Keyarch Acquisition Corporation Announces Closing of $100 Million Initial Public Offering
Keyarch Acquisition Corporation (Nasdaq: KYCHU) successfully closed its initial public offering of 10 million units at $10.00 each, totaling $100 million in gross proceeds. The units began trading on January 25, 2022. Each unit comprises one Class A ordinary share, half a redeemable warrant, and a right for a fractional share. The company aims to merge or acquire firms within disruptive technology and innovative services, primarily in developed economies. EarlyBirdCapital and Haitong International served as joint book-running managers for the offering.
- Raised $100 million in gross proceeds from IPO.
- Focus on disruptive technology and innovative services enhances growth potential.
- None.
NEW YORK, Jan. 27, 2022 (GLOBE NEWSWIRE) -- 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
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
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 Lu
Chief Financial Officer
Keyarch Acquisition Corporation
jlu@keywisecapital.com
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