Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 962

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 9
Chunk 962
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 for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective
application is permitted. The Company evaluated the potential impact of adopting this new guidance on its consolidated financial
statements and related disclosures and believe that the adoption of this ASU did not have a material effect on the Company’s financial
statements.

Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s consolidated financial statements.

NOTE 3 –
INITIAL PUBLIC OFFERING

Pursuant to the Initial Public Offering on July
27, 2023, the Company sold 14,950,000 Public Units, which includes 1,950,000 Public Units upon the full exercise by
the underwriter of its over-allotment option, at a purchase price of $10.00 per Public Unit. Each Public Unit consists of one Public
share and one Public Warrant to purchase one ordinary share at an exercise price of $11.50 per share (see Note 6).

All of the 14,950,000 public shares
sold as part of the Public Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public
Shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments
to the Company’s Amended and Restated Memorandum and Articles of Association, or in connection with the Company’s liquidation.
In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99,
redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside
of permanent equity.

The Company’s redeemable ordinary share
is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is
probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value
over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later)
to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust
the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company