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[101]. - The company also sold 678,575 Private Placement Units at $10.00 each, raising an additional $6,785,750[102]. - The company has a total of $151,368,750 in net proceeds from the IPO and private placement deposited in the Trust Account[113]. - The company has incurred transaction costs of $6,597,980 related to the IPO, including $2,990,000 in underwriting commissions[102]. - The company intends to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses[114]. Financial Performance - As of June 30, 2025, the company reported a net income of $1,126,226 for the six months ended, compared to $5,040,728 for the same period in 2024[109]. - As of June 30, 2025, the company had cash of $1,317, indicating limited liquidity[111]. - The diluted income (loss) per share is the same as the basic income (loss) per share for the period presented[126]. - 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[126]. Business Combinations and Agreements - The company entered into a non-binding letter of intent with a clinical stage biopharmaceutical company for a potential business combination[103]. - The merger agreement with Medera Inc. values 100% of Medera's issued and outstanding ordinary shares at $622,560,000, with each Acquirer Ordinary Share valued at $10.00[106]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2025[117][118]. Equity and Warrants - The company classifies warrants issued upon the Initial Public Offering and private placements as equity under ASC 480[125]. - As of June 30, 2025, the company has not included the effect of warrants for 15,628,575 shares in the diluted net income (loss) per share calculation due to their anti-dilutive nature[126]. - Changes in the estimated fair value of warrants classified as liabilities are recognized as non-cash gains or losses on the income statements[124].
Keen Vision Acquisition Corp.(KVACU) - 2025 Q2 - Quarterly Report