Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 74

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 74
---
CTIONS

Founder Shares

In September
2021, the Company issued an aggregate of 3,737,500 Founder Shares to the initial shareholders, including an aggregate of up
to 487,500 shares subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option is not
exercised in full or in part, so that the Sponsor will collectively own 20% of the Company’s issued and outstanding shares
after the Initial Public Offering (see Note 6) for an aggregate purchase price of $25,000. 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). 

Administrative Services Arrangement

An affiliate of the Sponsor agreed that, commencing
from the date that the Company’s securities are first listed on NASDAQ through the earlier of the Company’s consummation of
a Business Combination and its liquidation, to make available to the Company certain general and administrative services, including office
space, administrative and support services, as the Company may require from time to time. The Company has agreed to pay the affiliate
of the Sponsor $10,000 per month for these services commencing on the closing date of the Initial Public Offering for 15 months (or
up to 21 months including Automatic Extension Period). As of September 30, 2025 and December 31, 2024, the balance of unpaid services
fee was $90,000 and $0, respectively, and is presented in amount due to a related party in the accompanying unaudited condensed consolidated
balance sheets. For the nine months ended September 30, 2025 and 2024, the Company incurred $90,000 and $90,000 in fees for
these services, respectively. For the three months ended September 30, 2025 and 2024, the Company incurred $30,000 and $30,000 in
fees for these services, respectively and is included in formation and operating costs in the accompanying unaudited condensed consolidated
statements of income and comprehensive income.

Related Party Extensions Loan

The Company will have to consummate a Business
Combination by November 27, 2025. However, if the Company anticipates that it may not be able to consummate a Business Combination within
21 months (including automatic extension period), the Company may