Keyarch Acquisition Corporation Announces Full Exercise of Overallotment Option in Connection with its Initial Public Offering
Keyarch Acquisition Corporation (Nasdaq: KYCHU) announced the closing of a full exercise of the overallotment option from its initial public offering, resulting in an additional 1,500,000 units issued at $10.00 each. The total offering now amounts to 11,500,000 units and an aggregate of $115,000,000. The units, which contain shares, warrants, and rights, began trading on the Nasdaq on January 25, 2022. EarlyBirdCapital, Inc. and Haitong International Securities are the joint book-running managers for the offering.
- Completion of overallotment option boosts total units issued to 11.5 million.
- Total offering value increased to $115 million, enhancing capital position.
- None.
NEW YORK, Feb. 08, 2022 (GLOBE NEWSWIRE) -- Keyarch Acquisition Corporation (Nasdaq: KYCHU) (the “Company”) announced today the closing of the overallotment option that the underwriters of its previously announced initial public offering exercised in full. The full exercise of the overallotment option resulted in the issuance of an additional 1,500,000 units at a public offering 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
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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