Keyarch Acquisition Corporation Announces Pricing of $100 Million Initial Public Offering

Rhea-AI Summary

Keyarch Acquisition Corporation announced the pricing of its initial public offering (IPO) of 10,000,000 units at $10.00 each, with trading set to begin on January 25, 2022, under the ticker symbol KYCHU on Nasdaq. Each unit includes one Class A ordinary share, a half warrant, and a right to a fraction of a share. The company aims to target innovative tech businesses for potential mergers or acquisitions, primarily in developed markets, excluding entities based in China.

Positive

• Successfully priced IPO of 10 million units at $10 each.
• Focus on acquiring disruptive technology and innovative service companies.
• Targeting developed economies for potential business combinations.

Negative

• Excludes potential targets based in China, limiting market opportunities.
• Risks associated with the successful consummation of the IPO and use of proceeds.

NEW YORK, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Keyarch Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 10,000,000 units at a price of $10.00 per unit. The Company has granted the underwriters a 45-day option to purchase up to 1,500,000 units to cover over-allotments, if any. The units are expected to commence trading on January 25, 2022 on The Nasdaq Global Market (“Nasdaq”) and trade under the ticker symbol “KYCHU.” 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, and Southeast Asia, but may pursue a target in any stage of its corporate evolution or in any industry, sector or geographic location. However, the Company will not undertake its initial business combination with any entity that is based in, located in or with its principal business operations in China (including Hong Kong and Macau).

EarlyBirdCapital, Inc. and Haitong International Securities are acting as joint book-running managers for the offering, and Revere Securities is acting as co-manager. The public offering will only be made by means of a prospectus. Copies of the final prospectus may be obtained from: EarlyBirdCapital, Inc., Attention: Syndicate Department, 366 Madison Avenue, 8^th 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 in accordance with Section 8(a) of the Securities Act of 1933, as amended. 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, including the successful consummation of the Company’s initial public offering and use of proceeds related thereto, 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

FAQ

What is the IPO price for Keyarch Acquisition Corporation under the ticker KYCHU?

The IPO price for Keyarch Acquisition Corporation is set at $10.00 per unit.

When will Keyarch Acquisition Corporation's shares start trading?

Keyarch Acquisition Corporation's shares are expected to start trading on January 25, 2022.

What does each unit of Keyarch Acquisition Corporation’s IPO consist of?

Each unit consists of one Class A ordinary share, half of one redeemable warrant, and a right to receive one-tenth of one Class A ordinary share.

What markets does Keyarch Acquisition Corporation focus on for acquisitions?

Keyarch Acquisition Corporation focuses on developed economies such as the U.S., Israel, and Southeast Asia.