Keyarch Acquisition Corporation Announces Closing of $100 Million Initial Public Offering | News

NEW YORK, Jan. 27, 2022 (GLOBE NEWSWIRE) — Keyarch Acquisition Corporation (Nasdaq: KYCHU) (the “Company”) today announced the closing of 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 aggregate gross proceeds of the offering were $100 million before deducting underwriting discounts and commissions and other offering costs payable by the Company.

The Units began trading on the Nasdaq Global Market (“Nasdaq”) under the symbol “KYCHU” on January 25, 2022. Each Unit consists of one Class A common stock of the Company, one-half redeemable warrant and a right to receive one-tenth of a Class A common share. Each whole warrant entitles its holder to purchase one Class A common share of the Company at a price of $11.50 per action. Once the securities comprising the Units begin trading separately, the Common Stock, Warrants and Class A Rights are expected to trade on 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, 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 service companies in developed economies such as the United States and Israel or Southeast Asia, but may pursue a target at any stage of its business evolution or in any industry, sector or geographical area. site.

EarlyBirdCapital, Inc. and Haitong International Securities acted as joint bookrunners 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 may also be viewed on the SEC’s website at www.sec.gov.

A registration statement relating to the securities is effective as of January 24, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no 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 such state or jurisdiction.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. These 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 obligation or undertaking to publicly release 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 about which any statement is based.

Company Contact: Jing Lu Chief Financial Officer Keyarch Acquisition Corporation [email protected]

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