Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 32

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 32
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 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 were deposited in a Trust Account established for the benefit
of the Company’s public shareholders.

The Private Units were issued
pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, as the transaction did not involve a public offering.  For
a description of the use of the proceeds generated in our initial public offering, see below Part II, Item 7 – Management’s
Discussion and Analysis of Financial Condition and Results of Operations of this Form 10-K.

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM 6. [RESERVED]

23

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following