Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 610

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 5
Chunk 610
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 Account as of the date of the liquidation of
the Trust Account due to reductions in the value of the trust assets, except as to any claims by a third party who executed a waiver of
any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters
of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible
to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have
to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses
or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim
of any kind in or to monies held in the Trust Account.

F-10

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

Liquidity
and going concern

At December 31, 2024, the Company has generated
a working capital deficit of $1,205,512 and net income of $7,409,180 for the year ended December 31, 2024. The Company has incurred
and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. The Company initially had nine months
from the consummation of the Initial Public Offering to consummate the initial Business Combination. If the Company does not complete
a Business Combination within nine months from the consummation of the Initial Public Offering, the Company will trigger an automatic
winding up, dissolution and liquidation pursuant to the terms of the Amended and Restated Memorandum and Articles of Association. As a
result, this has the same effect as if the Company had formally gone through a voluntary liquidation procedure under the Companies Act
(As Revised) of the British Virgin Islands. Accordingly, no vote would be required from our shareholders to commence such a voluntary
winding up, dissolution and liquidation. However, the Company may extend the period of time to consummate a Business Combination nine
times (for a total of up to 21 months from the consummation of the Initial Public Offering to complete