Keystone Acquisition Corp. filed its quarterly report on Form 10-Q for the period ended June 30, 2026, disclosing its financial position following the closing of its Initial Public Offering on June 4, 2026.

Key Highlights

  • IPO closed June 4, 2026: The underwriters exercised their over-allotment option in full, and 1,250,000 Founder Shares are no longer subject to forfeiture, according to the filing.
  • Trust Account balance: Investments held in Trust Account totaled $288,973,581 as of June 30, 2026.
  • Shares outstanding: As of August 10, 2026, there were 28,750,000 Class A ordinary shares and 9,583,333 Class B ordinary shares issued and outstanding.
  • Redemption value: 28,750,000 Class A ordinary shares were subject to possible redemption at $10.05 per share as of June 30, 2026.
  • Net income: The company reported net income of $74,031 for the three months ended June 30, 2026, and net income of $36,791 for the six months ended June 30, 2026.
  • Deferred underwriting fee: A deferred underwriting fee of $11,500,000 was recorded as a liability as of June 30, 2026.
  • Shareholders' deficit: Total shareholders' deficit stood at $(10,596,021) as of June 30, 2026, compared to $(1,606) at December 31, 2025.

Keystone Acquisition Corp. Reports First Full Quarter After IPO Closing

Keystone Acquisition Corp. (NASDAQ:KEYY), a Cayman Islands blank check company headquartered in New York, New York, filed its Form 10-Q for the quarterly period ended June 30, 2026, with the SEC on August 13, 2026. The filing covers the company's first operating period following the close of its Initial Public Offering on June 4, 2026, at which time the underwriters exercised their over-allotment option in full, resulting in 28,750,000 Class A ordinary shares being issued and outstanding.

According to the filing, total assets were $290,326,815 as of June 30, 2026, with $288,973,581 held in a Trust Account invested in connection with the IPO. Cash on hand was $1,066,548. On the liabilities side, the company reported a deferred underwriting fee of $11,500,000 and total current liabilities of $449,255, consisting of accounts payable and accrued expenses of $352,807 and accrued offering costs of $96,448. The company reported an accumulated deficit of $(10,596,979) as of June 30, 2026, driven in large part by accretion for Class A ordinary shares to their redemption amount of $25,219,044, as disclosed in the statements of changes in shareholders' deficit.

For the three months ended June 30, 2026, the filing reported general and administrative expenses of $448,201, compensation expense of $245,099, and interest earned on investments held in the Trust Account of $754,831. A referral fee income of $12,500 was also recorded. The company's loss from operations was $(693,300) for the quarter, offset by total other income of $767,331, yielding net income of $74,031. The filing identifies the company as a shell company, a smaller reporting company, and an emerging growth company.

What Was Disclosed

Keystone Acquisition Corp. disclosed its balance sheet, income statement, and cash flow data for the quarter and six months ended June 30, 2026, following its IPO close on June 4, 2026, including Trust Account holdings of $288,973,581 and a deferred underwriting fee liability of $11,500,000.