Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 334

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 334
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 not intend to pay cash dividends prior to the completion of our initial business combination.
The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general
financial condition subsequent to completion of our initial business combination. The payment of any cash dividends subsequent to our
initial business combination will be within the discretion of our Board of Directors at such time and we will only pay such dividend out
of our profits or share premium (subject to solvency requirements) as permitted under British Virgin Law. In addition, our Board of Directors
is not currently contemplating and does not anticipate declaring any share capitalizations in the foreseeable future. Further, if we incur
any indebtedness in connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants
we may agree to in connection therewith.

Securities Authorized for Issuance Under Equity Compensation Plans

None.

Recent Sales of Unregistered Securities

During the past three years,
we sold the following ordinary shares without registration under the Securities Act:

    ●
    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 (“W