Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 119

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 119
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 extend the amount of available time to complete a business combination until May 27,
2025. The Note does not bear interest and matures upon the closing of a business combination by the Company. In addition, the Note may
be converted by the holder into units of the Company identical to the units issued in the Company’s initial public offering at a
price of $10.00 per unit.

2

Results of Operations

All activity from inception up to March 31, 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 three months ended March 31, 2025, we
had a net income of $568,171, which comprised of general and administrative expenses and interest income.

For the three months ended March 31, 2024, we
had a net income of $3,266,193, which comprised of general and administrative expenses and interest income. 

Liquidity and Capital Resources

As of March 31, 2025, we had cash of $15,964.
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