IPO and Fundraising - 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 IPO, including $2,990,000 in underwriting commissions[97]. - The company intends to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses[109]. Financial Performance - As of September 30, 2025, the company reported a net income of $1,499,692 for the nine months ended, down 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 company has no long-term debt or off-balance sheet financing agreements as of September 30, 2025[112][113]. - 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, Earnings per Share[121]. Business Combination and Agreements - The company 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 has 15 months from the IPO closing to complete its initial business combination, with an automatic six-month extension available 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]. Equity and Warrants - 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]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[122].
Keen Vision Acquisition Corp.(KVACU) - 2025 Q3 - Quarterly Report