Keyarch Acquisition Corporation announced a private placement of 450,000 private placement units for $10 per unit for a gross proceed of $4,500,000 on September 2, 2021. The transaction will include participation from returning investor Keyarch Global Sponsor Limited for 400,000 units for $4,000,000 and 50,000 units for $500,000. The transaction also includes an oversubscription of 30,000 units for $10 per unit for an additional gross proceed of $300,000 in the aggregate if the underwriters' option to purchase additional warrants is exercised in full.

Each private unit will consist of one common stock and one half of one warrant. Each whole warrant is exercisable for one share of common stock at a price of $11.50 per share and only whole warrants are exercisable. The units issued and the underlying share and warrant will not be redeemable and will be subject to transfer restrictions.

The transaction is subject to approval of board of directors of the company. The transaction will close simultaneously with the closing of public offering.