Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 93

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 1
Chunk 93
---
000 public shares
sold as part of the Public Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public
Shares if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments
to the Company’s Amended and Restated Memorandum and Articles of Association, or in connection with the Company’s liquidation.
In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99,
redemption provisions not solely within the control of the Company require ordinary shares subject to redemption to be classified outside
of permanent equity.

The Company’s redeemable ordinary share
is subject to SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99. If it is
probable that the equity instrument will become redeemable, the Company has the option to either accrete changes in the redemption value
over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later)
to the earliest redemption date of the instrument or to recognize changes in the redemption value immediately as they occur and adjust
the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize
the changes immediately. The accretion or remeasurement is treated as a deemed dividend (i.e., a reduction to retained earnings, or in
absence of retained earnings, additional paid-in capital).

NOTE 4 –
PRIVATE PLACEMENT

Simultaneously with the closing of the Initial
Public Offering on July 27, 2023, the Company consummated a private placement of 678,575 Private Placement Units, at a price
of $10.00 per Private Placement Unit. Each Private Placement Unit consists of one Private Placement share and one Private Warrant
to purchase one ordinary share at an exercise price of $11.50 per whole share.

F-16

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

The Private Placement Units are identical to the
Public Units sold in the Initial Public Offering except for certain registration rights and transfer restrictions.

NOTE 5 –
RELATED PARTY TRANSACTIONS

Founder Shares

In September
2021, the Company issued an aggregate of 3,737,500 Founder Shares to the