Keen Vision Acquisition Corp.(KVACU) - 2024 Q2 - Quarterly Report

IPO Details - The company completed its Initial Public Offering on July 27, 2023, selling 1,495,000 units at $10.00 per unit, generating gross proceeds of$149,500,000[96]. - The company incurred transaction costs of $6,597,980 related to the IPO, including$2,990,000 in underwriting commissions[97]. - The warrants issued during the IPO meet the criteria for equity classification under ASC 480[119]. Financial Performance - For the six months ended June 30, 2024, the company reported a net income of $5,040,728, compared to a net loss of$4,877 for the same period in 2023[102]. - For the three months ended June 30, 2024, the company reported a net income of $1,774,353, compared to a net loss of$845 for the same period in 2023[103]. Cash and Proceeds - As of June 30, 2024, the company had cash of $261,354, with total net proceeds from the IPO and private placement amounting to$151,368,750 deposited in the Trust Account[104][106]. - The company intends to use substantially all net proceeds from the IPO to acquire a target business and cover related expenses[107]. Business Combination Plans - The company entered into a non-binding letter of intent on March 22, 2024, with a clinical stage biopharmaceutical company as a potential business combination target[98]. - The company has until October 27, 2024, to complete its initial business combination, with an automatic six-month extension available[99]. Debt and Financing - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2024[111][112].