Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 111

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 111
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 and $600,000,
respectively.

F-16

KEEN VISION ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

Advance from a Related Party

As of March 31, 2025 and December 31, 2024, the Company had a temporary advance of $844,707 and $575,085 from the Sponsor, respectively.
The balance is unsecured, interest-free and has no fixed terms of repayment.

NOTE 6 –
SHAREHOLDERS’ DEFICIT

Ordinary Shares

The Company is authorized to issue 500,000,000
ordinary shares at par $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share.

As of March 31, 2025 and December 31, 2024, 4,416,075
and 4,416,075 Ordinary Shares were issued and outstanding excluding 6,404,652 and 6,404,652 Ordinary Shares subject to possible redemption,
respectively, so that the initial shareholders will own 20% of the issued and outstanding shares after the Initial Public Offering
(excluding the sale of the Private Units and assuming the initial shareholders do not purchase any Units in the Initial Public Offering).
As a result of the underwriters’ full exercise of their over-allotment option on July 27, 2023, no Founder Shares are currently
subject to forfeiture (see Note 7).

Warrants

Each holder of a warrant shall be entitled to
purchase one ordinary share at an exercise price of $11.50. Public Warrants may only be exercised for a whole number of shares. No fractional
shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable after the consummation of a Business
Combination. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering
the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. The Company
has agreed that as soon as practicable after the closing of a Business Combination, the Company will use its best efforts to file, and
within 90 days following a Business Combination to have declared effective, a registration statement covering the ordinary
shares issuable upon exercise of the warrants. Notwithstanding the foregoing, if a registration statement covering the