Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 679

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 679
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 such redemption pursuant to the tender offer rules of the SEC,
and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior
to completing a Business Combination.

F-8

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

The Sponsor and any of the Company’s officers
or directors that may hold Founder Shares (as described in Note 5) (as defined the “initial shareholders”) are identical to
the Public Shares except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below. The
Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with the completion of the initial
business combination, with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Memorandum and
Articles of Association, or a tender offer by the Company prior to a Business Combination.

On March 22, 2024, the Company entered into a
non-binding letter of intent (the “LOI”) with a business combination target (the “Target”), regarding a potential
business combination involving the Target and its subsidiaries (the “Proposed Transaction”). The Target is a clinical stage
biopharmaceutical company based in Boston, U.S., focusing on i) the research, development, manufacture and use of self-developed pioneering
human stem cell-based bioengineering technology platform for novel drug discovery; and ii) the development of next-generation cell and
gene therapies for a range of difficult-to-treat or incurable diseases. With a pipeline of therapeutic candidates, the Target’s
several experimental gene therapies have already obtained U.S. Food and Drug Administration (“FDA”) Investigational New Drug
(IND) approvals as ongoing clinical trials at multiple premier hospitals in the U.S. with active patient enrolments.

The LOI is non-binding and no agreement providing
for any Proposed Transaction or any other transaction or the participation by either party therein will be deemed to exist unless and
until definitive agreements have been executed. Pursuant to the IPO prospectus dated July 24, 2023, (Registration No. 333-269659) filed
by the Company for the initial public offering (the “IPO”), the Company is entitled to an automatic six-month extension to
complete a business combination