Keen Vision Acquisition Corp. Files Q2 2024 10-Q

TL;DR

Keen Vision Acquisition Corp. filed its Q2 10-Q. SPAC activity continues.

AI Summary

Keen Vision Acquisition Corp. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in the British Virgin Islands, is a blank check company operating in the Real Estate & Construction sector. Its principal executive offices are located at 37 Greenbriar Drive, Summit, New Jersey.

Why It Matters

This filing provides an update on Keen Vision Acquisition Corp.'s financial status and operational activities for the second quarter of 2024, which is crucial for investors tracking special purpose acquisition companies (SPACs).

Risk Assessment

Risk Level: low — This is a routine quarterly filing for a SPAC, providing standard financial and operational updates without immediate significant new risks.

Key Players & Entities

• Keen Vision Acquisition Corp. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 001-41753 (other) — SEC File Number
• British Virgin Islands (location) — Jurisdiction of incorporation
• 37 Greenbriar Drive, Summit, New Jersey (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.0001 — sdaq Stock Market LLC Ordinary Shares, $0.0001 par value KVAC The Nasdaq Stock Market

Filing Documents

• ea0209857-10q_keenvision.htm (10-Q) — 438KB
• ea020985701ex31-1_keenvision.htm (EX-31.1) — 12KB
• ea020985701ex31-2_keenvision.htm (EX-31.2) — 12KB
• ea020985701ex32-1_keenvision.htm (EX-32.1) — 5KB
• ea020985701ex32-2_keenvision.htm (EX-32.2) — 5KB
• 0001013762-24-001178.txt ( ) — 3067KB
• kvac-20240630.xsd (EX-101.SCH) — 40KB
• kvac-20240630_cal.xml (EX-101.CAL) — 16KB
• kvac-20240630_def.xml (EX-101.DEF) — 137KB
• kvac-20240630_lab.xml (EX-101.LAB) — 254KB
• kvac-20240630_pre.xml (EX-101.PRE) — 134KB
• ea0209857-10q_keenvision_htm.xml (XML) — 369KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements

Financial Statements 1 Condensed Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 1 Unaudited Condensed Statements of Operations and Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Statements of Changes in Shareholders' Deficit for the Three and Six Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Statements of Cash Flows for Six Months Ended June 30, 2024 and 2023 4 Notes to Unaudited Condensed Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 21 Item 4. Control and Procedures 21

– OTHER INFORMATION

PART II – OTHER INFORMATION 22 Item 1.

Legal Proceedings

Legal Proceedings 22 Item 1A.

Risk Factors

Risk Factors 22 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22 Item 3. Defaults Upon Senior Securities 22 Item 4. Mine Safety Disclosures 22 Item 5. Other Information 22 Item 6. Exhibits 23

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements KEEN VISION ACQUISITION CORPORATION UNAUDITED CONDENSED BALANCE SHEETS June 30, December, 31 2024 2023 (Audited) ASSETS Cash at bank $ 261,354 $ 631,753 Prepayment 73,500 233,862 Total current assets 334,854 865,615 Cash and investments held in trust account 158,876,636 154,823,318 TOTAL ASSETS $ 159,211,490 $ 155,688,933 LIABILITIES AND SHAREHOLDERS' DEFICIT Current liabilities: Accrued expenses $ 7,000 $ 4,000 Amount due to a related party 10,000 10,000 Total current liabilities 17,000 14,000 Deferred underwriting compensation 2,990,000 2,990,000 TOTAL LIABILITIES 3,007,000 3,004,000 Commitments and contingencies (Note 7) Ordinary shares, 14,950,000 shares subject to possible redemption issued and outstanding as of June 30, 2024 and December 31, 2023 158,876,635 154,823,318 Shareholders' deficit: Ordinary shares, $ 0.0001 par value; 500,000,000 shares authorized; 4,416,075 shares issued and outstanding as of June 30, 2024 and December 31, 2023 (excluding 14,950,000 shares subject to possible redemption) 442 442 Accumulated other comprehensive income - 1,521,171 Accumulated deficit ( 2,672,587 ) ( 3,659,998 ) Total Shareholders' Deficit ( 2,672,145 ) ( 2,138,385 ) TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $ 159,211,490 $ 155,688,933 See accompanying notes to unaudited condensed financial 1 KEEN VISION ACQUISITION CORPORATION UNAUDITED CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) Three Months ended June 30, Six Months ended June 30, 2024 2023 2024 2023 Formation and operating costs $ ( 267,344 ) $ ( 845 ) $ ( 533,783 ) $ ( 4,878 ) Other income: Dividend income earned in investments held in Trust Account 2,041,871 - 3,530,524 - Interest income earned in investments held in Trust Account - - 2,043,965 - Interest income 8 - 22 1 Total other income 2,041,879 - 5,574,511 1 NE

Business

Business Combination The Company's management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. Nasdaq rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80 % of the balance in the Trust Account (less any deferred underwriting commissions and taxes payable on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50 % or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination. The Company will provide its shareholders with the opportunity to redeem all or a portion of their public shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. In connection with an Initial Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against a Business Combination. The Company shall not consummate such Business Combination unless (i) the Company has net tangible assets of at least US$ 5,000,001 after payment of the deferred underwriting commissions, either immediately prior to, or upon such consummation of, or any greater net tangible asset or cash requireme

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