Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 75

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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 closing
of its IPO to complete its initial business combination period.

On September 3, 2024, the Company has entered
into merger agreement (“Merger Agreement”) with Medera Inc. (“Medera”). The Company will incorporate a Cayman
Islands exempted company (“Acquirer”) to be a direct wholly-owned subsidiary of the Company for the purpose of the merger
of Company with and into the Acquirer (the “Reincorporation Merger”), in which Acquirer will be the surviving entity. Acquirer
upon its incorporation will form a Cayman Islands exempted company to be a direct wholly-owned subsidiary of Acquirer (“Merger Sub”)
for the purpose of effectuating the Acquisition Merger. Upon the terms and subject to the conditions of the Merger Agreement, (a) The
Company will reincorporate by merging with and into the Acquirer, in which the Acquirer will be the surviving company and the Company
will cease to exist, and (b) promptly after the Reincorporation Merger, the parties intend to effect a merger of Merger Sub with and into
Medera, in which Medera will be the surviving entity (the “Acquisition Merger”, together with the Reincorporation Merger,
the “Mergers” and together with the other transactions related thereto, the “Proposed Business Combination”).

At the effective time of the Acquisition Merger,
each outstanding Medera Ordinary Share (excluding treasury shares and dissenting shares) will be cancelled and converted into the right
to receive a number of Acquirer Ordinary Shares equal to the Exchange Ratio, as outlined in the Merger Agreement. The number of Acquirer
Ordinary Shares to be delivered by Acquirer to shareholders of Medera at the Closing is based on a net value of $622,560,000 for 100%
of Medera’s issued and outstanding ordinary shares, with each Acquirer Ordinary Share valued at $10.00.

On each of October 28, 2024, November 20, 2024,
December 23, 2024, January 22, 2025, February 24, 2025, March 24, 2025 and April 25, 2025, respectively, the Company issued an unsecured
promissory note in the principal amount of $200,000 to the KVC Sponsor LLC in exchange for KVC Sponsor LLC depositing such amount
into the Company’s Trust Account in order to