Keyarch Acquisition Corporation Announces Closing of $100 Million Initial Public Offering
28 January 2022 - 2:26PM
Keyarch Acquisition Corporation (Nasdaq: KYCHU) (the “Company”)
announced today the closing of its initial public offering of
10,000,000 units at a price of $10.00 per unit. The
Company granted the underwriters a 45-day option to purchase up to
1,500,000 units to cover over-allotments, if any. Total gross
proceeds from the offering were $100 million before deducting
underwriting discounts and commissions and other offering expenses
payable by the Company.
The units began trading on The Nasdaq Global
Market (“Nasdaq”) under the ticker symbol “KYCHU” on January 25,
2022. Each unit consists of one Class A ordinary share of the
Company, one-half of one redeemable warrant and one right to
receive one-tenth of one Class A ordinary share. Each whole warrant
entitles the holder thereof to purchase one Class A ordinary share
of the Company at a price of $11.50 per share. Once the securities
comprising the units begin separate trading, the Class A ordinary
shares, warrants and rights are expected to be listed on the Nasdaq
under the symbols “KYCH,” “KYCHW” and “KYCHR,” respectively.
The Company was formed by Keyarch Global Sponsor
Limited for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. The
Company intends to focus its search for a target on disruptive
technology and innovative services companies in developed economies
such as the U.S. and Israel or Southeast Asia, but may pursue a
target in any stage of its corporate evolution or in any industry,
sector or geographic location.
EarlyBirdCapital, Inc. and Haitong International
Securities acted as joint book-running managers for the offering,
and Revere Securities acted as co-manager. The public offering was
made by means of a prospectus. Copies of the final prospectus may
be obtained from: EarlyBirdCapital, Inc., Attention: Syndicate
Department, 366 Madison Avenue, 8th Floor, New York, New
York 10017, or by telephone at 212-661-0200. Copies of the
registration statement can also be accessed through the SEC's
website at www.sec.gov.
A registration statement relating to the
securities became effective on January 24, 2022. This press release
shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in
any state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
Cautionary Note Concerning Forward
Looking Statements
This press release includes forward-looking
statements that involve risks and uncertainties. Forward looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ from the forward looking
statements. The Company expressly disclaims any obligations or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in the Company's expectations with respect thereto or any change in
events, conditions or circumstances on which any statement is
based.
Company Contact:Jing LuChief Financial
OfficerKeyarch Acquisition Corporationjlu@keywisecapital.com
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