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Keen Vision Acquisition Corporation (KVAC0.00%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial position, reporting a net income of $7,409,180 for the year. This income primarily resulted from dividend and interest income earned on investments held in the Trust Account, totaling $8,869,933.
Operating costs for the year amounted to $1,460,753. The company also reported a working capital deficit of $1,205,512 as of December 31, 2024.
Keen Vision Acquisition Corporation completed its initial public offering (IPO) on July 27, 2023, raising $149,500,000 through the sale of 14,950,000 units at $10.00 per unit. Each unit comprised one ordinary share and one redeemable warrant.
Simultaneously with the IPO, the company conducted a private placement of 678,575 units, generating additional gross proceeds of $6,785,750. The proceeds from the IPO and private placement were deposited into a Trust Account.
The company is pursuing a business combination with Medera Inc., a biopharmaceutical company, under a merger agreement signed on September 3, 2024. The merger consideration is valued at $622,560,000, payable in newly issued shares.
Keen Vision has extended its deadline to complete a business combination to March 27, 2025, through a series of monthly extensions, each requiring a $200,000 deposit into the Trust Account.
The company acknowledges its dependence on completing a business combination to avoid liquidation. If unable to do so by the deadline, it will redeem 100% of its outstanding public shares and dissolve.
Keen Vision's management continues to evaluate the impact of global events, such as the COVID-19 pandemic and geopolitical conflicts, on its operations and potential business combinations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Keen Vision Acquisition Corporation annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.