Keystone Acquisition Corp. - Class A Ordinary Shares (KEYY)

On our desk, KEYY is currently trading around $9.86, sitting a bit below the filed cash floor of $10.03. For a Cayman Islands SPAC that just wrapped up its $287.5 million IPO in June 2026, this small discount is pretty standard while the team hunts for an initial target combination.

Looking at the Q2 10-Q filing details, total assets sit at $290.3 million, with $288.97 million locked safely inside the trust account in Treasuries and money market funds. Even though they flagged standard going concern language typical of blank-check entities without core operations, the underlying cash protection is solid.

When evaluating the target search timeline, keep in mind their outside date isn't until March 4, 2028. There are currently no redemption elections filed, meaning public shareholders are holding tight and waiting for actual deal rumors to move the needle off the 50-day simple moving average of $9.87.

From a quantitative perspective, net income for Q2 2026 was reported at $74,031, derived purely from $754,831 of interest on trust investments and minor referral income, offset by operating overhead. EPS for both Class A and Class B shares remains at $0.00 as incubation continues.

Short interest dropped by 69.2% down to just 2,785 shares by mid-July, which tells me most speculative short pressure has completely evaporated. Average volume runs around 126k to 146k shares, indicating a quiet, tightly held asset waiting for an MandA catalyst.