Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 24

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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1, the Company issued an aggregate of 3,737,500 Founder Shares to the initial shareholders, including an aggregate of up to 487,500
shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option is not exercised in full
or in part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares after the Initial Public
Offering (see Note 6) for an aggregate purchase price of $25,000. 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).

Administrative Services Arrangement

An affiliate of the Sponsor agreed that, commencing
from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of
a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office
space, administrative and support services, as the Company may require from time to time. The Company has agreed to pay the affiliate
of the Sponsor $10,000 per month for these services commencing on the closing date of the Initial Public Offering for 15 months (or up
to 21 months including Automatic Extension Period). As of March 31, 2025 and December 31, 2024, the unpaid services fee was $30,000 and
$0, respectively, and is presented in amount due to a related party in the accompanying unaudited condensed consolidated balance sheets.
For the three months ended March 31, 2025 and 2024, the Company incurred $30,000 and $30,000 in fees for these services, respectively
and is included in formation and operating costs in the accompanying unaudited condensed consolidated statements of income and comprehensive
income.

Related Party Extensions Loan

The Company will have to consummate a Business
Combination by May 27, 2025. However, if the Company anticipates that it may not be able to consummate a Business Combination within 21
months (including automatic extension period), the Company may extend the period of time to consummate a Business Combination up to four
times, four times by an additional one month each time to complete a Business Combination. The Sponsor or its affiliates or designees
will receive a non-interest bearing, unsecured promissory note equal to the amount of any