750 warrants.

The company placed $288.22 million from the combined offerings into trust, representing $10.025 per unit sold in the public offering.

Keystone Acquisition is a special purpose acquisition company seeking to merge with businesses in high-growth sectors related to U.S. industrial development. The company plans to focus on energy transition and critical minerals, shipbuilding and maritime engineering, semiconductors and advanced electronics, digital infrastructure and data centers, and digital assets and crypto treasuries.

Cohen & Company Capital Markets served as lead book-running manager for the offering, with Clear Street LLC acting as co-manager. Once separate trading begins, the Class A ordinary shares and warrants are expected to trade under symbols "KEYY" and "KEYYW" respectively.

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