Keen Vision Acquisition (KVAC) - 2025 Q1 - Quarterly Report

IPO and Fundraising - The company completed its Initial Public Offering on July 27, 2023, selling 14,950,000 units at $10.00 per unit, generating gross proceeds of $149,500,000[98]. - The company also sold 678,575 Private Placement Units at $10.00 per unit, generating gross proceeds of $6,785,750[99]. - Transaction costs for the IPO amounted to $6,597,980, which included $2,990,000 in underwriting commissions[100]. - A total of $151,368,750 from the IPO and private placement was deposited in the Trust Account for public shareholders[111]. - The company intends to use net proceeds from the IPO primarily for acquiring target businesses and related expenses[112]. Financial Performance - As of March 31, 2025, the company reported a net income of $568,171, a decrease from $3,266,193 for the same period in 2024[108]. - The company had cash of $15,964 as of March 31, 2025, indicating limited liquidity[109]. Business Combinations - The company entered into a non-binding letter of intent with a clinical stage biopharmaceutical company for a potential business combination[101]. - The merger agreement with Medera Inc. values 100% of Medera's shares at $622,560,000, with each Acquirer Ordinary Share valued at $10.00[104]. Debt and Securities - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2025[116][117]. - The Company did not have any other dilutive securities or contracts that could potentially be exercised or converted into ordinary shares[125]. Earnings Per Share - The Company calculates net income (loss) per share in accordance with ASC Topic 260, considering undistributed income (loss) allocable to redeemable and non-redeemable shares[125]. - As of March 31, 2025, the Company has not included the effect of warrants sold in the Initial Public Offering in the calculation of diluted net income (loss) per share, totaling 15,628,575 shares[125]. Reporting Classification - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[126].