Thu, Jul 25, 9:03 PM (44 days ago)
Keen Vision Acquisition Corporation (KVAC) reported its financial performance for the quarter ended June 30, 2024. Key highlights include: - **Financial Health**: KVAC's total assets were $159.2 million, primarily held in a trust account, while total liabilities were $3 million. The company had a shareholders' deficit of $2.67 million. - **Revenue and Profit**: KVAC reported a net income of $5.04 million for the first six months of 2024, driven by $5.57 million in interest and dividend income from trust account investments. Quarterly net income was $1.77 million. - **Cash Flow**: The company had $261,354 in cash at the end of the period, with net cash used in operating activities amounting to $370,399. - **Operational Status**: KVAC is a blank check company focused on completing a business combination. It has not commenced any operations and does not generate operating revenues. - **Future Prospects**: KVAC has until October 27, 2024, to complete a business combination, with a potential extension to 21 months. It has entered a non-binding LOI with a clinical-stage biopharmaceutical target. - **Uncertainties**: The company faces substantial doubt about its ability to continue as a going concern if a business combination is not consummated by the deadline. These metrics indicate KVAC's reliance on completing a business combination to ensure long-term viability and operational commencement.