Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 76

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 76
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 6 –
SHAREHOLDERS’ DEFICIT

Ordinary Shares

The Company is authorized to issue 500,000,000 ordinary
shares at par $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share.

As of September 30, 2025 and December 31, 2024, 4,416,075 and 4,416,075 Ordinary
Shares were issued and outstanding excluding 6,404,652 and 6,404,652 Ordinary Shares subject to possible redemption,
respectively, so that the initial shareholders will own 20% of the issued and outstanding shares after the Initial Public Offering
(excluding the sale of the Private Units and assuming the initial shareholders do not purchase any Units in the Initial Public Offering).
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).

Warrants

Each holder of a warrant shall be entitled to
purchase one ordinary share at an exercise price of $11.50. Public Warrants may only be exercised for a whole number of shares. No fractional
shares will be issued upon exercise of the Public Warrants. The Public Warrants will become exercisable after the consummation of a Business
Combination. No Public Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering
the ordinary shares issuable upon exercise of the Public Warrants and a current prospectus relating to such ordinary shares. The Company
has agreed that as soon as practicable after the closing of a Business Combination, the Company will use its best efforts to file, and
within 90 days following a Business Combination to have declared effective, a registration statement covering the ordinary shares issuable
upon exercise of the warrants. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the
exercise of the Public Warrants is not effective within 90 days, the holders may, until such time as there is an effective registration
statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise the Public
Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration
is not available, holders will not be able to exercise their Public Warrants on a cashless basis