IPO Details - 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[86][93]. - Transaction costs related to the IPO amounted to $6,597,980, including $2,990,000 in underwriting commissions[87]. - As of July 27, 2023, a total of $151,368,750 from the IPO and private placement was deposited in the Trust Account for public shareholders[94]. Financial Performance - As of March 31, 2024, the company reported a net income of $3,266,193, a significant increase compared to a net loss of $4,032 for the same period in 2023[91]. - The company had cash of $478,576 as of March 31, 2024, with liquidity primarily sourced from the initial purchase of ordinary shares and loans from the Sponsor prior to the IPO[92]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[98][99]. Business Strategy - The company has not yet selected a target for its initial business combination, but entered into a non-binding letter of intent with a clinical stage biopharmaceutical company focusing on stem cell-based technology and gene therapies[88]. - The company intends to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses[95]. - The company has until October 27, 2024, to complete its initial business combination, with an automatic six-month extension available[89]. Warrants - The warrants issued during the IPO meet the criteria for equity classification under ASC 480[106].
Keen Vision Acquisition (KVAC) - 2024 Q1 - Quarterly Report