Keen Vision Acquisition Corp. Releases Q1 2024 10-Q Report

Keen Vision Acquisition Corporation, a blank check company focused on acquiring or merging with one or more businesses, has released its Form 10-Q report for the quarter ended March 31, 2024. The report provides insights into the company's financial performance and operational activities as it continues to seek a suitable business combination target.

Financial Highlights

• Net Income: The company reported a net income of $3.27 million for the three months ended March 31, 2024, a significant improvement from a net loss of $4,032 for the same period in 2023. This increase was primarily driven by higher interest income earned from investments held in the Trust Account.
• Net Income Per Share: Basic and diluted net income per share for ordinary shares subject to possible redemption was $0.22 for the three months ended March 31, 2024.

Business Highlights

• Company Overview: Keen Vision Acquisition Corporation is a blank check company formed to acquire or merge with one or more businesses. As of March 31, 2024, the company has not commenced any operations and is focused on identifying a potential target for a business combination.
• Initial Public Offering: On July 27, 2023, the company completed its IPO, raising gross proceeds of $149.5 million through the sale of 14,950,000 units. Each unit consists of one ordinary share and one redeemable warrant.
• Private Placement: Simultaneously with the IPO, the company conducted a private placement of 678,575 units, generating additional gross proceeds of $6.785 million.
• Business Combination Target: On March 22, 2024, the company entered into a non-binding letter of intent with a clinical stage biopharmaceutical company based in Boston. The target focuses on stem cell-based bioengineering technology and next-generation cell and gene therapies.
• Future Outlook: The company has until October 27, 2024, to complete its initial business combination. If necessary, it can extend this period by up to two additional three-month periods by depositing additional funds into the trust account.
• Operational Strategy: The company intends to use the net proceeds from the IPO and private placement to acquire a target business and finance its operations post-acquisition. The focus is on strategic acquisitions and expanding operations of the target business.
• Liquidity and Capital Resources: As of March 31, 2024, the company had cash of $478,576. The funds held outside the trust account are intended for identifying and evaluating target businesses and completing a business combination.

SEC Filing: Keen Vision Acquisition Corp. Releases Q1 2024 [ NASDAQ:KVAC ] - 10-Q - May. 15, 2024