Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 136

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 136
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 cancelled and converted into the right
to receive a number of Acquirer Ordinary Shares equal to the Exchange Ratio, as outlined in the Merger Agreement. The number of Acquirer
Ordinary Shares to be delivered by Acquirer to shareholders of Medera at the Closing is based on a net value of $622,560,000 for 100%
of Medera’s issued and outstanding ordinary shares, with each Acquirer Ordinary Share valued at $10.00.

On each of October 28, 2024, November 20, 2024,
December 23, 2024, January 22, 2025, February 24, 2025, March 24, 2025 and April 25, 2025, respectively, the Company issued an unsecured
promissory note in the principal amount of $200,000 to the KVC Sponsor LLC in exchange for KVC Sponsor LLC depositing such amount
into the Company’s Trust Account in order to extend the amount of available time to complete a business combination until May 27,
2025. The Note does not bear interest and matures upon the closing of a business combination by the Company. In addition, the Note may
be converted by the holder into units of the Company identical to the units issued in the Company’s initial public offering at a
price of $10.00 per unit.

2

Results of Operations

All activity from inception up to March 31, 2025
related to our formation and the Initial Public Offering. Since the Initial Public Offering, our activity has been limited to the evaluation
of Business Combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial
Business Combination. We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and
auditing compliance), as well due diligence expenses in connection with our searches for business combination targets.

For the three months ended March 31, 2025, we
had a net income of $568,171, which comprised of general and administrative expenses and interest income.

For the three months ended March 31, 2024, we
had a net income of $3,266,193, which comprised of general and administrative expenses and interest income. 

Liquidity and Capital Resources

As of March 31, 2025, we had cash of $15,964.
Until the consummation of the Initial Public Offering, our only source of liquidity was