Initial Public Offering - The company completed its Initial Public Offering on July 27, 2023, selling 14,950,000 Units at an offering price of $10.00 per Unit, generating gross proceeds of $149,500,000[81][87]. - As of September 30, 2023, the company had cash of $735,412, with total net proceeds from the Initial Public Offering and private placement amounting to $151,368,750 deposited in the Trust Account[86][88]. - The company intends to use substantially all net proceeds from the Initial Public Offering to acquire target businesses and cover related expenses, with remaining funds potentially used for working capital[89]. Financial Performance - The company incurred a net loss of $310,566 for the three months ended September 30, 2023, compared to a net loss of $218 for the same period in 2022, indicating a significant increase in expenses primarily due to the Initial Public Offering[84][85]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[92][93]. - The company has not identified any significant critical accounting estimates that could materially affect reported amounts[96]. Warrants and Equity - The company has issued warrants that meet the criteria for equity classification under ASC 480, which will be recorded as a component of equity at the time of issuance[100]. - The company has not considered the effect of the warrants sold in the Initial Public Offering in the calculation of diluted net loss per share, resulting in diluted loss per share being the same as basic loss per share[101]. Business Combination - The company has not selected any business combination target for its initial business combination as of the reporting date[80]. - The company may face substantial doubt about its ability to continue as a going concern if a Business Combination is not consummated by April 27, 2024[91].
Keen Vision Acquisition (KVAC) - 2023 Q3 - Quarterly Report