Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 546

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 4
Chunk 546
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ated a private placement of 678,575 Private Placement Units, at a price
of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one Private Placement share and one Private Warrant
to purchase one ordinary share at an exercise price of $11.50 per whole share.

F-16

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

The Private Placement Units are identical to the
Public Units sold in the Initial Public Offering except for certain registration rights and transfer restrictions.

NOTE 5 –
RELATED PARTY TRANSACTIONS

Founder Shares

In September
2021, the Company issued an aggregate of 3,737,500 Founder Shares to the initial shareholders, including an aggregate of up
to 487,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option is not
exercised in full or in part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares
after the Initial Public Offering (see Note 6) for an aggregate purchase price of $25,000. As a result of the underwriters’ full
exercise of their over-allotment option on July 27, 2023, no Founder Shares are currently subject to forfeiture (See Note 7).

Administrative Services Arrangement

An affiliate of the Sponsor agreed that, commencing
from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of
a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office
space, administrative and support services, as the Company may require from time to time. The Company has agreed to pay the affiliate
of the Sponsor $10,000 per month for these services commencing on the closing date of the Initial Public Offering for 15 months (or
up to 21 months including Automatic Extension Period). As of December 31, 2024 and 2023, the unpaid services fee was $0 and $10,000,
respectively, and is presented in amount due to a related party in the accompanying consolidated balance sheets. For the years ended December
31, 2024 and 2023, the Company incurred $120,000 and $60,000 in fees for these services, respectively and is included in formation
and operating