Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 15

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 15
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 extension. As of the date of this annual report, we further extended the time
to consummate our initial business combination to March 27, 2025.

Pursuant to the terms of our
amended and restated memorandum and articles of association and the trust agreement entered into between us and our Trust Agent on the
date of this annual report, in order to extend period within which we have to consummate the business combination, our insiders or their
affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account for
each one month extension $200,000, on or prior to the date of the applicable deadline. The insiders will receive a non-interest bearing,
unsecured promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. Such notes would either be paid upon consummation of
our initial business combination, or, at the lender’s discretion, converted upon consummation of our business combination into additional
private units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such
notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our initial business combination. We
intend to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited.
Our insiders and their affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial
business combination. To the extent that some, but not all, of our insiders, decide to extend the period of time to consummate our initial
business combination, such insiders (or their affiliates or designees) may deposit the entire amount required. Any notes issued pursuant
to these loans would be in addition to any notes issued pursuant to working capital loans made to us. As of the date of this annual report,
we have issued a total of 5 promissory notes in the aggregate amount of $1,000,000 to our sponsor.

If we do not complete a business
combination within the business combination period, we will, as promptly as possible but not more than ten business days thereafter,
redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including a