Keen Vision Acquisition Corp. Reports $7.4M Net Income and Plans Merger with Medera Inc.

Keen Vision Acquisition Corp. (KVAC), a blank check company incorporated in the British Virgin Islands, reported a net income of $7.4 million for the fiscal year ending December 31, 2024, a significant increase from the previous year's net income of $1.5 million. The company's revenue primarily stemmed from dividend and interest income generated from investments held in a Trust Account, which amounted to $70.4 million as of the end of 2024. The increase in net income was attributed to higher dividend earnings, which rose to $8.9 million in 2024 compared to $1.9 million in 2023, reflecting the full-year impact of the funds deposited in the Trust Account following the company's initial public offering (IPO).

KVAC completed its IPO on July 27, 2023, raising gross proceeds of $149.5 million from the sale of 14.95 million units, each consisting of one ordinary share and one redeemable warrant. Additionally, the company raised $6.8 million through a private placement of 678,575 units at $1.00 per unit. The total net proceeds of approximately $151.4 million were deposited into a Trust Account for the benefit of public shareholders, which is intended to be used for acquiring a target business. The company incurred $6.6 million in IPO-related costs, including underwriting fees.

In terms of strategic developments, KVAC has entered into a merger agreement with Medera Inc., a Cayman Islands-based company, with a total merger consideration of approximately $622.6 million. This transaction is expected to be executed in two steps, with the first step involving a merger with a wholly-owned subsidiary of KVAC, followed by the acquisition of Medera. The merger is contingent upon shareholder approval and is part of KVAC's strategy to leverage its management team's expertise in identifying and completing business combinations in sectors such as biotechnology, consumer goods, and agriculture.

As of the end of 2024, KVAC had two officers, Kenneth Wong and Alex Davidkhanian, and no full-time employees. The company has not yet identified a specific target business for acquisition but is actively evaluating potential candidates. The management team is focused on utilizing the funds from the IPO and private placement to conduct due diligence and negotiate potential business combinations. The company has until March 27, 2025, to complete its initial business combination, with the possibility of extending this deadline.

Looking ahead, KVAC's management expressed confidence in its ability to identify and execute a successful business combination, leveraging its extensive networks and operational experience. However, the company also acknowledged the inherent risks and uncertainties associated with the acquisition process, including market conditions and the competitive landscape for target businesses. The management team remains committed to enhancing shareholder value through strategic acquisitions and operational improvements post-merger.