Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 117

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 117
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 the SEC on July 24, 2023. EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”),
and Brookline Capital Markets, a division of Arcadia Securities, LLC (“Brookline”) acted as an underwriter for the Initial
Public Offering. The Units were sold at an offering price of US$10.00 per Unit, generating gross proceeds of US$149,500,000.

Simultaneously with the closing of the Initial
Public Offering on July 27, 2023, we consummated the sale of 678,575 Private Placement Units. The Private Placement Units were sold at
a price of US$10.00 per Private Placement Unit in the private placement, generating gross proceeds of US$6,785,750.

1

Transaction costs amounted to US$6,597,980, consisting
of US$2,990,000 of underwriting commissions, US$2,990,000 of deferred underwriting commissions and US$617,980 of other offering costs.

On March 22, 2024, the Company entered into a
non-binding letter of intent (the “LOI”) with a business combination target (the “Target”), regarding a potential
business combination involving the Target and its subsidiaries (the “Proposed Transaction”). The Target is a clinical stage
biopharmaceutical company based in Boston, U.S., focusing on i) the research, development, manufacture and use of self-developed pioneering
human stem cell-based bioengineering technology platform for novel drug discovery; and ii) the development of next-generation cell and
gene therapies for a range of difficult-to-treat or incurable diseases. With a pipeline of therapeutic candidates, the Target’s
several experimental gene therapies have already obtained U.S. Food and Drug Administration (“FDA”) Investigational New Drug
(IND) approvals as ongoing clinical trials at multiple premier hospitals in the U.S. with active patient enrolments. The LOI is non-binding
and no agreement providing for any Proposed Transaction or any other transaction or the participation by either party therein will be
deemed to exist unless and until definitive agreements have been executed.

Pursuant to the IPO prospectus dated July 24,
2023 (Registration No. 333-269659) filed by KVAC for the IPO, the Company is entitled to an automatic six-month extension to complete
a business combination (the “Automatic Extension Period”) after the execution of the LOI and has 15 months from the