IPO and Financial Proceeds - The company completed its Initial Public Offering on July 27, 2023, raising gross proceeds of $149,500,000 from the sale of 14,950,000 Units at $10.00 per Unit[90][98]. - Transaction costs for the IPO amounted to $6,597,980, including $2,990,000 in underwriting commissions[91]. - The company has deposited $151,368,750 of net proceeds from the IPO and private placement into a Trust Account for the benefit of public shareholders[99]. - The company intends to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses[100]. Financial Performance - As of March 31, 2024, the company reported a net income of $3,266,193, a significant increase compared to a net loss of $4,032 for the same period in 2023[96]. - As of March 31, 2024, the company has cash of $478,576 as of March 31, 2024, with liquidity primarily sourced from the Sponsor prior to the IPO[97]. - As of March 31, 2024, the company has no long-term debt or off-balance sheet financing arrangements[104][105]. Business Combination and Extensions - A non-binding letter of intent was signed on March 22, 2024, with a clinical stage biopharmaceutical company as a potential business combination target[92]. - The company is entitled to an automatic six-month extension to complete a business combination, extending the deadline to October 27, 2024[93]. Warrants and Equity Classification - The warrants issued during the IPO meet the criteria for equity classification under ASC 480[112].
Keen Vision Acquisition Corp.(KVACU) - 2024 Q1 - Quarterly Report