Financial Position - As of December 31, 2023, the company had cash of $631,753 and investments held in the Trust Account totaling $154,823,318[134]. - The Initial Public Offering (IPO) generated gross proceeds of $149,500,000 from the sale of 14,950,000 ordinary units, including an over-allotment option[135]. - A total of $151,368,750 was placed in the Trust Account after the IPO, with initial public offering related costs amounting to $6,597,980[136]. - The company has no long-term debt or off-balance sheet financing arrangements as of December 31, 2023[145]. - As of December 31, 2023, the company was not subject to any market or interest rate risk, with investments in U.S. government treasury obligations[157]. Income and Expenses - For the year ended December 31, 2023, the company reported a net income of $1,454,758, primarily from dividend income of $1,933,397 and interest income of $37[143]. - The company incurred operating costs of $478,676 for the year ended December 31, 2023, compared to a net loss of $693 for the year ended December 31, 2022[144]. Business Strategy - The company intends to use substantially all net proceeds from the IPO to acquire target businesses and cover related expenses[137]. - If the company fails to complete a business combination by April 27, 2024, it will redeem 100% of outstanding public shares for a pro rata portion of the Trust Account funds[140]. - The company is committed to pay a monthly fee of $10,000 to its Sponsor for general and administrative services until the completion of the business combination[147].
Keen Vision Acquisition (KVAC) - 2023 Q4 - Annual Report