Keystone Acquisition Corp. (KEYYW) Warrant
Each KEYYW warrant gives the holder the right to buy 1 share of Keystone Acquisition Corp. at $11.50 per share, for five years after the company completes its merger. The stock last closed at $9.95, below the strike, so the warrant is out of the money. Keystone Acquisition Corp. has a market value of about $381.42M. Keystone Acquisition Corp. is a SPAC (no deal announced yet). It must complete a deal by March 4, 2028 or the warrants expire worthless. There are 14.38M listed warrants; exercising all of them would add 37.5% to the 38.33M shares outstanding.
KEYY vs strike, last 12 months
No share-price history for KEYY yet.
Key terms
- Strike per share
- $11.50
- Shares per warrant
- 1
- Cash to exercise one warrant
- $11.50
- Expiry
- merger + 5 years
- Redemption trigger
- $18.00
- Cashless exercise
- allowed
- Break-even stock price
- $11.89
From the issuer's S-1/A (2026-05-28).
Company and stock
- Company
- Keystone Acquisition Corp.
- Underlying stock
- KEYY
- Share price
- $9.95
- Market cap
- $381.42M
- Shares outstanding
- 38.33M
- Value of all listed warrants
- $5.64M (1.5% of market cap)
Market cap is the last share price times shares outstanding (as of 10-Q 2026-). All SEC filings for this company.
Model value vs price Pro
- Model value
- Last price
- $0.3921
- Price / model
Get Pro to see whether KEYYW is cheap or rich against our model.
Dilution
- Shares outstanding
- 38.33M
- Listed warrants
- 14.38M
- Dilution if all exercised
- 37.5%
Warrant count from filing iXBRL: PublicWarrantsMember.
SPAC deal
- Status
- no deal announced yet
- Target
- —
- Deal announced
- —
- Deadline
- 2028-03-04
- Latest possible deadline
- 2028-03-04
- Trust per share
- $10.05
- Sponsor
- Keystone International Acquisition Management LLC
- Sponsor's earlier SPACs
- 1 (1 closed a deal)
- Chance of a deal
A SPAC warrant is worth nothing if no deal closes by the deadline.
Filings and events
Questions about KEYYW
When does the KEYYW warrant expire?
Five years after the SPAC completes its merger; if no merger closes by the deadline, the warrants expire worthless.
What is the strike price of KEYYW?
$11.50 per share; each warrant converts into 1 share, so exercising one warrant costs $11.50.
How many KEYYW warrants are outstanding?
14.38M listed warrants, equal to 37.5% dilution if all are exercised.