Financial Performance - The company reported a net income of $1,774,353 for the three months ended June 30, 2024, primarily due to general and administrative expenses and interest income [47]. - For the six months ended June 30, 2024, the company achieved a net income of $5,040,728, compared to a net loss of $4,877 for the same period in 2023 [52]. Initial Public Offering (IPO) - The Initial Public Offering (IPO) on July 27, 2023, generated gross proceeds of $149,500,000 from the sale of 1,495,000 units, including an over-allotment option [49]. - The company incurred transaction costs of $6,597,980 related to the IPO, which included $2,990,000 in underwriting commissions [50]. - The company intends to use substantially all net proceeds from the IPO to acquire a target business and cover related expenses [57]. Business Development - The company entered into a non-binding letter of intent with a clinical stage biopharmaceutical company for a potential business combination, focusing on stem cell-based bioengineering technology and gene therapies [44]. - The company has until October 27, 2024, to complete its initial business combination following the IPO, with an automatic six-month extension available [51]. Liquidity and Equity - As of June 30, 2024, the company had cash of $261,354, with liquidity primarily sourced from the initial purchase of ordinary shares by the Sponsor and loans [54]. - As of June 30, 2024, the company had 14,950,000 ordinary shares subject to possible redemption, classified as temporary equity [66]. - The warrants issued during the IPO meet the criteria for equity classification under ASC 480 [70].
Keen Vision Acquisition (KVAC) - 2024 Q2 - Quarterly Report