Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Meyer
06.15.26
Pillsbury advised Keystone Acquisition Corp., a special purpose acquisition company, on its initial public offering (IPO) of 28,750,000 units, including 3,750,000 units issued pursuant to the underwriters’ over-allotment option, at a public offering price of $10.025 per unit. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant exercisable for one Class A ordinary share at $11.50 per share.
Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, served as the lead book-running manager and Clear Street LLC acted as co-manager.
The units began trading on the Nasdaq Global Market on June 3, 2026 under the ticker symbol “KEYYU.” Upon separation, the Class A ordinary shares and warrants are expected trade under “KEYY” and “KEYYW,” respectively.
Concurrently with the IPO, Keystone completed a private placement of 8,468,750 warrants at $1.00 per warrant, generating $8.47 million in gross proceeds. The warrants were purchased by Keystone International Acquisition Management LLC (5,593,750), Cohen & Company Capital Markets (2,731,250) and Clear Street LLC (143,750). Each warrant is exercisable for one Class A ordinary share at $11.50 per share.
In total, $288.2 million of proceeds from the IPO and private placement ($10.025 per public unit) was placed in trust.
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The Pillsbury deal team included Capital Markets partner Stephen Ashley; Government Law & Strategies partner Matthew Oresman; Capital Markets associate Mackenzie Pantoja; and Corporate senior law clerk Claudia Hanover.