Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 484

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 484
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:

    ●
    In June 2021, we issued 1,000 insider shares to Central Group Limited. In September 2021, an aggregate of 3,736,500 insider shares were issued to our sponsor. The purchase price of the total 3,737,500 insider shares is $25,000. Such securities were issued in connection with the Company’s organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

    ●
    In addition, our sponsor purchased an aggregate of 678,575 private units from the Company on a private placement basis simultaneously with the consummation of the IPO. These issuances were made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

No underwriting discounts
or commissions were paid with respect to such sales.

22

Use of Proceeds

The Company is a newly incorporated
blank check company incorporated in the British Virgin Islands as a BVI business company for the purpose of effecting a merger, share
exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

On July 27, 2023, the Company
consummated the IPO of 14,950,000 Units, which includes the full exercise of the over-allotment option granted to the underwriters. Each
Unit consists of one ordinary share (“Ordinary Share”) and one redeemable warrant (“Warrant”). The Units were
sold at an offering price of $10.00 per Unit, generating gross proceeds of $149,500,000.

Simultaneously with the closing
of the IPO, the Company consummated the Private Placement with KVC Sponsor LLC (the “Sponsor”) of 678,575 units (the “Private
Units”) at a price of $1.00 per Private Unit, generating total proceeds of $6,785,750. The Private Units are identical to the Units
sold in the IPO. The Sponsor agreed not to transfer, assign or sell any of the Private Units or underlying securities (except in limited
circumstances, as described in the Registration Statement) until the completion of the Company’s initial business combination. The
holder of the Private Units was granted certain demand and piggyback registration rights in connection with the purchase of the Private
Units.

On July 27, 2023, a total
of $151,368,750 of the net proceeds from the IPO and the Private Placement