Keyarch Acquisition, a blank check company targeting disruptive technology and innovative services, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of share upon the completion of an initial business combination, and one-half of a warrant, exercisable at $11.50.
The company is led by Chairman Fang Zhang, the founder, Managing Director, and CIO of alternative investment management firm Keywise Capital Management, and CEO and Director Kai Xiong, a Managing Partner at Keywise. The company plans to target disruptive technology and innovative services businesses, focusing on those in developed economies such as the US, Israel, and Southeast Asia. It will not target opportunities in China.
Keyarch Acquisition plans to list on the Nasdaq under the symbol KYCHU. EarlyBirdCapital and Haitong International acted as joint bookrunners on the deal.
