Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 659

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 659
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 December 31, 2024, December 31, 2023 and 2022, our sponsor had loaned us an aggregate of
$0, $0, and $173,573, respectively, to be used to pay formation expenses and a portion of the expenses of the IPO. The loan is payable
without interest on the date on which we consummated our IPO. We repaid this loan from the proceeds of the Initial Public Offering not
being placed in the trust account.

Simultaneously with the closing
of the IPO, the Company consummated the Private Placement with KVC Sponsor LLC, the sponsor, of 678,575 units at a price of $10.00 per
unit, generating total proceeds of $6,785,750. The private units are identical to the units sold in the IPO except as otherwise described
in the annual report. The sponsor have agreed not to transfer, assign or sell any of the private units or the underlying securities (except
to the same permitted transferees as the insider shares) until 30 calendar days after the completion of our initial business combination.

KVC Sponsor LLC, our sponsor,
has agreed that, through the earlier of our consummation of our initial business combination or our liquidation, it will make available
to us certain general and administrative services, including office space, utilities and administrative support, as we may require from
time to time. We have agreed to pay $10,000 per month for these services commencing on the closing date of the Initial Public Offering
for 15 months (or 21 months if we extend the Combination Period) after we entered into a letter of intent on March 22, 2024. However,
pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our audit committee that we
lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our initial business combination.
Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation of our initial business
combination. We believe that the fee charged by KVC Sponsor LLC is at least as favorable as we could have obtained from an unaffiliated
person.

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