Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 84

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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 per unit.

Results of Operations

All activity from inception up to September 30,
2025 related to our formation and the Initial Public Offering. Since the Initial Public Offering, our activity has been limited to the
evaluation of Business Combination candidates, and we will not be generating any operating revenues until the closing and completion of
our initial Business Combination. We incur increased expenses as a result of being a public company (for legal, financial reporting, accounting
and auditing compliance), as well due diligence expenses in connection with our searches for business combination targets.

For the nine months ended September 30, 2025,
we had a net income of $1,499,692, which comprised of general and 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