Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 51

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 a Business Combination
if (i) the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination or (ii) otherwise
the Company is exempt from the provisions of Rule 419 promulgated under the Securities Act of 1933, as amended; and, if the Company seeks
shareholder approval, a majority of the outstanding shares voted are voted in favor of the Business Combination. If a shareholder vote
is not required and the Company does not decide to hold a shareholder vote for business or other legal reasons, the Company will, pursuant
to its Amended and Restated Memorandum and Articles of Association, offer such redemption pursuant to the tender offer rules of the SEC,
and file tender offer documents containing substantially the same information as would be included in a proxy statement with the SEC prior
to completing a Business Combination.

F-7

KEEN VISION ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

The Sponsor and any of the Company’s officers
or directors that may hold Founder Shares (as described in Note 5) (as defined the “initial shareholders”) are identical to
the Public Shares except that the Founder Shares are subject to certain transfer restrictions, as described in more detail below. The
Sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption
rights with respect to their Founder Shares, Private Placement Shares and Public Shares in connection with the completion of the initial
business combination, with respect thereto, a vote to amend the provisions of the Company’s Amended and Restated Memorandum and
Articles of Association, or a tender offer by the Company prior to a Business Combination.

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