Company: FVN
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001829126-25-005949
Chunk: 16

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 Description
     
    Level
     
    June 30, 2025

    December 31, 2024

    (Unaudited)

    Assets:

    Marketable securities held in Trust Account
     
    1
     
    $
    59,832,494

    $
    58,605,697

Ordinary Shares Subject to Possible Redemption

All of the 5,750,000 Ordinary
Shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in
connection with the Company’s liquidation, 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 certificate of incorporation as disclosed in Note 1.

The Company accounted for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (ASC 480). Ordinary shares subject to mandatory redemption (if any) were classified as a liability instrument and will be measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) were classified as temporary equity. At all other times, ordinary shares were classified as stockholders’ equity. In accordance with ASC 480-10-S99, the Company classified the ordinary shares subject to redemption outside of permanent equity as the redemption provisions are not solely within the control of the Company.

Given that the 5,750,000 ordinary shares sold as part of the units in the IPO were issued with other freestanding instruments (i.e., Rights), the initial carrying value of ordinary shares, net of allocated offering cost, has been classified as temporary equity, and has been allocated to the proceeds determined in accordance with ASC 470-20. If it
         is probable that the equity instrument will become redeemable, the Company has the
         option to either (i) 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 (ii) 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