Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 107

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 107
---
 administrative expenses and dividend income.

For the nine months ended September 30, 2024,
we had a net income of $6,600,651, which comprised of general and administrative expenses and dividend and interest income.

For the three months ended September 30, 2025,
we had a net income of $373,466, which comprised of general and administrative expenses and dividend income.

For the three months ended September 30, 2024,
we had a net income of $1,559,923, which comprised of general and administrative expenses and dividend income.

21

Liquidity and Capital Resources

As of September 30, 2025, we had cash of $15,880.
Until the consummation of the Initial Public Offering, our only source of liquidity was an initial purchase of ordinary shares by the
Sponsor, loans provided by the Sponsor under a certain unsecured promissory note and advances from the Sponsor.

On July 27, 2023, we consummated the Initial Public
Offering of 14,950,000 Units, including 1,950,000 Units upon the full exercise of the underwriter’s over-allotment option. Each
Unit consists of one ordinary share and one warrant. Each Warrant entitling its holder to purchase one ordinary share at a price of US$11.50
per share. The Units were sold at an offering price of US$10.00 per Unit, generating gross proceeds of US$149,500,000.

As of July 27, 2023, a total of US$151,368,750
of the net proceeds from the Initial Public Offering and the private placement consummated simultaneously with the closing of the Initial
Public Offering were deposited in the Trust Account established for the benefit of our public shareholders.

We intend to use substantially all of the net
proceeds of the Initial Public Offering, including the funds held in the Trust Account, to acquire a target business or businesses and
to pay our expenses relating thereto. To the extent that our capital stock is used in whole or in part as consideration to effect our
Business Combination, the remaining proceeds held in the Trust Account, as well as any other net proceeds not expended, will be used as
working capital to finance the operations of the target business. Such working capital funds could be used in a variety of ways including
continuing or expanding the target business’ operations, for strategic acquisitions and for marketing, research and development