IPO and Financial Proceeds - The company completed its Initial Public Offering on July 27, 2023, raising gross proceeds of 10.00 per unit[105]. - The company incurred transaction costs of 2,990,000 in underwriting commissions[106]. - The company intends to use the net proceeds from the IPO primarily for acquiring target businesses and covering related expenses[120]. - As of September 30, 2024, the company had cash of 151,368,750 deposited in the Trust Account[117][119]. Financial Performance - For the nine months ended September 30, 2024, the company reported a net income of 310,566 for the same period in 2023[114]. - The company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2024[123][124]. - Diluted income (loss) per share is the same as basic income (loss) per share for the periods presented due to the absence of other dilutive securities[131]. - The Company calculates net income (loss) per share in accordance with ASC Topic 260, considering undistributed income (loss) allocable to redeemable and non-redeemable shares[131]. Business Combinations - The company entered into a non-binding letter of intent on March 22, 2024, with a clinical stage biopharmaceutical company for a potential business combination[108]. - A merger agreement was signed on September 3, 2024, with Medera Inc., valuing 100% of Medera's shares at 11.50 per share[118]. - The warrants issued upon the Initial Public Offering and private placements meet the criteria for equity classification under ASC 480[131]. - As of September 30, 2024, the Company has not considered the effect of the warrants sold in the Initial Public Offering and private warrants to purchase an aggregate of 15,628,575 shares in the calculation of diluted net income (loss) per share[131]. - Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the unaudited condensed consolidated statements of operations[130].
Keen Vision Acquisition Corp.(KVACU) - 2024 Q3 - Quarterly Report