Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 6

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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 the Company is subject to all of the risks associated with early stage companies and emerging growth companies.
The Company has selected December 31 as its fiscal year end.

As of September 30, 2025, the Company had not
commenced any operations. All activities through September 30, 2025 relate to the Company’s formation, the initial public offering
(the “Initial Public Offering” or “IPO”) and activities necessary to identify a potential target and prepare for
a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at
the earliest. The Company will generate non-operating income in the form of interest income and changes in unrealized appreciation of
Trust Account assets from the proceeds derived from the Initial Public Offering.

Financing

The registration statement for the Company’s
Initial Public Offering was declared effective on July 24, 2023. On July 27, 2023, the Company consummated the Initial Public Offering
of 14,950,000 units (the “Public Units”), which includes 1,950,000 Public Units upon the full exercise
by the underwriter of its over-allotment option, at $10.00 per Public Unit, generating gross proceeds of $149,500,000 to the
Company. Each Public Unit consists of one ordinary share (“Public Share”) and one redeemable warrant (“Public Warrant”)
to purchase one ordinary share at an exercise price of $11.50 per share.

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the sale of 678,575 units (the “Private Placement Units”) at a price of
$10.00 per Private Placement Unit in a private placement to KVC Sponsor LLC (the “Sponsor”), generating gross proceeds
of $6,785,750 to the Company. Each Private Placement Unit consists of one ordinary share (“Private Placement Share”)
and one redeemable warrant (“Private Warrant”) to purchase one ordinary share at an exercise price of $11.50 per whole
share.

Transaction costs amounted to $6,597,980, consisting
of $2,990,000 of underwriting commissions, $2,990,000 of deferred underwriting commissions and $617,980 of other offering
costs. In addition, at July 27, 2023, cash of $1,593,452 was held outside