Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 336

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 2
Chunk 336
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18, 2021, under the laws of the British Virgin Islands for the purpose of acquiring, engaging in a share exchange, share reconstruction
and amalgamation, purchasing all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other
similar business combination with one or more businesses. We have not selected any specific business combination target and we have not,
nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. We
intend to effectuate our initial business combination using cash from the proceeds of the Initial Public Offering and the private placement
of the private placement warrants, the proceeds of the sale of our shares in connection with our initial business combination and (pursuant
to backstop agreements we may enter into following the consummation of the Initial Public Offering or otherwise), shares issued to the
owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing. 

Liquidity and Capital Resources

As of December 31, 2024, we had cash of $54,548
and investments held in the Trust Account of $70,373,065. Until the consummation of the Initial Public Offering, the only source of liquidity
was an initial purchase of ordinary shares by our Sponsor, monies loaned by the Sponsor under a certain unsecured promissory note and
advances from our Sponsor.  

On July 27, 2023, we consummated the Initial Public
Offering of 14,950,000 ordinary units (the “Public Units”), which includes the full exercise by the underwriter of its over-allotment
option in the amount of 1,950,000 Public Units, at $10.00 per Public Unit, generating gross proceeds of $149,500,000. Simultaneously with
the closing of the Initial Public Offering, we 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.

Following the Initial Public Offering and the
exercise of the over-allotment option, a total of $151,368,750 was placed in the Trust Account. We incurred $6,597,980 in initial public
offering related costs, including $2,