Keen Vision Acquisition Corp. Liquidation Value

Keen Vision Acquisition Corp. (KVAC) is a British Virgin Islands blank check SPAC that IPO'd July 27, 2023, raising $149.5M gross. As of March 31, 2026, the entity has not consummated a business combination and has extended its combination deadline seventeen times, with the current hard deadline of July 27, 2026. The binding LOI with Novoheart Group Limited (NVH, subsidiary of Medera Inc.) executed February 26, 2026 remains the operative transaction vehicle; as of the filing date (May 8, 2026), no replacement merger agreement has been executed despite a deadline extension to April 30, 2026.

Under the liquidation lens, the recovery picture is structurally defined by the grantor trust arrangement: the $13.15M held in the Trust Account (US Treasuries, Level 1 fair value) is the sole asset of economic substance and is almost entirely matched against the $13.15M temporary equity obligation (1,090,446 shares at approximately $12.06 per share redemption value). There is no meaningful residual after satisfying the redeemable shares claim. Outside the Trust, current assets total $104K ($9K cash plus $95K prepaid), which are materially insufficient to cover current liabilities of $4.48M. Total liabilities are $7.47M, of which $2.79M is the extension promissory note payable to the Sponsor (non-interest bearing, due only upon business combination close), $1.58M is a related-party advance from the Sponsor (unsecured, no fixed repayment), $107K is accrued expenses, and $2.99M is deferred underwriting compensation (noncurrent). The deferred underwriting fee is contractually waived if no business combination is completed, meaning it would not constitute a claim in a liquidation scenario — however, it remains on the balance sheet at face value and depresses reported equity. Working capital deficit ex-Trust is ($4.37M) as disclosed in the going concern note.

QoQ change from December 31, 2025 is dramatic: total assets declined from $57.0M to $13.3M, driven entirely by $44.3M of redemptions paid out (3,781,900 shares at ~$11.71/share) on January 22, 2026. This reduced redeemable share count from 4,822,346 to 1,090,446. Trust Account fell from $57.0M to $13.2M correspondingly. Liabilities increased modestly (+$0.4M) due to $120K additional extension note principal and $267K related-party advance draw. The extension promissory note balance grew from $2.67M to $2.79M. Shareholders' deficit deepened from ($7.01M) to ($7.36M), driven by $444.9K accretion of redeemable shares to redemption value partially offset by $92K net income.

The MFFAIS CLV/LLV/OLV of negative $4.47M confirms the liquidation recovery to non-redeemable equity is deeply negative. In a controlled wind-down, public shareholders would receive the Trust balance on a pro-rata basis; founder shares, Sponsor notes, and related-party advances would receive nothing from Trust and have no other assets available. Filing discusses the working capital deficit and going concern risk in MD&A but does not separately tag the working capital deficit amount ($4,373,486) in XBRL — it appears only in narrative text.