Keen Vision Acquisition Corp.(KVACU) - 2023 Q3 - Quarterly Report

IPO Details - The company completed its Initial Public Offering on July 27, 2023, selling 14,950,000 Units at $10.00 per Unit, generating gross proceeds of$149,500,000[94]. - Transaction costs related to the IPO amounted to $6,597,980, including$2,990,000 in underwriting commissions[95]. - On July 27, 2023, the company sold 678,575 Private Units at a price of $10.00 per unit, generating gross proceeds of$6,785,750[121]. - A total of $151,368,750 of the net proceeds from the Initial Public Offering and the private placement was deposited in a trust account for the benefit of public stockholders[122]. - The Private Units sold are identical to those in the Initial Public Offering, with no underwriting discounts or commissions paid[121]. 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[98][99]. - As of September 30, 2023, the company had cash of$735,412, with total net proceeds from the IPO and private placement amounting to $151,368,750 deposited in a Trust Account[100][102]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2023[107][108]. Future Plans - The company plans to use substantially all net proceeds from the IPO to acquire target businesses and cover related expenses[103]. - The company has not selected any business combination target as of the report date[93]. Accounting and Controls - The company has not identified any significant critical accounting estimates affecting its financial statements[110]. - The company’s disclosure controls and procedures were deemed effective as of September 30, 2023[116]. Warrant Information - Each warrant from the IPO entitles the holder to purchase one ordinary share at a price of$11.50 per share[119].