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Keen Vision Acquisition Corp. (NASDAQ:KVAC), a blank check company, announced it issued an unsecured promissory note totaling $144,670.38 to KVC Sponsor LLC, its initial public offering sponsor, on Monday. The sponsor deposited the same amount into the company’s trust account to extend the time available for Keen Vision Acquisition Corp. to complete a business combination.
According to a press release statement filed with the Securities and Exchange Commission, the note does not bear interest and will mature upon the closing of a business combination by the company. The holder of the note may convert it into units of Keen Vision Acquisition Corp. identical to those issued in the company’s initial public offering, at a price of $10.00 per unit.
Keen Vision Acquisition Corp. is incorporated in the British Virgin Islands and its units, ordinary shares, and warrants trade on the Nasdaq Stock Market under the symbols KVACU, KVAC, and KVACW, respectively.
The company identifies as an emerging growth company under SEC regulations. The promissory note and related details were included as exhibits in the SEC filing.
All information is based on a press release statement contained in the company’s recent SEC filing.
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