IPO and Financing - 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[96]. - The company also sold 678,575 Private Placement Units for gross proceeds of $6,785,750, at the same price of $10.00 per unit[97]. - The company incurred transaction costs of $6,597,980 related to the Initial Public Offering, including $2,990,000 in underwriting commissions[97]. - The company intends to use the net proceeds from the Initial Public Offering primarily for acquiring target businesses and related expenses[109]. Financial Performance - As of September 30, 2025, the company reported a net income of $1,499,692, a decrease from $6,600,651 for the same period in 2024[104]. - The company had cash of $15,880 as of September 30, 2025, indicating limited liquidity[106]. - The diluted income (loss) per share is the same as basic income (loss) per share for the period presented[121]. - The Company calculates net income (loss) per share in accordance with ASC Topic 260, considering undistributed income (loss) allocable to both redeemable and non-redeemable shares[121]. Business Combination and Agreements - The company has entered into a merger agreement with Medera Inc., valuing Medera at $622,560,000 for 100% of its issued and outstanding ordinary shares[101]. - The company is entitled to an automatic six-month extension to complete a business combination after executing a letter of intent[99]. - As of September 30, 2025, there were 4,822,346 ordinary shares subject to possible redemption, classified as temporary equity[117]. Debt and Equity - The company has no long-term debt or off-balance sheet financing agreements as of September 30, 2025[112][113]. - The warrants issued upon the Initial Public Offering and private placements are classified as equity under ASC 480[120]. - The Company has not considered the effect of the warrants sold in the Initial Public Offering and private warrants to purchase an aggregate of 15,628,575 shares in the calculation of diluted net income (loss) per share[121]. - Changes in the estimated fair value of warrants classified as liabilities are recognized as a non-cash gain or loss on the unaudited condensed consolidated statements of income[119].
Keen Vision Acquisition (KVAC) - 2025 Q3 - Quarterly Report