Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 261

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1C
Chunk 261
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,548
and investments held in the Trust Account of $70,373,065. Until the consummation of the Initial Public Offering, the only source of liquidity
was an initial purchase of ordinary shares by our Sponsor, monies loaned by the Sponsor under a certain unsecured promissory note and
advances from our Sponsor.  

On July 27, 2023, we consummated the Initial Public
Offering of 14,950,000 ordinary units (the “Public Units”), which includes the full exercise by the underwriter of its over-allotment
option in the amount of 1,950,000 Public Units, at $10.00 per Public Unit, generating gross proceeds of $149,500,000. Simultaneously with
the closing of the Initial Public Offering, we consummated the sale of 678,575 units (the “Private Placement Units”) at a
price of $10.00 per Private Placement Unit in a private placement to KVC Sponsor LLC (the “Sponsor”), generating gross proceeds
of $6,785,750.

Following the Initial Public Offering and the
exercise of the over-allotment option, a total of $151,368,750 was placed in the Trust Account. We incurred $6,597,980 in initial public
offering related costs, including $2,990,000 of underwriting fees, $2,990,000 of deferred underwriting fees and $617,980 of initial public
offering costs.

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
of existing or new products. Such funds could also be used to repay any operating expenses or finders’ fees which we had incurred
prior to the completion of our business combination if the funds available to us outside of the Trust Account were insufficient to cover
such expenses.

We intend to use the funds