Keen Vision Acquisition Corp. Releases Q2 2024 10-Q Report

Keen Vision Acquisition Corporation, a blank check company formed for the purpose of acquiring or merging with one or more businesses, has released its Form 10-Q report for the quarter ended June 30, 2024. The report provides insights into the company's financial performance and operational activities, highlighting its progress since its Initial Public Offering (IPO) and its strategic plans moving forward.

Financial Highlights

• Net Income: The company reported a net income of $5.04 million for the six months ended June 30, 2024, a significant improvement from a net loss of $4,877 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 (Loss) Per Share: For the six months ended June 30, 2024, the basic and diluted net income per share for redeemable ordinary shares was $0.35, while for non-redeemable ordinary shares it was $(0.03).
• Net Income (Loss) Per Share: For the three months ended June 30, 2024, the basic and diluted net income per share for redeemable ordinary shares was $0.12, while for non-redeemable ordinary shares it was $(0.01).

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 June 30, 2024, the company has not commenced any operations beyond its formation and initial public offering activities.
• 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.
• Business Combination Target: The company has entered into a non-binding letter of intent with a clinical stage biopharmaceutical company based in Boston. This target focuses on stem cell-based bioengineering technology and next-generation cell and gene therapies, with several experimental gene therapies having FDA approvals for ongoing clinical trials.
• Trust Account: The proceeds from the IPO are held in a trust account, invested in U.S. government treasury bills or money market funds, and will be used to fund a business combination.
• Future Outlook: The company has until October 27, 2024, to complete a business combination, with the possibility of extending this period by up to 21 months. If unable to complete a business combination within this timeframe, the company will liquidate and return funds to shareholders.
• Operational Strategy: Management has broad discretion in applying the net proceeds from the IPO towards consummating a business combination, with a focus on acquiring a controlling interest in a target business.
• Liquidity and Capital Resources: As of June 30, 2024, the company had cash of $261,354 outside the trust account for operational expenses related to identifying and evaluating potential business combination targets.

SEC Filing: Keen Vision Acquisition Corp. Releases Q2 2024 [ NASDAQ:KVAC ] - 10-Q - Jul. 25, 2024