Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 209

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1B
Chunk 209
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 be immediately
cancelled.

39

If the underwriters determine
the size of the offering should be increased (including pursuant to Rule 462(b) under the Securities Act) or decreased, a share
capitalization or a contribution back to capital, as applicable, would be effectuated in order to maintain our initial shareholder’s
ownership at a percentage of the number of shares to be sold in this offering.

In order to meet our working
capital needs following the consummation of the Initial Public Offering, our initial shareholders, officers and directors and their respective
affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in
their sole discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender’s discretion, up to $1,000,000 of the notes may be converted upon consummation
of our business combination into private units at a price of $10.00 per unit (which, for example, would result in the holders being issued
units to acquire 100,000 ordinary shares and 100,000 warrants to purchase 100,000 ordinary shares if $1,000,000 of notes were so
converted). Our shareholders have approved the issuance of the units and underlying securities upon conversion of such notes, to the extent
the holder wishes to so convert them at the time of the consummation of our initial business combination. If we do not complete a business
combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.

The holders of our insider
shares issued and outstanding, as well as the holders of the private units (and all underlying securities), will be entitled to registration
rights pursuant to an agreement to be signed prior to or on the effective date of the Initial Public Offering. The holders of a majority
of these securities are entitled to make up to three demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time after the initial business combination. The holders of a majority of
the private units or securities issued in payment of working capital loans can elect to exercise these registration rights at any time
after we consummate a business combination. In addition, the holders have certain “piggy-back” registration rights with respect