Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 833

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 7A
Chunk 833
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 to which such amount has been deposited into the Trust Account in order to extend the amount of available time to
complete a business combination until March 27, 2025. The notes are non-interest bearing and are payable upon the closing of a business
combination. In addition, the notes may be converted, at the lender’s discretion, into additional Private Units at a price of $10.00 per
unit. As of December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Advance from a Related Party

As of December 31, 2024 and 2023, the Company
had a temporary advance of $575,085 and $10,000 from the Sponsor, respectively. The balance is unsecured, interest-free and
has no fixed terms of repayment.

F-17

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

NOTE 6 –
SHAREHOLDERS’ DEFICIT

Ordinary Shares

The Company is authorized to issue 500,000,000 ordinary
shares at par $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share.

As of December 31, 2024 and 2023,
4,416,075 and 4,416,075 Ordinary Shares were issued and outstanding
excluding 6,404,652 and 14,950,000 Ordinary Shares subject to possible redemption, respectively, so that the
initial shareholders will own 20% of the issued and outstanding shares after the Initial Public Offering (excluding the sale of
the Private Units and assuming the initial shareholders do not purchase any Units in the Initial Public Offering). 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).

Warrants

Each holder of a warrant shall be entitled to
purchase one ordinary share at an exercise price of $11.50. Public Warrants may only be exercised for a whole number of shares. No fractional
shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable after the consummation of a Business
Combination. No Public Warrants will be exercisable for cash unless the Company has an effective and current