Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 58

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 58
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 a promissory note. The notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender’s discretion, up to $1,000,000 of the notes may be converted upon consummation
of our business combination into private units at a price of $10.00 per unit (which, for example, would result in the holders being issued
units to acquire 100,000 ordinary shares and 100,000 warrants to purchase 100,000 ordinary shares if $1,000,000 of notes were so
converted). Our shareholders have approved the issuance of the units and underlying securities upon conversion of such notes, to the extent
the holder wishes to so convert them at the time of the consummation of our initial business combination. If we do not complete a business
combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.

The holders of our insider
shares issued and outstanding, as well as the holders of the private units (and all underlying securities), will be entitled to registration
rights pursuant to an agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of a majority
of these securities are entitled to make up to three demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time after the initial business combination. The holders of a majority of
the private units or securities issued in payment of working capital loans can elect to exercise these registration rights at any time
after we consummate a business combination. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to our consummation of a business combination. We will bear the expenses incurred in connection
with the filing of any such registration statements.

On December 31, 2022, we issued
an unsecured promissory note to the Sponsor, pursuant to which we may borrow up to an aggregate principal amount of $500,000 (the “Promissory
Note”). The Promissory Note is non-interest bearing and payable on the earlier of consummation of the IPO or the date on which we
determine not to conduct the IPO. As of December 31, 2024, December 31, 2023 and 2022, our sponsor had loaned us an aggregate of
$0, $0,