Company: KVACU
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109170
Chunk: 27

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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, 2025, February 24, 2025, March 24, 2025, April 25, 2025, May 20, 2025 and June 23, 2025, the Company issued
an unsecured promissory note in an amount of $200,000 to the Sponsor, pursuant to which such amount has been deposited into the Trust
Account in order to extend the amount of available time to complete a business combination until July 27, 2025. On each of July 23, 2025,
August 18, 2025, September 19, 2025 and October 21, 2025, the Company has deposited in an amount of $144,670 into the Trust Account
in order to extend the amount of available time to complete a business combination until November 27, 2025. The notes are non-interest
bearing and are payable upon the closing of a business combination. In addition, the notes may be converted, at the lender’s discretion,
into additional Private Units at a price of $10.00 per unit. As of September 30, 2025 and December 31, 2024, the note payable balance
was $2,234,011 and $600,000, respectively.

16

Advance from a Related Party

As of September 30, 2025 and December 31, 2024,
the Company had a temporary advance of $1,200,880 and $575,085 from the Sponsor, respectively. The balance is unsecured, interest-free
and has no fixed terms of repayment.

NOTE 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