Company: KVACU
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001213900-25-074277
Chunk: 79

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 8
Chunk 79
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www.sec.gov. Except as expressly required by applicable securities law, the
Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information,
future events or otherwise.

Overview

We are a blank check company formed under the
laws of the British Virgin Islands on June 18, 2021, and for the purpose of acquiring, engaging in a share exchange, share reconstruction
and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other
similar business combination with one or more businesses or entities, which we refer to throughout this Quarterly Report as our initial
business combination. We have not selected any business combination target with respect to the initial business combination.

On July 27, 2023, we consummated our Initial Public
Offering of 14,950,000 units (the “Units”), inclusive of the over-allotment option of 1,950,000 Units. Each Unit consisted
of one ordinary share, par value US$0.0001 per share and one redeemable warrant. Our Registration Statement on Form S-1 for the Initial
Public Offering was declared effective by 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.

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