Company: KVACU
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074277
Chunk: 5

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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,053,317 

See accompanying notes to unaudited condensed consolidated
financial statements.

4

KEEN VISION ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

NOTE 1 - ORGANIZATION AND BUSINESS BACKGROUND

Keen Vision Acquisition Corporation (the “Company”)
is a blank check company incorporated on June 18, 2021, under the laws of the British Virgin Islands for the purpose of acquiring, engaging
in a share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination with one or more businesses or entities (“Business Combination”).
The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.

The Company is an early stage company and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage companies and emerging growth companies.
The Company has selected December 31 as its fiscal year end.

As of June 30, 2025, the Company had not commenced
any operations. All activities through June 30, 2025 relate to the Company’s formation, the initial public offering (the “Initial
Public Offering” or “IPO”) and activities necessary to identify a potential target and prepare for a Business Combination.
The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income and changes in unrealized appreciation of Trust Account assets from
the proceeds derived from the Initial Public Offering.

Financing

The registration statement for the Company’s
Initial Public Offering was declared effective on July 24, 2023. On July 27, 2023, the Company consummated the Initial Public Offering
of 14,950,000 units (the “Public Units”), which includes 1,950,000 Public Units upon the full exercise by the underwriter
of its over-allotment option, at $10.00 per Public Unit, generating gross proceeds of $149,500,000 to the Company. Each Public Unit consists
of one ordinary share (“Public Share”) and one redeemable warrant (“Public Warrant”) to purchase one ordinary
share at an exercise price of $11.50 per share.

Simultaneously with the closing of the Initial
Public Offering,