Keystone Acquisition Corp. successfully priced an initial public offering of 25 million units at $10 per unit, raising $250 million in gross proceeds, the company said.
Each unit issued in the offering contains one Class A ordinary share and one-half of a redeemable warrant. Under the terms of the securities, each whole warrant permits its holder to purchase one Class A ordinary share at an exercise price of $11.50 per share.
The units are slated to begin trading on the Nasdaq exchange under the symbol "KEYYU" on June 3, 2026. Following the commencement of separate trading, the Class A ordinary shares and the warrants will trade under the tickers "KEYY" and "KEYYW," respectively. The company expects the offering to close on June 4, 2026.
Keystone Acquisition is organized as a blank-check company formed to pursue mergers, acquisitions or other business combinations. In its announcement, the company described an intended focus on opportunities within U.S. industrial development sectors. Those sectors include 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 is acting as the lead book-running manager for the transaction. The company also noted that the Securities and Exchange Commission declared its registration statement effective.
Context and structure
The offering structure - pairing ordinary shares with half-warrants - is intended to provide unit buyers with equity exposure plus limited warrant participation. The full exercise price for each warrant is set at $11.50 per Class A share.
Timing
According to the timetable provided by the company, trading of the combined units is expected to begin on June 3, 2026, and the transaction is expected to conclude on June 4, 2026, when the offering closes.
Strategic focus
Keystone’s stated acquisition focus spans multiple U.S. industrial development areas, explicitly naming energy transition and critical minerals; shipbuilding and maritime engineering; semiconductors and advanced electronics; digital infrastructure and data centers; and digital assets and crypto treasuries.