Form 8-K
8-K — Keen Vision Acquisition Corp.
Accession: 0001213900-26-081921
Filed: 2026-07-28
Period: 2026-07-21
CIK: 0001889983
SIC: 6770 (BLANK CHECKS)
Item: Entry into a Material Definitive Agreement
Item: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
Item: Submission of Matters to a Vote of Security Holders
Item: Other Events
Item: Financial Statements and Exhibits
Documents
8-K — ea0299291-8k_keen.htm (Primary)
EX-3.1 — FIFTH AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF KVAC (ea029929101ex3-1.htm)
EX-10.1 — AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT BETWEEN KVAC AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY DATED JULY 22, 2026 (ea029929101ex10-1.htm)
EX-10.2 — PROMISSORY NOTE DATED JULY 24, 2026 (ea029929101ex10-2.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K — CURRENT REPORT
8-K (Primary)
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2026-07-21
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2026-07-21
2026-07-21
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2026-07-21
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United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form 8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
July
21, 2026
Date
of Report (Date of earliest event reported)
KEEN VISION ACQUISITION CORPORATION
(Exact
Name of Registrant as Specified in its Charter)
British
Virgin Islands
001-41753
n/a
(State
or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S.
Employer
Identification No.)
37 Greenbriar Drive
Summit,
New Jersey
07901
(Address
of Principal Executive Offices)
(Zip
Code)
Registrant’s
telephone number, including area code: (203) 609-1394
N/A
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐
Written
communications pursuant to Rule 425 under the Securities Act
☐
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
☐
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
☐
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Securities
registered pursuant to Section 12(b) of the Act: None.
Title
of each class
Trading
Symbol(s)
Name
of each exchange on which registered
Units, each consisting of one ordinary share and one redeemable warrant to acquire one ordinary share
KVACU
The
Nasdaq Stock Market LLC
Ordinary Shares, $0.0001 par value
KVAC
The
Nasdaq Stock Market LLC
Warrants, each exercisable for one ordinary share at an exercise price of $11.50
KVACW
The
Nasdaq Stock Market LLC
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
1.01. Entry Into a Material Definitive Agreement
Amendment
to the Investment Management Trust Agreement
As
approved by its shareholders at the extraordinary general meeting of stockholders held on July 21, 2026 (the “Extraordinary
Meeting”), Keen Vision Acquisition Corporation (“KVAC”) entered into an amendment to the Investment Management
Trust Agreement, with Continental Stock Transfer & Trust Company (the “Trust Amendment”) dated as of July 22,
2026. Pursuant to the Trust Amendment, KVAC has the right to extend the time for KVAC to complete its business combination (the “Business
Combination Period”) under the Trust Agreement up to four additional times, each by a period of three months, from July 27,
2026 to July 27, 2027 by depositing into the Company’s trust account (the “Trust Account”) $30,000 for each three-month
extension for all remaining public shares (the “Extension Payment”).
The
foregoing description of the Trust Amendment is qualified in its entirety by reference to the full text of the Trust Amendment, a copy
of which is filed with this Current Report on Form 8-K as Exhibit 10.1, and is incorporated herein by reference.
Promissory
Note
On
July 24, 2026, the Company issued an unsecured promissory note in the aggregate principal amount of $30,000 (the “Note”)
to KVC Sponsor LLC, the Company’s initial public offering sponsor (“Sponsor”) in exchange for Sponsor depositing
such amount into the Trust Account in order to extend the amount of time it has available to complete a business combination. The Note
does not bear interest and matures upon the closing of a business combination by the Company. In addition, the Note may be converted
by the holder into units of the Company identical to the units issued in the Company’s initial public offering at a price of $10.00
per unit.
Item
5.03. Amendments to Articles of Incorporation or Bylaws.
As
approved by its shareholders at the Annual Meeting, KVAC filed its fifth amended and restated memorandum and articles of association
(the “M&AA”) with the British Virgin Islands Registry on July 23, 2026.
The
foregoing description of KVAC’s M&AA is qualified in its entirety by reference to the full text of KVAC’s M&AA, a
copy of which is filed with this Current Report on Form 8-K as Exhibit 3.1, and is incorporated herein by reference.
Item
5.07. Submission of Matters to a Vote of Security Holders.
On
July 21, 2026, KVAC held the Extraordinary Meeting. On June 24, 2026, the record date for the Extraordinary Meeting, there were 5,506,521
ordinary shares of KVAC entitled to be voted at the Annual Meeting, of which 5,227,979, or approximately 95.85% of the total outstanding
ordinary shares of KVAC, were represented in person or by proxy; therefore, a quorum was present.
1
1.
Trust Amendment
Shareholders
approved the proposal to amend KVAC’s Investment Management Trust Agreement by and between KVAC and Continental Stock Transfer
& Trust Company, dated as of July 24, 2023, giving KVAC the right to extend the Business Combination Period up to four additional
times, each by a period of three months, from July 27, 2026 to July 27, 2027 by depositing into the Trust Account $30,000 for each three-month
extension for all remaining public shares. Adoption of the Trust Amendment required approval by the affirmative vote of at least 50%
of the outstanding shares. The voting results were as follows:
FOR
AGAINST
ABSTAIN
4,982,736
295,218
25
2.
Charter Amendment
Shareholders
approved the proposal to amend KVAC’s M&AA, giving KVAC the right to extend the Business Combination Period up to four additional
times, each by a period of three months, from July 27, 2026 to July 27, 2027 by depositing into the Trust Account $30,000 for each three-month
extension for all remaining public shares. The approval of the Charter Amendment Proposal requires a resolution of members under the
M&AA, being the affirmative vote of a majority of the Company’s ordinary shares issued and outstanding and entitled to vote
and which are present (in person or by proxy) at the Meeting and which voted on the matter is required. The voting results were as follows:
FOR
AGAINST
ABSTAIN
4,982,736
295,218
25
Item
8.01. Other Events.
In
connection with the shareholders’ vote at the Annual Meeting, 935,966 shares were tendered for redemption.
KVAC
has deposited the initial payment of $30,000 in the Trust Account, to initially extend the date
by which the Company can complete an initial business combination by three months to October 27, 2026.
Item
9.01. Financial Statements and Exhibits
Exhibit
No.
Description
3.1
Fifth Amended and Restated Memorandum and Articles of Association of KVAC
10.1
Amendment to the Investment Management Trust Agreement between KVAC and Continental Stock Transfer & Trust Company dated July 22, 2026
10.2
Promissory Note dated July 24, 2026
104
Cover
Page Interactive Data File (embedded within the Inline XBRL document)
2
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Dated: July 27, 2026
Keen Vision
Acquisition Corporation
By:
/s/
WONG, Kenneth KC
Name:
WONG, Kenneth KC
Title:
Chief Executive Officer
3
EX-3.1 — FIFTH AMENDED AND RESTATED MEMORANDUM AND ARTICLES OF ASSOCIATION OF KVAC
EX-3.1
Filename: ea029929101ex3-1.htm · Sequence: 2
Exhibit 3.1
TERRITORY OF THE BRITISH VIRGIN ISLANDS
THE BVI BUSINESS COMPANIES ACT 2004
FIFTH AMENDED AND RESTATED MEMORANDUM OF
ASSOCIATION
OF
Keen Vision
Acquisition Corporation
A COMPANY LIMITED BY SHARES
(adopted
by resolution of shareholders passed on 21 July 2026 and filed on 23 July 2026)
1 NAME
The name of the Company is Keen Vision
Acquisition Corporation.
2 STATUS
The Company shall be a company limited
by shares.
3 REGISTERED OFFICE AND REGISTERED AGENT
3.1 The first registered office of the Company is at Ritter House, Wickhams Cay II, PO Box 3170, Road
Town, Tortola VG1110, British Virgin Islands, the office of the first registered agent.
3.2 The first registered agent of the Company is Ogier Global (BVI) Limited of Ritter House, Wickhams Cay II,
PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.
3.3 The Company may change its registered office or registered agent by a Resolution of Directors or a Resolution
of Members. The change shall take effect upon the Registrar registering a notice of change filed under section 92 of the Act.
4 CAPACITY AND POWER
4.1 The Company has, subject to the Act and any other British Virgin Islands legislation for the time being
in force, irrespective of corporate benefit:
(a) full capacity to carry on or undertake any business or activity, do any act or enter into any transaction;
and
(b) for the purposes of paragraph (a), full rights, powers and privileges.
4.2 There are subject to Clause 4.1 and Regulation 23, no limitations on the business that the Company
may carry on.
5 NUMBER AND CLASSES OF SHARES
5.1
The Company
is authorised to issue a maximum of 500,000,000 Shares of USD0.0001 each of a single class.
5.2 The Company may at the discretion of the Board of Directors, but shall not otherwise be obliged to, issue
fractional Shares or round up or down fractional holdings of Shares to its nearest whole number and a fractional Share (if authorised
by the Board of Directors) may have the corresponding fractional rights, obligations and liabilities of a whole share of the same class
or series of shares.
6 DESIGNATIONS POWERS PREFERENCES OF SHARES
6.1 Each Share in the Company confers upon the Member (unless waived by such Member):
(a) subject to Clause 11, the right to one vote at a meeting of the Members of the Company or on any Resolution
of Members;
(b) the right to be redeemed on an Automatic Redemption Event in accordance with Regulation 23.2 or pursuant
to either a Tender Redemption Offer or Redemption Offer in accordance with Regulation 23.5 or pursuant to an Amendment Redemption
Event in accordance with Regulation 23.11;
(c) the right to an equal share with each other Share in any dividend paid by the Company; and
(d) subject to satisfaction of and compliance with Regulation 23, the right to an equal share with each
other Share in the distribution of the surplus assets of the Company on its liquidation provided that in the event that the Company enters
liquidation prior to or without having consummated a Business Combination then, in such circumstances, in the event any surplus assets
(Residual Assets) of the Company remain following the Company having complied with its applicable obligations to redeem Public
Shares and distribute the funds held in the Trust Account in respect of such redemptions pursuant to Regulation 23, the Public Shares
shall not have any right to receive any share of those Residual Assets which are held outside the Trust Account and such Residual Assets
shall be distributed (on a pro rata basis) only in respect of those Shares that are not Public Shares.
6.2 The Directors may at their discretion by Resolution of Directors redeem, purchase or otherwise acquire
all or any of the Shares in the Company subject to Regulation 6 and Regulation 23 of the Articles.
6.3 The Directors have the authority and the power by Resolution of Directors:
(a) to authorise and create additional classes of shares; and
(b) to fix the designations, powers, preferences, rights, qualifications, limitations and restrictions, if
any, appertaining to any and all classes of shares that may be authorised to be issued under this Memorandum.
7 VARIATION OF RIGHTS
7.1 The rights attached to the Shares as specified in Clause 6.1 may only, whether or not the Company is being
wound up, be varied with the consent in writing of at least fifty percent (50%) of the issued Shares of that class, or by a resolution
passed at a meeting by, the holders of more than fifty percent (50%) of the Shares present at a duly convened and constituted meeting
of the Members of the Company holding Shares which were present at the meeting and voted, or unless otherwise provided by the terms of
issue of such class.
8 RIGHTS NOT VARIED BY THE ISSUE OF SHARES PARI PASSU
The rights conferred upon the holders
of the Shares of any class issued with preferred or other rights shall not, unless otherwise expressly provided by the terms of issue
of the Shares of that class, be deemed to be varied by the creation or issue of further Shares ranking pari passu therewith.
9 REGISTERED SHARES
9.1 The Company shall issue registered shares only.
9.2 The Company is not authorised to issue bearer shares, convert registered shares to bearer shares or exchange
registered shares for bearer shares.
10 TRANSFER OF SHARES
A Share may be transferred in accordance
with Regulation 4 of the Articles.
11 AMENDMENT OF MEMORANDUM AND ARTICLES
11.1 The Company may amend its Memorandum or Articles by a Resolution of Members or by a Resolution of Directors,
save that no amendment may be made by a Resolution of Directors:
(a) to restrict the rights or powers of the Members to amend the Memorandum or Articles;
2
(b) to change the percentage of Members required to pass a Resolution of Members to amend the Memorandum or
Articles;
(c) in circumstances where the Memorandum or Articles cannot be amended by the Members; or
(d) to change Clauses 7 or 8, this Clause 11 or Regulation 23 (or any of the defined terms used in any
such Clause or Regulation).
11.2 Notwithstanding Clause 11.1, no amendment may be made to the Memorandum or Articles to amend:
(a) Regulation 23 prior to the Business Combination unless the holders of the Public Shares are provided
with the opportunity to redeem their Public Shares upon the approval of any such amendment in the manner and for the price as set out
in Regulation 23.11; or
(b) this Clause 11.2 during the Target Business Acquisition Period.
12 DEFINITIONS AND INTERPRETATION
12.1 In this Memorandum of Association and the attached Articles of Association, if not inconsistent with the
subject or context:
(a) Act means the BVI Business Companies Act, 2004 (as amended) and includes the regulations made under
the Act;
(b) AGM means an annual general meeting of the Members;
(c) Amendment has the meaning ascribed to it in Regulation 23.11;
(d) Amendment Redemption Event has the meaning ascribed to it in Regulation 23.11;
(e) Applicable Law means, with respect to any person, all provisions of laws, statutes, ordinances,
rules, regulations, permits, certificates, judgments, decisions, decrees or orders of any governmental authority applicable to such person;
(f) Approved Amendment has the meaning ascribed to it in Regulation 23.11;
(g) Articles means the attached Articles of Association of the Company;
(h) Automatic Redemption Event shall have the meaning given to it in Regulation 23.2;
(i) Board of Directors means the board of directors of the Company;
(j) Business Combination shall mean the initial acquisition by the Company, whether through a merger,
share exchange, share reconstruction or amalgamation, asset or share acquisition, a contractual arrangement or other similar business
combination transaction, with a Target Business at Fair Value;
(k) Business Combination Articles means Regulation 23 relating to the Company’s obligations
regarding the consummation of a Business Combination;
(l) Business Days means a day other than a Saturday or Sunday or any other day on which
commercial banks in New York are required or are authorised to be closed for business;
(m) Chairman means a person who is appointed as chairman to preside at a meeting of the Company and
Chairman of the Board means a person who is appointed as chairman to preside at a meeting of the Board of Directors of the Company,
in each case, in accordance with the Articles;
(n) Designated Stock Exchange means the Over-the-Counter Bulletin Board, the Global Select Market,
Global Market or the Capital Market of the NASDAQ Stock Market LLC, the NYSE American or the New York Stock Exchange, as applicable;
provided, however, that until the Shares are listed on any such Designated Stock Exchange, the rules of such Designated Stock Exchange
shall be inapplicable to the Company and this Memorandum or the Articles;
3
(o) Director means any director of the Company, from time to time;
(p) Distribution in relation to a distribution by the Company means the direct or indirect transfer
of an asset, other than Shares, to or for the benefit of a Member in relation to Shares held by a Member, and whether by means of a purchase
of an asset, the redemption or other acquisition of Shares, a distribution of indebtedness or otherwise, and includes a dividend;
(q) Electronic Communication means a communication sent by electronic means, including electronic posting
to the Company’s website, transmission to any number, address or internet website (including the website of the SEC) or other electronic
delivery methods as otherwise decided and approved by the Directors;
(r) Eligible Person means individuals, corporations, trusts, the estates of deceased individuals, partnerships
and unincorporated associations of persons;
(s) Enterprise means the Company and any other corporation, constituent corporation (including any
constituent of a constituent) absorbed in a consolidation or merger to which the Company (or any of its wholly owned subsidiaries) is
a party, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which an Indemnitee
is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member, fiduciary, employee
or agent;
(t) Exchange Act means the United States Securities Exchange Act of 1934,
as amended;
(u) Expenses shall include all direct and indirect costs, fees and expenses of any type or nature whatsoever,
including, without limitation, all legal fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, fees of private investigators and professional advisors, duplicating costs, printing and binding costs, telephone charges, postage,
delivery service fees, fax transmission charges, secretarial services and all other disbursements, obligations or expenses, in each case
reasonably incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to
be a witness in, settlement or appeal of, or otherwise participating in, a Proceeding, including reasonable compensation for time spent
by the Indemnitee for which he or she is not otherwise compensated by the Company or any third party. Expenses shall also include any
or all of the foregoing expenses incurred in connection with all judgments, liabilities, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines,
penalties and amounts paid in settlement) actually and reasonably incurred (whether by an Indemnitee, or on his behalf) in connection
with such Proceeding or any claim, issue or matter therein, or any appeal resulting from any Proceeding, including without limitation
the principal, premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent,
but shall not include amounts paid in settlement by an Indemnitee or the amount of judgments or fines against an Indemnitee;
(v) Fair Value shall mean a value at least equal to 80% of the balance in the Trust Account (excluding
any deferred underwriting fees and any taxes payable on the Trust Account balance) at the time of the execution of a definitive agreement
for a Business Combination;
(w) FINRA means the Financial Industry Regulatory Authority of the United States;
(x) Indemnitee means any person detailed in sub regulations (a) and (b) of Regulation 15;
(y) Initial Shareholders means the Sponsor and any Members who hold Shares prior to the IPO;
(z) IPO means the initial public offering of units, consisting of shares and warrants of the Company
and rights to receive shares of the Company;
(aa) Member means an Eligible Person whose name is entered in the share register of the Company as the
holder of one or more Shares or fractional Shares;
(bb) Memorandum means this Memorandum of Association of the Company;
(cc) Officer means any officer of the Company, from time to time;
4
(dd) Per-Share Redemption Price means:
(i) with respect to an Automatic Redemption Event, the aggregate
amount on deposit in the Trust Account including interest earned, but net of taxes payable and less up to US$50,000 of any interest earned
to pay liquidation expenses divided by the number of then outstanding Public Shares;
(ii) with respect to an Amendment Redemption Event, the aggregate amount on deposit in the Trust Account, including
interest earned but net of taxes payable, divided by the number of then outstanding Public Shares; and
(iii) with respect to either a Tender Redemption Offer or a Redemption Offer, the aggregate amount then on deposit
in the Trust Account, including interest earned but net of taxes payable, on the date that is two Business Days prior to the consummation
of the Business Combination, divided by the number of then outstanding Public Shares;
(ee) Proceeding means any threatened, pending or completed action, suit, arbitration, mediation, alternate
dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding,
whether brought in the name of the Company or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal,
administrative or investigative nature, in which an Indemnitee was, is, will or might be involved as a party or otherwise by reason of
the fact that such Indemnitee is or was a Director or Officer of the Company, by reason of any action (or failure to act) taken by him
or of any action (or failure to act) on his part while acting as a Director, Officer, employee or adviser of the Company, or by reason
of the fact that he is or was serving at the request of the Company as a Director, Officer, trustee, general partner, managing member,
fiduciary, employee, adviser or agent of any other Enterprise, in each case whether or not serving in such capacity at the time any liability
or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under these Articles;
(ff) Public Shares means the Shares included in the units issued in the IPO;
(gg) Redemption Offer has the meaning ascribed to it in Regulation 23.5(b);
(hh) Registration Statement has the meaning ascribed to it in Regulation 23.10;
(ii) relevant system means a relevant system for the holding and transfer of shares in uncertificated
form;
(jj) Resolution of Directors means either:
(i) a resolution approved at a duly convened and constituted meeting of Directors of the Company or of a committee
of Directors of the Company by the affirmative vote of a majority of the Directors present at the meeting who voted except that where
a Director is given more than one vote, he shall be counted by the number of votes he casts for the purpose of establishing a majority;
or
(ii) a resolution consented to in writing by all Directors or by all members of a committee of Directors of
the Company, as the case may be;
(kk) Resolution of Members means a resolution approved at a duly convened and constituted meeting of
the Members of the Company by the affirmative vote of a majority of the votes of the Shares entitled to vote thereon which were present
at the meeting and were voted;
(ll) Seal means any seal which has been duly adopted as the common seal of the Company;
(mm) SEC means the United States Securities and Exchange
Commission;
(nn) Securities means Shares, other securities and debt obligations of every kind of the Company, and
including without limitation options, warrants, rights to receive Shares or other securities or debt obligations;
(oo) Securities Act means the United States Securities Act of 1933, as amended;
(pp) Share means a share issued or to be issued by the Company and Shares shall be construed
accordingly;
5
(qq) Sponsor means KVC Sponsor LLC;
(rr) Sponsor Group means the Sponsor and its respective affiliates, successors and assigns;
(ss) Target Business means any businesses or entity with whom the Company wishes to undertake a Business
Combination;
(tt) Target Business Acquisition Period shall mean the period commencing from the effectiveness of the
registration statement filed with the SEC in connection with the Company’s IPO up to and including the first to occur of (i) a
Business Combination; or (ii) the Termination Date.
(uu) Tender Redemption Offer has the meaning ascribed to it in Regulation 23.5(a);
(vv) Termination Date has the meaning given to it in Regulation 23.2;
(ww) Treasury Share means a Share that was previously issued
but was repurchased, redeemed or otherwise acquired by the Company and not cancelled;
(xx) Trust Account shall mean the trust account established by the Company prior to the IPO and into
which a certain amount of the IPO proceeds and the proceeds from a simultaneous private placement of like units comprising like securities
to those in included in the IPO by the Company are deposited, interest on the balance of which may be released to the Company from to
time to time to pay the Company’s income or other tax obligations, and up to US$50,000 of such interest on the balance of the Trust
Account may also be released to pay the liquidation expenses of the Company if applicable; and
(yy) written or any term of like import includes information generated, sent, received or stored by
electronic, electrical, digital, magnetic, optical, electromagnetic, biometric or photonic means, including electronic data interchange,
electronic mail, telegram, telex or telecopy, and “in writing” shall be construed accordingly.
12.2 In the Memorandum and the Articles, unless the context otherwise requires a reference to:
(a) a Regulation is a reference to a regulation of the Articles;
(b) a Clause is a reference to a clause of the Memorandum;
(c) voting by Member is a reference to the casting of the votes attached to the Shares held by the Member
voting;
(d) the Act, the Memorandum or the Articles is a reference to the Act or those documents as amended;
(e) the singular includes the plural and vice versa;
(f) where a meeting of (i) Members; (ii) a class of Members; (iii) the board of Directors;
or (iv) any committee of the Directors, is required to be convened for a place, such place may be a physical place, or a virtual
place, or both, and where a meeting is convened for or including a virtual place any person, including the person duly appointed as the
chairperson of such meeting, may attend such meeting by virtual attendance and such virtual attendance shall constitute presence in person
at that meeting;
(g) the term “virtual place” includes a discussion facility or forum with a telephonic, electronic
or digital identifier; and
(h) the term “virtual attendance” means attendance at a virtual place by means of conference telephone
or other digital or Electronic Communications equipment or software or other facilities by means of which all the persons participating
in the meeting can communicate with each other.
12.3 Any words or expressions defined in the Act unless the context otherwise requires bear the same meaning
in the Memorandum and Articles unless otherwise defined herein.
12.4 Headings are inserted for convenience only and shall be disregarded in interpreting the Memorandum and
Articles.
6
We, Ogier Global (BVI) Limited of Ritter House,
Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands, for the purpose of incorporating a BVI business
company under the laws of the British Virgin Islands hereby sign this Memorandum of Association.
Dated: 18 June 2021
Incorporator
Signed for and on behalf of Ogier Global (BVI)
Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands
/s/ Toshra Glasgow
Signature of authorised signatory
Toshra Glasgow
Print Name
7
TERRITORY OF THE BRITISH VIRGIN ISLANDS
THE BVI BUSINESS COMPANIES ACT 2004
FIFTH AMENDED AND RESTATED ARTICLES OF
ASSOCIATION
OF
Keen Vision Acquisition Corporation
A COMPANY
LIMITED BY SHARES
(adopted
by resolution of shareholders passed on 21 July 2026 and filed on 23 July 2026)
1 REGISTERED SHARES
1.1 Every Member is entitled to a certificate signed by a Director of the Company or under the Seal specifying
the number of Shares held by him and the signature of the Director and the Seal may be facsimiles.
1.2 Any Member receiving a certificate shall indemnify and hold the Company and its Directors and officers
harmless from any loss or liability which it or they may incur by reason of any wrongful or fraudulent use or representation made by any
person by virtue of the possession thereof. If a certificate for Shares is worn out or lost it may be renewed on production of the worn
out certificate or on satisfactory proof of its loss together with such indemnity as may be required by a Resolution of Directors.
1.3 If several Eligible Persons are registered as joint holders of any Shares, any one of such Eligible Persons
may give an effectual receipt for any Distribution.
1.4 Nothing in these Articles shall require title to any Shares or other Securities to be evidenced by a certificate
if the Act and the rules of the Designated Stock Exchange permit otherwise.
1.5 Subject to the Act and the rules of the Designated Stock Exchange, the Board of Directors without further
consultation with the holders of any Shares or Securities may resolve that any class or series of Shares or other Securities in issue
or to be issued from time to time may be issued, registered or converted to uncertificated form and the practices instituted by the operator
of the relevant system. No provision of these Articles will apply to any uncertificated shares or Securities to the extent that they are
inconsistent with the holding of such shares or securities in uncertificated form or the transfer of title to any such shares or securities
by means of a relevant system.
1.6 Conversion of Shares held in certificated form into Shares held in uncertificated form, and vice versa,
may be made in such manner as the Board of Directors, in its absolute discretion, may think fit (subject always to the requirements of
the relevant system concerned). The Company or any duly authorised transfer agent shall enter on the register of members how many Shares
are held by each member in uncertificated form and certificated form and shall maintain the register of members in each case as is required
by the relevant system concerned. Notwithstanding any provision of these Articles, a class or series of Shares shall not be treated as
two classes by virtue only of that class or series comprising both certificated shares and uncertificated shares or as a result of any
provision of these Articles which applies only in respect of certificated shares or uncertificated shares.
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1.7 Nothing contained in Regulation 1.5 and 1.6 is meant to prohibit the Shares from being able to trade
electronically. For the avoidance of doubt, Shares shall only be traded and transferred electronically upon listing on the Designated
Stock Exchange.
2 SHARES
2.1 Subject to the provisions of these Articles and, where applicable, the rules of the Designated Stock Exchange,
the unissued Shares of the Company shall be at the disposal of the Directors and Shares and other Securities may be issued and option
to acquire Shares or other Securities may be granted at such times, to such Eligible Persons, for such consideration and on such terms
as the Directors may by Resolution of Directors determine.
2.2 Without prejudice to any special rights previously conferred on the holders of any existing Shares, the
Directors may be issued Shares with such preferred, deferred or other special rights or such restrictions, whether in regard to dividend,
voting or otherwise as the Directors may from time to time determine subject to Regulation 23.7.
2.3 Section 46 of the Act does not apply to the Company.
2.4 A Share may be issued for consideration in any form, including money, a promissory note, real property,
personal property (including goodwill and know-how) or a contract for future services.
2.5 No Shares may be issued for a consideration other than money, unless a Resolution of Directors has been
passed stating:
(a) the amount to be credited for the issue of the Shares; and
(b) that, in their opinion, the present cash value of the non-money consideration for the issue is not less
than the amount to be credited for the issue of the Shares.
2.6 The Company shall keep a register (the share register) containing:
(a) the names and addresses of the persons who hold Shares;
(b) the number of each class and series of Shares held by each Member;
(c) the date on which the name of each Member was entered in the share register; and
(d) the date on which any Eligible Person ceased to be a Member.
2.7 The share register may be in any such form as the Directors may approve, but if it is in magnetic, electronic
or other data storage form, the Company must be able to produce legible evidence of its contents. Until the Directors otherwise determine,
the magnetic, electronic or other data storage form shall be the original share register.
2.8 A Share is deemed to be issued when the name of the Member is entered in the share register.
2.9 Subject to the provisions of the Act and the Business Combination Articles, Shares may be issued on the
terms that they are redeemable, or at the option of the Company be liable to be redeemed on such terms and in such manner as the Directors
before or at the time of the issue of such Shares may determine. The Directors may issue options, warrants, rights or convertible securities
or securities or a similar nature conferring the right upon the holders thereof to subscribe for, purchase or receive any class of Shares
or Securities on such terms as the Directors may from time to time determine. Notwithstanding the foregoing, the Directors may also issue
options, warrants, rights to acquire or receive shares or convertible securities in connection with the Company’s IPO.
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3 FORFEITURE
3.1 Shares that are not fully paid on issue, or are issued with the terms that they are subject to forfeiture
as the Directors determine upon allotment, are subject to the forfeiture provisions set forth in this Regulation and for this purpose
Shares issued for a promissory note or a contract for future services are deemed to be not fully paid.
3.2 A written notice of call specifying the date for payment to be made shall be served on the Member who
defaults in making payment in respect of the Shares.
3.3 The written notice of call referred to in Regulation 3.2 shall name a further date not earlier than
the expiration of 14 days from the date of service of the notice on or before which the payment required by the notice is to be made
and shall contain a statement that in the event of non-payment at or before the time named in the notice the Shares, or any of them, in
respect of which payment is not made will be liable to be forfeited.
3.4 Where a written notice of call has been issued pursuant to Regulation 3.2 and the requirements of
the notice have not been complied with, the Directors may, at any time before tender of payment, forfeit and cancel the Shares to which
the notice relates.
3.5 The Company is under no obligation to refund any moneys to the Member whose Shares have been cancelled
pursuant to Regulation 3.4 and that Member shall be discharged from any further obligation to the Company.
4 TRANSFER OF SHARES
4.1 Subject to the Memorandum, certificated shares may be transferred by a written instrument of transfer
signed by the transferor and containing the name and address of the transferee, which shall be sent to the Company for registration. A
member shall be entitled to transfer uncertificated shares by means of a relevant system and the operator of the relevant system shall
act as agent of the Members for the purposes of the transfer of such uncertificated shares.
4.2 The transfer of a Share is effective when the name of the transferee is entered on the share register.
4.3 If the Directors of the Company are satisfied that an instrument of transfer relating to Shares has been
signed but that the instrument has been lost or destroyed, they may resolve by Resolution of Directors:
(a) to accept such evidence of the transfer of Shares as they consider appropriate; and
(b) that the transferee’s name should be entered in the share register notwithstanding the absence of
the instrument of transfer.
4.4 Subject to the Memorandum, the personal representative of a deceased Member may transfer a Share even
though the personal representative is not a Member at the time of the transfer.
5 DISTRIBUTIONS
5.1 Subject to the Business Combination Articles, the Directors of the Company may, by Resolution of Directors,
authorise a distribution at a time and of an amount they think fit if they are satisfied, on reasonable grounds, that, immediately after
the distribution, the value of the Company’s assets will exceed its liabilities and the Company will be able to pay its debts as
and when they fall due.
5.2 Dividends may be paid in money, shares, or other property.
5.3 The Company may, by Resolution of Directors, from time to time pay to the Members such interim dividends
as appear to the Directors to be justified by the profits of the Company, provided always that they are satisfied, on reasonable grounds,
that, immediately after the distribution, the value of the Company’s assets will exceed its liabilities and the Company will be
able to pay its debts as and when they fall due.
5.4 Notice in writing of any dividend that may have been declared shall be given to each Member in accordance
with Regulation 21 and all dividends unclaimed for three years after such notice has been given to a Member may be forfeited
by Resolution of Directors for the benefit of the Company.
5.5 No dividend shall bear interest as against the Company.
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6 REDEMPTION OF SHARES AND TREASURY SHARES
6.1 The Company may purchase, redeem or otherwise acquire and hold its own Shares save that the Company may
not purchase, redeem or otherwise acquire its own Shares without the consent of the Member whose Shares are to be purchased, redeemed
or otherwise acquired unless the Company is permitted or required by the Act or any other provision in the Memorandum or Articles to purchase,
redeem or otherwise acquire the Shares without such consent.
6.2 The purchase, redemption or other acquisition by the Company of its own Shares is deemed not to be a distribution
where:
(a) the Company purchases, redeems or otherwise acquires the Shares pursuant to a right of a Member to have
his Shares redeemed or to have his shares exchanged for money or other property of the Company, or
(b) the Company purchases, redeems or otherwise acquires the Shares by virtue of the provisions of section
179 of the Act.
6.3 Sections 60, 61 and 62 of the Act shall not apply to the Company.
6.4 Subject to the provisions of Regulation 23, shares that the Company purchases, redeems or otherwise
acquires pursuant to this Regulation may be cancelled or held as Treasury Shares except to the extent that such Shares are in excess of
50 percent of the issued Shares in which case they shall be cancelled but they shall be available for reissue.
6.5 All rights and obligations attaching to a Treasury Share are suspended and shall not be exercised by the
Company while it holds the Share as a Treasury Share.
6.6 Treasury Shares may be disposed of by the Company on such terms and conditions (not otherwise inconsistent
with the Memorandum and Articles) as the Company may by Resolution of Directors determine.
6.7 Where Shares are held by another body corporate of which the Company holds, directly or indirectly, shares
having more than 50 per cent of the votes in the election of Directors of the other body corporate, all rights and obligations attaching
to the Shares held by the other body corporate are suspended and shall not be exercised by the other body corporate.
6.8 The Company shall be entitled to sell (at a price which the Company shall use its reasonable endeavours
to ensure is the best obtainable) the Shares of a Member or the Shares to which a person is entitled by virtue of transmission on death
or insolvency or otherwise by operation of law if and provided that:
(a) all checks, not being less than three (3) in total number, for any sums payable in cash to the holder
of such shares have remained uncashed for a period of twelve (12) years;
(b) the Company shall following the expiry of such period of twelve (12) years have inserted advertisements
in a national newspaper and in a newspaper circulating in the area in which the last known address of the Member or the address at which
service of notices may be effected under these Articles is located giving notice of its intention to sell the said shares; and
(c) during the period of three (3) months following the publication of such advertisements (or, if published
on different dates, the last thereof) the Company shall have received indication neither of the whereabouts nor of the existence of such
Member or person.
The net proceeds of any such sale shall
belong to the Company and when the Company receive these net proceeds, the Company shall become indebted to the former shareholder for
an amount equal to such net proceeds. For the avoidance of doubt, the foregoing provisions of this Article are subject to any restrictions
applicable under any regulations relating to the holding and/or transferring of securities in any paperless system as may be introduced
from time to time in respect of the shares of the Company or any class thereof.
7 MORTGAGES AND CHARGES OF SHARES
7.1 Unless a Member agrees otherwise, a Member may by an instrument in writing mortgage or charge his Shares.
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7.2 There shall be entered in the share register at the written request of the Member:
(a) a statement that the Shares held by him are mortgaged or charged;
(b) the name of the mortgagee or chargee; and
(c) the date on which the particulars specified in subparagraphs (a) and (b) are entered in the
share register.
7.3 Where particulars of a mortgage or charge are entered in the share register, such particulars may be cancelled:
(a) with the written consent of the named mortgagee or chargee or anyone authorised to act on his behalf;
or
(b) upon evidence satisfactory to the Directors of the discharge of the liability secured by the mortgage
or charge and the issue of such indemnities as the Directors shall consider necessary or desirable.
7.4 Whilst particulars of a mortgage or charge over Shares are entered in the share register pursuant to this
Regulation:
(a) no transfer of any Share the subject of those particulars shall be effected;
(b) the Company may not purchase, redeem or otherwise acquire any such Share; and
(c) no replacement certificate shall be issued in respect of such Shares,
without the written consent of the named
mortgagee or chargee.
8 MEETINGS AND CONSENTS OF MEMBERS
8.1 Any Director of the Company may convene meetings of the Members at such times and in such manner and places
within or outside the British Virgin Islands as the Director considers necessary or desirable. Following consummation of the Business
Combination, an AGM shall be held annually at such date and time as may be determined by the Directors.
8.2 Upon the written request of the Members entitled to exercise 30 percent or more of the voting rights in
respect of the matter for which the meeting is requested the Directors shall convene a meeting of Members.
8.3 The Director convening a meeting of Members shall give not less than 10 nor more than 60 days’
written notice of such meeting to:
(a) those Members whose names on the date the notice is given appear as Members in the share register of the
Company and are entitled to vote at the meeting; and
(b) the other Directors.
8.4 The Director convening a meeting of Members shall fix in the notice of the meeting the record date for
determining those Members that are entitled to vote at the meeting. The notice of meeting shall state the place, date and hour of the
meeting and indicate that it is being issued by or at the direction of the person calling the meeting.
8.5 A meeting of Members held in contravention of the requirement to give notice is valid if Members holding
at least 90 per cent of the total voting rights on all the matters to be considered at the meeting have waived notice of the meeting and,
for this purpose, the presence of a Member at the meeting shall constitute waiver in relation to all the Shares which that Member holds.
8.6 The inadvertent failure of a Director who convenes a meeting to give notice of a meeting to a Member or
another Director, or the fact that a Member or another Director has not received notice, does not invalidate the meeting.
8.7 A Member may be represented at a meeting of Members by a proxy who may speak and vote on behalf of the
Member.
8.8 The instrument appointing a proxy shall be produced at the place designated for the meeting before the
time for holding the meeting at which the person named in such instrument proposes to vote.
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8.9 The instrument appointing a proxy shall be in substantially the following form or such other form as the
chairman of the meeting shall accept as properly evidencing the wishes of the Member appointing the proxy.
Keen Vision Acquisition
Corporation
I/We being a Member of the above Company
HEREBY APPOINT ……………………………………………………………………………..……
of ……………………………………...……….…………..…………
or failing him …..………………………………………………….……………………..
of ………………………………………………………..…..……
to be my/our proxy to vote for me/us at the meeting of Members to be held on the …… day of …………..…………,
20…… and at any adjournment thereof.
(Any restrictions on voting to be inserted
here.)
Signed this …… day
of …………..…………, 20……
……………………………
Member
8.10 The following applies where Shares are jointly owned:
(a) if two or more persons hold Shares jointly each of them may be present in person or by proxy at a meeting
of Members and may speak as a Member;
(b) if only one of the joint owners is present in person or by proxy he may vote on behalf of all joint owners;
and
(c) if two or more of the joint owners are present in person or by proxy they must vote as one and in the
event of disagreement between any of the joint owners of Shares then the vote of the joint owner whose name appears first (or earliest)
in the share register in respect of the relevant Shares shall be recorded as the vote attributable to the Shares.
8.11 A Member shall be deemed to be present at a meeting of Members if he participates by telephone or other
electronic means and all Members participating in the meeting are able to hear each other. All persons seeking to attend and participate
in a meeting at a virtual place shall be responsible for maintaining adequate facilities to enable them to do so, and any inability of
a person or persons to attend or participate in meeting by way of digital or Electronic Communications equipment or software or other
facilities shall not invalidate the proceedings of that meeting.
8.12 A meeting of Members is duly constituted if, at the commencement of the meeting, there are present in
person or by proxy not less than 50 per cent of the votes of the Shares entitled to vote on Resolutions of Members to be considered at
the meeting. If the Company has two or more classes of shares, a meeting may be quorate for some purposes and not for others. A quorum
may comprise a single Member or proxy and then such person may pass a Resolution of Members and a certificate signed by such person accompanied
where such person holds a proxy by a copy of the proxy instrument shall constitute a valid Resolution of Members.
8.13 If within two hours from the time appointed for the meeting of Members, a quorum is not present,
the meeting, at the discretion of the Chairman of the Board of Directors shall either be dissolved or stand adjourned to a business day
in the jurisdiction in which the meeting was to have been held at the same time and place, and if at the adjourned meeting there are present
within one hour from the time appointed for the meeting in person or by proxy not less than one third of the votes of the Shares entitled
to vote or each class or series of Shares entitled to vote, as applicable, on the matters to be considered by the meeting, those present
shall constitute a quorum but otherwise the meeting shall either be dissolved or stand further adjourned at the discretion of the Chairman
of the Board of Directors.
8.14 At every meeting of Members, the Chairman of the Board shall preside as chairman of the meeting. The chairman
of the meeting shall be deemed to be present in person at the meeting if he or she participates by telephone or other electronic means
and all Members participating in the meeting are able to communicate with the chairman of the meeting. If there is no Chairman of the
Board or if the Chairman of the Board is not present at the meeting, either physically in person, by telephone or other electronic means,
if appropriate, the Members present shall choose one of their number to be the chairman. If the Members are unable to choose a chairman
for any reason, then the person representing the greatest number of voting Shares present in person or by proxy at the meeting shall preside
as chairman failing which the oldest individual Member or representative of a Member present shall take the chair.
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8.15 The person appointed as chairman of the meeting pursuant to Regulation 8.14 may adjourn any meeting
from time to time, and from place to place. For the avoidance of doubt, a meeting can be adjourned for as many times as may be determined
to be necessary by the chairman and a meeting may remain open indefinitely for as long a period as may be determined by the chairman.
8.16 Voting at any meeting of the Members is by show of hands unless a poll is demanded by the chairman. On
a show of hands every Member who is present in person (or, in the case of a Member being a corporation, by its duly authorized representative)
or by proxy shall have one vote and on a poll every Member shall present in person (or, in the case of a Member being a corporation, by
its duly authorized representative) or by proxy shall have one vote for each Share which such Member is the holder. Any Member present
in person or by proxy who disputes the announcement by the chairman of the result of any vote may immediately following such announcement
demand that a poll be taken and the chairman shall cause a poll to be taken. If a poll is taken at any meeting, the result shall be announced
to the meeting and recorded in the minutes of the meeting.
8.17 Subject to the specific provisions contained in this Regulation for the appointment of representatives
of Members other than individuals the right of any individual to speak for or represent a Member shall be determined by the law of the
jurisdiction where, and by the documents by which, the Member is constituted or derives its existence. In case of doubt, the Directors
may in good faith seek legal advice and unless and until a court of competent jurisdiction shall otherwise rule, the Directors may rely
and act upon such advice without incurring any liability to any Member or the Company.
8.18 Any Member other than an individual may by resolution of its Directors or other governing body authorise
such individual as it thinks fit to act as its representative at any meeting of Members or of any class of Members, and the individual
so authorised shall be entitled to exercise the same rights on behalf of the Member which he represents as that Member could exercise
if it were an individual.
8.19 The chairman of any meeting at which a vote is cast by proxy or on behalf of any Member other than an
individual may at the meeting but not thereafter call for a notarially certified copy of such proxy or authority which shall be produced
within 7 days of being so requested or the votes cast by such proxy or on behalf of such Member shall be disregarded.
8.20 Directors of the Company may attend and speak at any meeting of Members and at any separate meeting of
the holders of any class or series of Shares.
8.21 Until the consummation of the Company’s IPO, any action that may be taken by the Members at a meeting
may also be taken by a Resolution of Members consented to in writing, without the need for any prior notice. If any Resolution of Members
is adopted otherwise than by the unanimous written consent of all Members, a copy of such resolution shall forthwith be sent to all Members
not consenting to such resolution. The consent may be in the form of counterparts, each counterpart being signed by one or more Members.
If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution shall take effect on the
earliest date upon which Eligible Persons holding a sufficient number of votes of Shares to constitute a Resolution of Members have consented
to the resolution by signed counterparts. Following the Company’s IPO, any action required or permitted to be taken by the Members
of the Company must be effected by a meeting of the Company, such meeting to be duly convened and held in accordance with these Articles.
9 DIRECTORS
9.1 The first Directors of the Company shall be appointed by the first registered agent within 30 days
of the incorporation of the Company; and thereafter, the Directors shall be elected by Resolution of Members or by Resolution of Directors.
9.2 No person shall be appointed as a Director of the Company unless he has consented in writing to act as
a Director.
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9.3 The minimum number of Directors shall be two and there shall be no maximum number of Directors.
9.4 Each Director holds office until the next annual general meeting, or until his earlier death, resignation
or removal (provided that no director may be removed by a Resolution of Members prior to the consummation of the initial Business Combination).
If no term is fixed on the appointment of a Director, the Director serves indefinitely until his earlier death, resignation or removal.
9.5 A Director may be removed from office with or without cause by:
(a) (following the consummation of the initial Business Combination but not at any time before) a Resolution
of Members passed at a meeting of Members called for the purposes of removing the Director or for purposes including the removal of the
Director; or
(b) a Resolution of Directors passed at a meeting of Directors.
9.6 A Director may resign his office by giving written notice of his resignation to the Company and the resignation
has effect from the date the notice is received by the Company at the office of its registered agent or from such later date as may be
specified in the notice. A Director shall resign forthwith as a Director if he is, or becomes, disqualified from acting as a Director
under the Act.
9.7 The Directors may at any time appoint any person to be a Director either to fill a vacancy or as an addition
to the existing Directors. Where the Directors appoint a person as Director to fill a vacancy, the term shall not exceed the term that
remained when the person who has ceased to be a Director ceased to hold office.
9.8 A vacancy in relation to Directors occurs if a Director dies or otherwise ceases to hold office prior
to the expiration of his term of office.
9.9 The Company shall keep a register of Directors containing:
(a) the names and addresses of the persons who are Directors of the Company;
(b) the date on which each person whose name is entered in the register was appointed as a Director of the
Company;
(c) the date on which each person named as a Director ceased to be a Director of the Company; and
(d) such other information as may be prescribed by the Act.
9.10 The register of Directors may be kept in any such form as the Directors may approve, but if it is in magnetic,
electronic or other data storage form, the Company must be able to produce legible evidence of its contents. Until a Resolution of Directors
determining otherwise is passed, the magnetic, electronic or other data storage shall be the original register of Directors.
9.11 The Directors, or if the Shares (or depository receipts therefore) are listed or quoted on a Designated
Stock Exchange, and if required by the Designated Stock Exchange, any committee thereof, may, by a Resolution of Directors, fix the emoluments
of Directors with respect to services to be rendered in any capacity to the Company.
9.12 A Director is not required to hold a Share as a qualification to office.
9.13 Prior to the consummation of any transaction with:
(a) any affiliate of the Company;
(b) any Member owning an interest in the voting power of the Company that gives such Member a significant
influence over the Company;
(c) any Director or executive officer of the Company and any relative of such Director or executive officer;
and
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(d) any person in which a substantial interest in the voting power of the Company is owned, directly or indirectly,
by a person referred to in Regulations 9.13(b) and (c) or over which such a person is able to exercise significant influence,
such transaction must be approved by
a majority of the members of the Board of Directors who do not have an interest in the transaction, such directors having been provided
with access (at the Company’s expense) to the Company’s attorney or independent legal counsel, unless the disinterested directors
determine that the terms of such transaction are no less favourable to the Company than those that would be available to the Company with
respect to such a transaction from unaffiliated third parties.
10 POWERS OF DIRECTORS
10.1 The business and affairs of the Company shall be managed by, or under the direction or supervision of,
the Directors of the Company. The Directors of the Company have all the powers necessary for managing, and for directing and supervising,
the business and affairs of the Company. The Directors may pay all expenses incurred preliminary to and in connection with the incorporation
of the Company and may exercise all such powers of the Company as are not by the Act or by the Memorandum or the Articles required to
be exercised by the Members.
10.2 If the Company is the wholly owned subsidiary of a holding company, a Director of the Company may, when
exercising powers or performing duties as a Director, act in a manner which he believes is in the best interests of the holding company
even though it may not be in the best interests of the Company.
10.3 Each Director shall exercise his powers for a proper purpose and shall not act or agree to the Company
acting in a manner that contravenes the Memorandum, the Articles or the Act. Each Director, in exercising his powers or performing his
duties, shall act honestly and in good faith in what the Director believes to be the best interests of the Company.
10.4 Any Director which is a body corporate may appoint any individual as its duly authorised representative
for the purpose of representing it at meetings of the Directors, with respect to the signing of consents or otherwise.
10.5 The continuing Directors may act notwithstanding any vacancy in their body.
10.6 Subject to Regulation 23.7, the Directors may by Resolution of Directors exercise all the powers
of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the
Company or of any third party, provided always that if the same occurs prior to the consummation of a Business Combination, the Company
must first obtain from the lender a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account.
10.7 All cheques, promissory notes, drafts, bills of exchange and other negotiable instruments and all receipts
for moneys paid to the Company shall be signed, drawn, accepted, endorsed or otherwise executed, as the case may be, in such manner as
shall from time to time be determined by Resolution of Directors.
10.8 Section 175 of the Act shall not apply to the Company.
11 PROCEEDINGS OF DIRECTORS
11.1 Any one Director of the Company may call a meeting of the Directors by sending a written notice to each
other Director.
11.2 The Directors of the Company or any committee thereof may meet at such times and in such manner and places
within or outside the British Virgin Islands as the notice calling the meeting provides.
11.3 A Director is deemed to be present at a meeting of Directors if he participates by telephone or other
electronic means and all Directors participating in the meeting are able to hear each other.
11.4 Until the consummation of a Business Combination, a Director may not appoint an alternate. Following the
consummation of a Business Combination, a Director may by a written instrument appoint an alternate who need not be a Director, any such
alternate shall be entitled to attend meetings in the absence of the Director who appointed him and to vote or consent in place of the
Director until the appointment lapses or is terminated.
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11.5 A Director shall be given not less than three days’ notice of meetings of Directors, but a
meeting of Directors held without three days’ notice having been given to all Directors shall be valid if all the Directors
entitled to vote at the meeting who do not attend waive notice of the meeting, and for this purpose the presence of a Director at a meeting
shall constitute waiver by that Director. The inadvertent failure to give notice of a meeting to a Director, or the fact that a Director
has not received the notice, does not invalidate the meeting.
11.6 A meeting of Directors is duly constituted for all purposes if at the commencement of the meeting there
are present in person or, following the consummation of a Business Combination, by alternate not less than one-half of the total number
of Directors, unless there are only two Directors in which case the quorum is two.
11.7 If the Company has only one Director the provisions herein contained for meetings of Directors do not
apply and such sole Director has full power to represent and act for the Company in all matters as are not by the Act, the Memorandum
or the Articles required to be exercised by the Members. In lieu of minutes of a meeting the sole Director shall record in writing and
sign a note or memorandum of all matters requiring a Resolution of Directors. Such a note or memorandum constitutes sufficient evidence
of such resolution for all purposes.
11.8 At meetings of Directors at which the Chairman of the Board is present, he shall preside as chairman of
the meeting. If there is no Chairman of the Board or if the Chairman of the Board is not present, the Directors present shall choose one
of their number to be chairman of the meeting. If the Directors are unable to choose a chairman for any reason, then the oldest individual
Director present (and for this purpose an alternate Director shall be deemed to be the same age as the Director that he represents) shall
take the chair. In the case of an equality of votes at a meeting of Directors, the Chairman of the Board shall have a casting vote.
11.9 An action that may be taken by the Directors or a committee of Directors at a meeting may also be taken
by a Resolution of Directors or a resolution of a committee of Directors consented to in writing by all Directors or by all members of
the committee, as the case may be, without the need for any notice. The consent may be in the form of counterparts each counterpart being
signed by one or more Directors. If the consent is in one or more counterparts, and the counterparts bear different dates, then the resolution
shall take effect on the date upon which the last Director has consented to the resolution by signed counterparts.
12 COMMITTEES
12.1 The Directors may, by Resolution of Directors, designate one or more committees, each consisting of one
or more Directors, and delegate one or more of their powers, including the power to affix the Seal, to the committee.
12.2 The Directors have no power to delegate to a committee of Directors any of the following powers:
(a) to amend the Memorandum or the Articles;
(b) to designate committees of Directors;
(c) to delegate powers to a committee of Directors;
(d) to appoint Directors;
(e) to appoint an agent;
(f) to approve a plan of merger, consolidation or arrangement; or
(g) to make a declaration of solvency or to approve a liquidation plan.
12.3 Regulations 12.2(b) and (c) do not prevent a committee of Directors, where authorised by the
Resolution of Directors appointing such committee or by a subsequent Resolution of Directors, from appointing a sub-committee and delegating
powers exercisable by the committee to the sub-committee.
12.4 The meetings and proceedings of each committee of Directors consisting of 2 or more Directors shall be
governed mutatis mutandis by the provisions of the Articles regulating the proceedings of Directors so far as the same are not
superseded by any provisions in the Resolution of Directors establishing the committee.
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13 OFFICERS AND AGENTS
13.1 The Company may by Resolution of Directors appoint officers of the Company at such times as may be considered
necessary or expedient. Such officers may consist of a Chairman of the Board of Directors, a Chief Executive Officer, a President, a Chief
Financial Officer (in each case there may be more than one of such officers), one or more vice-presidents, secretaries and treasurers
and such other officers as may from time to time be considered necessary or expedient. Any number of offices may be held by the same person.
13.2 The officers shall perform such duties as are prescribed at the time of their appointment subject to any
modification in such duties as may be prescribed thereafter by Resolution of Directors. In the absence of any specific prescription of
duties it shall be the responsibility of the Chairman of the Board (or Co-Chairman, as the case may be) to preside at meetings of Directors
and Members, the Chief Executive Officer (or Co-Chief Executive Officer, as the case may be) to manage the day to day affairs
of the Company, the vice-presidents to act in order of seniority in the absence of the Chief Executive Officer (or Co-Chief Executive
Officer, as the case may be) but otherwise to perform such duties as may be delegated to them by the Chief Executive Officer (or Co-Chief
Executive Officer, as the case may be), the secretaries to maintain the share register, minute books and records (other than financial
records) of the Company and to ensure compliance with all procedural requirements imposed on the Company by applicable law, and the treasurer
to be responsible for the financial affairs of the Company.
13.3 The emoluments of all officers shall be fixed by Resolution of Directors.
13.4 The officers of the Company shall hold office until their death, resignation or removal. Any officer elected
or appointed by the Directors may be removed at any time, with or without cause, by Resolution of Directors. Any vacancy occurring in
any office of the Company may be filled by Resolution of Directors.
13.5 The Directors may, by a Resolution of Directors, appoint any person, including a person who is a Director,
to be an agent of the Company. An agent of the Company shall have such powers and authority of the Directors, including the power and
authority to affix the Seal, as are set forth in the Articles or in the Resolution of Directors appointing the agent, except that no agent
has any power or authority with respect to the matters specified in Regulation 12.2. The Resolution of Directors appointing an agent
may authorise the agent to appoint one or more substitutes or delegates to exercise some or all of the powers conferred on the agent by
the Company. The Directors may remove an agent appointed by the Company and may revoke or vary a power conferred on him.
14 CONFLICT OF INTERESTS
14.1 A Director of the Company shall, forthwith after becoming aware of the fact that he is interested in a
transaction entered into or to be entered into by the Company, disclose the interest to all other Directors of the Company.
14.2 For the purposes of Regulation 14.1, a disclosure to all other Directors to the effect that a Director
is a member, Director or officer of another named entity or has a fiduciary relationship with respect to the entity or a named individual
and is to be regarded as interested in any transaction which may, after the date of the entry or disclosure, be entered into with that
entity or individual, is a sufficient disclosure of interest in relation to that transaction.
14.3 Provided that the requirements of Regulation 9.13 have first been satisfied, a Director of the Company
who is interested in a transaction entered into or to be entered into by the Company may:
(a) vote on a matter relating to the transaction;
(b) attend a meeting of Directors at which a matter relating to the transaction arises and be included among
the Directors present at the meeting for the purposes of a quorum; and
(c) sign a document on behalf of the Company, or do any other thing in his capacity as a Director, that relates
to the transaction,
and, subject to compliance with the Act
and these Articles shall not, by reason of his office be accountable to the Company for any benefit which he derives from such transaction
and no such transaction shall be liable to be avoided on the grounds of any such interest or benefit.
18
15 INDEMNIFICATION
15.1 Subject to the limitations hereinafter provided the Company shall indemnify, hold harmless and exonerate
against all direct and indirect costs, fees and Expenses of any type or nature whatsoever, any person who:
(a) is or was a party or is threatened to be made a party to any Proceeding by reason of the fact that such
person is or was a Director, officer, key employee, adviser of the Company or who at the request of the Company; or
(b) is or was, at the request of the Company, serving as a Director of, or in any other capacity is or was
acting for, another Enterprise.
15.2 The indemnity in Regulation 15.1 only applies if the relevant Indemnitee acted honestly and in good
faith with a view to the best interests of the Company and, in the case of criminal proceedings, the Indemnitee had no reasonable cause
to believe that his conduct was unlawful.
15.3 The decision of the Directors as to whether an Indemnitee acted honestly and in good faith and with a
view to the best interests of the Company and as to whether such Indemnitee had no reasonable cause to believe that his conduct was unlawful
is, in the absence of fraud, sufficient for the purposes of the Articles, unless a question of law is involved.
15.4 The termination of any Proceedings by any judgment, order, settlement, conviction or the entering of a
nolle prosequi does not, by itself, create a presumption that the relevant Indemnitee did not act honestly and in good faith and
with a view to the best interests of the Company or that such Indemnitee had reasonable cause to believe that his conduct was unlawful.
15.5 The Company may purchase and maintain insurance, purchase or furnish similar protection or make other
arrangements including, but not limited to, providing a trust fund, letter of credit, or surety bond in relation to any Indemnitee or
who at the request of the Company is or was serving as a Director, officer or liquidator of, or in any other capacity is or was acting
for, another Enterprise, against any liability asserted against the person and incurred by him in that capacity, whether or not the Company
has or would have had the power to indemnify him against the liability as provided in these Articles.
16 RECORDS
16.1 The Company shall keep the following documents at the office of its registered agent:
(a) the Memorandum and the Articles;
(b) the share register, or a copy of the share register;
(c) the register of Directors, or a copy of the register of Directors; and
(d) copies of all notices and other documents filed by the Company with the Registrar of Corporate Affairs
in the previous 10 years.
16.2 If the Company maintains only a copy of the share register or a copy of the register of Directors at the
office of its registered agent, it shall:
(a) within 15 days of any change in either register, notify the registered agent in writing of the change;
and
(b) provide the registered agent with a written record of the physical address of the place or places at which
the original share register or the original register of Directors is kept.
16.3 The Company shall keep the following records at the office of its registered agent or at such other place
or places, within or outside the British Virgin Islands, as the Directors may determine:
(a) minutes of meetings and Resolutions of Members and classes of Members;
(b) minutes of meetings and Resolutions of Directors and committees of Directors; and
(c) an impression of the Seal, if any.
19
16.4 Where any original records referred to in this Regulation are maintained other than at the office of the
registered agent of the Company, and the place at which the original records is changed, the Company shall provide the registered agent
with the physical address of the new location of the records of the Company within 14 days of the change of location.
16.5 The records kept by the Company under this Regulation shall be in written form or either wholly or partly
as electronic records complying with the requirements of the Electronic Transactions Act.
17 REGISTERS OF CHARGES
17.1 The Company shall maintain at the office of its registered agent a register of charges in which there
shall be entered the following particulars regarding each mortgage, charge and other encumbrance created by the Company:
(a) the date of creation of the charge;
(b) a short description of the liability secured by the charge;
(c) a short description of the property charged;
(d) the name and address of the trustee for the security or, if there is no such trustee, the name and address
of the chargee;
(e) unless the charge is a security to bearer, the name and address of the holder of the charge; and
(f) details of any prohibition or restriction contained in the instrument creating the charge on the power
of the Company to create any future charge ranking in priority to or equally with the charge.
18 CONTINUATION
The Company may by Resolution of Members or by
a Resolution of Directors continue as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands in the
manner provided under those laws.
19 SEAL
The Company may have more than one Seal and references
herein to the Seal shall be references to every Seal which shall have been duly adopted by Resolution of Directors. The Directors shall
provide for the safe custody of the Seal and for an imprint thereof to be kept at the registered office. Except as otherwise expressly
provided herein the Seal when affixed to any written instrument shall be witnessed and attested to by the signature of any one Director
or other person so authorised from time to time by Resolution of Directors. Such authorisation may be before or after the Seal is affixed,
may be general or specific and may refer to any number of sealings. The Directors may provide for a facsimile of the Seal and of the signature
of any Director or authorised person which may be reproduced by printing or other means on any instrument and it shall have the same force
and validity as if the Seal had been affixed to such instrument and the same had been attested to as hereinbefore described.
20 ACCOUNTS AND AUDIT
20.1 The Company shall keep records that are sufficient to show and explain the Company’s transactions
and that will, at any time, enable the financial position of the Company to be determined with reasonable accuracy.
20.2 The Company may by Resolution of Members call for the Directors to prepare periodically and make available
a profit and loss account and a balance sheet. The profit and loss account and balance sheet shall be drawn up so as to give respectively
a true and fair view of the profit and loss of the Company for a financial period and a true and fair view of the assets and liabilities
of the Company as at the end of a financial period.
20.3 The Company may by Resolution of Members call for the accounts to be examined by auditors.
20.4 If the Shares are listed or quoted on a Designated Stock Exchange that requires the Company to have an
audit committee, the Directors shall adopt a formal written audit committee charter and review and assess the adequacy of the formal written
charter on an annual basis.
20
20.5 If the Shares are listed or quoted on the Designated Stock Exchange, the Company shall conduct an appropriate
review of all related party transactions on an ongoing basis and, if required, shall utilise the audit committee for the review and approval
of potential conflicts of interest.
20.6 The Directors may by a Resolution of Directors appoint or remove the auditor of the Company on such terms
as the Directors determine, except that if under applicable law and the rules of the SEC and the Designated Stock Exchange the auditor
is required to be appointed by shareholders, then:
(a) at the AGM or at a subsequent general meeting in each year, the Members shall appoint an auditor who shall
hold office until the Members appoint another auditor. Such auditor may be a Member but no Director or officer or employee of the Company
shall during, his continuance in office, be eligible to act as auditor;
(b) a person, other than a retiring auditor, shall not be capable of being appointed auditor at an AGM unless
notice in writing of an intention to nominate that person to the office of auditor has been given not less than ten days before the
AGM and furthermore the Company shall send a copy of such notice to the retiring auditor; and
(c) the Members may, at any meeting convened and held in accordance with these Articles, by resolution remove
the auditor at any time before the expiration of his term of office and shall by resolution at that meeting appoint another auditor in
his stead for the remainder of his term.
20.7 The remuneration of the auditors shall be fixed by Resolution of Directors in such manner as the Directors
may determine or in a manner required by the rules and regulations of the Designated Stock Exchange and the SEC.
20.8 The report of the auditors shall be annexed to the accounts and shall be read at the meeting of Members
at which the accounts are laid before the Company or shall be otherwise given to the Members.
20.9 Every auditor of the Company shall have a right of access at all times to the books of account and vouchers
of the Company, and shall be entitled to require from the Directors and officers of the Company such information and explanations as he
thinks necessary for the performance of the duties of the auditors.
20.10 The auditors
of the Company shall be entitled to receive notice of, and to attend any meetings of Members at which the Company’s profit and loss
account and balance sheet are to be presented.
21 NOTICES
21.1 Any notice, information or written statement to be given by the Company to Members may be given by personal
service by mail, facsimile or other similar means of Electronic Communication, addressed to each Member at the address shown in the share
register.
21.2 Any summons, notice, order, document, process, information or written statement to be served on the Company
may be served by leaving it, or by sending it by registered mail addressed to the Company, at its registered office, or by leaving it
with, or by sending it by registered mail to, the registered agent of the Company.
21.3 Service of any summons, notice, order, document, process, information or written statement to be served
on the Company may be proved by showing that the summons, notice, order, document, process, information or written statement was delivered
to the registered office or the registered agent of the Company or that it was mailed in such time as to admit to its being delivered
to the registered office or the registered agent of the Company in the normal course of delivery within the period prescribed for service
and was correctly addressed and the postage was prepaid.
22 VOLUNTARY WINDING UP
The Company may by a Resolution of Members
or by a Resolution of Directors appoint a voluntary liquidator.
23 BUSINESS COMBINATION
23.1 Regulations 23.1 to 23.11 shall terminate upon consummation of any Business Combination.
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23.2 The Company has until 27 July 2026 to consummate a Business
Combination (the Combination Period), provided however that if the Board of Directors anticipates that the Company may not be
able to consummate a Business Combination by 27 July 2026, the Company may, by Resolution of Directors, at the request of the Sponsor
or its affiliates, extend the period of time to consummate a Business Combination up to four (4) times, each by a period of three (3)
months (for a total of up to twelve (12) months until 27 July 2027 to complete a Business Combination), subject to the Sponsor or its
affiliates or designees depositing additional funds into the Trust Account in accordance with terms as set out in the Trust Agreement
(the Paid Extension Period). In the event that the Company does not consummate a Business Combination by 27 July 2026 (or in the
case of four (4) valid extensions of additional three (3) months each, 27 July 2027) (such date, as applicable, being referred to as
the Termination Date), such failure shall trigger an automatic redemption of the Public Shares (an Automatic Redemption Event)
and the Directors of the Company shall take all such action necessary (i) as promptly as reasonably possible but no more than ten (10)
Business Days thereafter to redeem the Public Shares in cash at a per-share amount equal to the applicable Per-Share Redemption Price;
and (ii) as promptly as practicable, to cease all operations except for the purpose of making such distribution and any subsequent winding
up of the Company’s affairs. In the event of an Automatic Redemption Event, only the holders of Public Shares shall be entitled to receive
pro rata redeeming distributions from the Trust Account (including interests but net of taxes payable and less up to US$50,000 of interests
to pay liquidation expenses) with respect to their Public Shares.
23.3 Unless a shareholder vote is required by law or the rules of the Designated Stock Exchange, or, at the
sole discretion of the Directors, the Directors determine to hold a shareholder vote for business or other reasons, the Company may enter
into a Business Combination without submitting such Business Combination to its Members for approval.
23.4 Although not required, in the event that a shareholder vote is held, and a majority of the votes of the
Shares entitled to vote thereon which were present at the meeting to approve the Business Combination are voted for the approval of such
Business Combination, the Company shall be authorised to consummate the Business Combination.
23.5
(a) In the event that a Business Combination is consummated by the Company other than in connection with a
shareholder vote under Regulation 23.4, the Company will, subject to as provided below, offer to redeem the Public Shares for cash
in accordance with Rule 13e-4 and Regulation 14E of the Exchange Act and subject to any limitations (including but not
limited to cash requirements) set forth in the definitive transaction agreements related to the initial Business Combination (the Tender
Redemption Offer), provided however that the Company shall not redeem those Shares held by the Initial Shareholders or their affiliates
pursuant to such Tender Redemption Offer, whether or not such holders accept such Tender Redemption Offer. The Company will file tender
offer documents with the SEC prior to consummating the Business Combination which contain substantially the same financial and other information
about the Business Combination and the redemption rights as would be required in a proxy solicitation pursuant to Regulation 14A
of the Exchange Act. In accordance with the Exchange Act, the Tender Redemption Offer will remain open for a minimum of 20 Business Days
and the Company will not be permitted to consummate its Business Combination until the expiry of such period. If in the event a Member
holding Public Shares accepts the Tender Redemption Offer and the Company has not otherwise withdrawn the tender offer, the Company shall,
promptly after the consummation of the Business Combination, pay such redeeming Member, on a pro rata basis, cash equal to the applicable
Per-Share Redemption Price.
(b) In the event that a Business Combination is consummated by the Company in connection with a shareholder
vote held pursuant to Regulation 23.4 in accordance with a proxy solicitation pursuant to Regulation 14A of the Exchange Act
(the Redemption Offer), the Company will, subject as provided below, offer to redeem the Public Shares, other than those Shares
held by the Initial Shareholders or their affiliates, regardless of whether such shares are voted for or against the Business Combination,
for cash, on a pro rata basis, at a per-share amount equal to the applicable Per-Share Redemption Price, provided however that: (i) the
Company shall not redeem those Shares held by the Initial Shareholders or their affiliates pursuant to such Redemption Offer, whether
or not such holders accept such Redemption Offer; and (ii) any other redeeming Member who either individually or together with any
affiliate of his or any other person with whom he is acting in concert or as a “group” (as such term is defined under Section 13
of the Exchange Act) shall not be permitted to redeem, without the consent of the Directors, more than fifteen percent (15%) of the
total Public Shares sold in the IPO.
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(c) In no event will the Company consummate the Tender Redemption Offer or the Redemption Offer under Regulation 23.5(a) or
23.5(b) or an Amendment Redemption Event under Regulation 23.11 if such redemptions would cause (i) the Company to have
net tangible assets of less than US$5,000,001 (after payment of underwriters’ fees and commissions) prior to or upon consummation
of a Business Combination or (ii) otherwise we are exempt from the provisions of Rule 419 promulgated under the Securities Act,
as amended.
23.6 A holder of Public Shares shall be entitled to receive distributions from the Trust Account only in the
event of an Automatic Redemption Event, an Amendment Redemption Event or in the event he accepts a Tender Redemption Offer or a Redemption
Offer where the Business Combination is consummated. In no other circumstances shall a holder of Public Shares have any right or interest
of any kind in or to the Trust Account.
23.7 Following the IPO, the Company will not issue any Securities (other than Public Shares) prior to a Business
Combination that would entitle the holder thereof to (i) receive funds from the Trust Account; or (ii) vote on any Business
Combination.
23.8 In the event the Company seeks to complete a Business Combination with a company that is affiliated with
an Initial Shareholder, the Company will obtain an opinion from an independent investment banking firm which is a member of FINRA or independent
accounting firm that such a Business Combination is fair to the Company from a financial point of view.
23.9 The Company will not effectuate a Business Combination with another “blank cheque” company
or a similar company with nominal operations.
23.10 Immediately after the Company’s IPO, that amount of
the net proceeds received by the Company from the IPO (including proceeds of any exercise of the underwriter’s over-allotment option)
and from the simultaneous private placement by the Company as is stated in the Company’s registration statement on Form S-1
filed with the SEC (such registration statement at the time it initially goes effective, the Registration Statement) to be deposited
in the Trust Account shall be so deposited and thereafter held in the Trust Account until released in the event of a Business Combination
or otherwise in accordance with this Regulation 23. Neither the Company nor any officer, Director or employee of the Company will
disburse any of the proceeds held in the Trust Account until the earlier of (i) a Business Combination, or (ii) an Automatic
Redemption Event or in payment of the acquisition price for any shares which the Company elects to purchase, redeem or otherwise acquire
in accordance with this Regulation 23, in each case in accordance with the trust agreement governing the Trust Account; provided
that interest earned on the Trust Account (as described in the Registration Statement) may be released from time to time to the Company
to pay the Company’s tax obligations and up to US$50,000 of such interest may also be released from the Trust Account to pay any
liquidation expenses of the Company if applicable.
23.11 In the event the Directors of the Company propose any amendment
to Regulation 23 or to any of the other rights of the Shares as set out at Clause 6.1 of the Memorandum prior to, but not for the
purposes of approving or in conjunction with the consummation of, a Business Combination that would affect the substance or timing of
the Company’s obligations as described in this Regulation 23 to pay or to offer to pay the Per-Share Redemption Price to any
holder of the Public Shares (an Amendment) and such Amendment is (i) duly approved by a Resolution of Members; and (ii) the
amended Memorandum and Articles reflecting such amendment are to be filed at the Registry of Corporate Affairs (an Approved Amendment),
the Company will offer to redeem the Public Shares of any Member for cash, on a pro rata basis, at a per-share amount equal to the applicable
Per-Share Redemption Price (an Amendment Redemption Event), provided however that the Company shall not redeem those Shares held
by the Initial Shareholders or their affiliates pursuant to such offer, whether or not such holders accept such offer.
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24 Business Opportunities
24.1 In recognition and anticipation of the facts that: (a) directors, managers, officers, members, partners,
managing members, employees and/or agents of one or more members of the Sponsor Group (each of the foregoing, a Sponsor Group Related
Person) may serve as directors and/or officers of the Company; and (b) the Sponsor Group engages, and may continue to engage
in the same or similar activities or related lines of business as those in which the Company, directly or indirectly, may engage and/or
other business activities that overlap with or compete with those in which the Company, directly or indirectly, may engage, the provisions
under this heading “Business Opportunities” are set forth to regulate and define the conduct of certain affairs of the Company
as they may involve the Members and the Sponsor Group Related Persons, and the powers, rights, duties and liabilities of the Company and
its officers, directors and Members in connection therewith.
24.2 To the fullest extent permitted by Applicable Law, the directors and officers of the Company shall have
no duty, except and to the extent expressly assumed by contract, to refrain from engaging directly or indirectly in the same or similar
business activities or lines of business as the Company. To the fullest extent permitted by Applicable Law, and subject to his or her
fiduciary duties under Applicable Law, the Company renounces any interest or expectancy of the Company in, or in being offered an opportunity
to participate in, any potential transaction or matter which may be a corporate opportunity offered to any director and officer of the
Company, on the one hand, and the Company, on the other, unless such opportunity is expressly offered to such director or officer of the
Company solely in their capacity as an Officer or director of the Company and the opportunity is one the Company is permitted to complete
on a reasonable basis.
24.3 Except as provided elsewhere in the Articles, the Company hereby renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, any potential transaction or matter which may be a corporate
opportunity for both the Company and the Sponsor Group, about which a director and/or officer of the Company who is also a Sponsor Group
Related Person acquires knowledge.
24.4 To the extent a court might hold that the conduct of any activity related to a corporate opportunity that
is renounced in this Article to be a breach of duty to the Company or its Members, the Company hereby waives, to the fullest extent permitted
by Applicable Law, any and all claims and causes of action that the Company may have for such activities. To the fullest extent permitted
by Applicable Law, the provisions of this Article apply equally to activities conducted in the future and that have been conducted in
the past.
We, Ogier Global (BVI) Limited of Ritter House,
Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands, for the purpose of incorporating a BVI business
company under the laws of the British Virgin Islands hereby sign these Articles of Association.
Dated: 18 June 2021.
Incorporator
Signed for and on behalf of Ogier Global (BVI)
Limited of Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands
/s/ Toshra Glasgow
Signature of authorised signatory
Toshra Glasgow
Print Name
24
EX-10.1 — AMENDMENT TO THE INVESTMENT MANAGEMENT TRUST AGREEMENT BETWEEN KVAC AND CONTINENTAL STOCK TRANSFER & TRUST COMPANY DATED JULY 22, 2026
EX-10.1
Filename: ea029929101ex10-1.htm · Sequence: 3
Exhibit 10.1
AMENDMENT TO THE
INVESTMENT MANAGEMENT TRUST AGREEMENT
This Amendment No. 4 (this “Amendment”),
dated as of [*], 2026, to the Investment Management Trust Agreement (as defined below) is made by and between Keen Vision Acquisition
Corporation, a British Virgin Island corporation (the “Company”), and Continental Stock Transfer& Trust Company,
a New York limited liability trust company (the “Trustee”). All terms used but not defined herein shall have the
meanings assigned to them in the Trust Agreement.
WHEREAS, the Company and
the Trustee entered into an Investment Management Trust Agreement, dated July 24, 2023 (the “Trust Agreement”);
and it was amended on October 25, 2024, July 23, 2025, and January 22, 2026; and
WHEREAS, at a Shareholders
Meeting of the Company held on July 21, 2026, the Company’s shareholders approved a proposal to amend the Trust Agreement to provide
the Company the right to extend the date on which to commence liquidating the trust account (the “Trust Account”)
four times for an additional three months each time from July 27, 2026 to July 27, 2027 for an extension fee of $30,000 for each three-month
extension for all remaining public shares (the “Extension Payment”), which payment shall be paid into the Trust Account.
NOW THEREFORE, IT IS AGREED:
1. Preamble. The third WHEREAS
clause in the preamble of the Trust Agreement is hereby amended and restated to read as follows:
“WHEREAS, as described
Registration Statement and in its Amended and Restated Memorandum and Articles of Association, the Company’s ability to complete
a business combination may be extended four times for an additional three months each time from July 27, 2026 to July 27, 2027, subject
to the payment into the Trust Account by the Sponsor (or its designees or affiliates) of $30,000 for each three-month extension for all
remaining public shares (the “Extension Payment”).”
2. Section 1(i) is
hereby amended and restated to read as follows:
Commence liquidation of the
Trust Account only after and promptly after (x) receipt of, and only in accordance with, the terms of a letter from the Company (“Termination
Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf
of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary
or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company and, in the
case of Exhibit A, acknowledged and agreed to by EF Hutton, and complete the liquidation of the Trust Account and distribute the Property
in the Trust Account, including interest not previously released to the Company to pay its franchise and income taxes(less up to $50,000
of interest that may be released to the Company to pay dissolution expenses in the case of a Termination Letter in the form of Exhibit
B hereto), only as directed in the Termination Letter and the other documents referred to therein; or (y) upon the date which is,
the later of (1) July 27, 2027 effectuated pursuant to the terms hereof, and (2) such later date as may be approved by the Company’s
shareholders in accordance with the Company’s amended and restated memorandum and articles of association (as may be amended from
time to time, the “Charter”) (as applicable, the “Last Date”), the Trust Account shall be liquidated in accordance
with the procedures set forth in the Termination Letter attached hereto as Exhibit B hereto and the Property in the Trust Account, including
interest not previously released to the Company to pay its franchise and income taxes (less up to $50,000 of interest that may be released
to the Company to pay dissolution expenses) shall be distributed to the Public Shareholders as of the Last Date;
3. All other provisions of the Trust
Agreement shall remain unaffected by the terms hereof.
4. This Amendment may be
signed in any number of counterparts, each of which shall be an original and all of which shall be deemed to be one and the same instrument,
with the same effect as if the signatures thereto and hereto were upon the same instrument. A facsimile signature shall be deemed to be
an original signature for purposes of this Amendment.
5. This Amendment is intended
to be in full compliance with the requirements for an Amendment to the Trust Agreement as required by Section 7(c) of the Trust
Agreement, and every defect in fulfilling such requirements for an effective amendment to the Trust Agreement is hereby ratified, intentionally
waived and relinquished by all parties hereto.
6. This Amendment shall be
governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of
law principles that would result in the application of the substantive laws of another jurisdiction.
IN WITNESS WHEREOF, the parties
have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.
KEEN VISION ACQUISITION CORPORATION
By:
/s/ WONG, Kenneth KC
Name:
WONG, Kenneth KC
Title:
Chief Executive Officer
Continental Stock Transfer & Trust Company
By:
/s/ Francis Wolf
Name:
Francis Wolf
Title:
Vice President
EX-10.2 — PROMISSORY NOTE DATED JULY 24, 2026
EX-10.2
Filename: ea029929101ex10-2.htm · Sequence: 4
Exhibit 10.2
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY
IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.
PROMISSORY NOTE
Principal Amount: $30,000
Dated as of July 24, 2026
Keen Vision Acquisition
Corporation (the “Maker”), promises to pay to the order of KVC Sponsor LLC or its registered assigns or successors
in interest (the “Payee”) the principal sum of thirty thousand dollars ($30,000) in lawful money of the United States
of America, on the terms and conditions described below. All payments on this Note shall be made by check or wire transfer of immediately
available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice
in accordance with the provisions of this Note.
1.
Principal. The principal balance of this Promissory Note (this “Note”) shall be payable promptly after the date on which the Maker consummates an initial business combination (a “Business Combination”) with a target business (as described in its initial public offering prospectus dated July 24, 2023 (the “Prospectus”)). In the event that a Business Combination does not close on or prior to July 27, 2027, as such deadline may be further extended by the Maker, this Note shall be deemed to be terminated and no amounts will thereafter be due from Maker to Payee under the terms hereof. The principal balance may not be prepaid without the consent of the Payee.
2.
Conversion Rights. The Payee has the right, but not the obligation, to convert this Note, in whole or in part, into private units (the “Units”) of the Maker, as described in the Prospectus, by providing the Maker with written notice of its intention to convert this note at least one business day prior to the closing of a Business Combination. The number of Units to be received by the Payee in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such Payee by (y) $10.00.
(a)
Fractional Shares. No fractional Units will be issued upon conversion of this Note. In lieu of any fractional Units to which Payee would otherwise be entitled, Maker will pay to Payee in cash the amount of the unconverted principal balance of this note that would otherwise be converted into such fractional share.
(b)
Effect of Conversion. If the Maker timely receives notice of the Payee’s intention to convert this note at least one business day prior to the closing of a Business Combination, this Note shall be deemed to be converted on the date the Business Combination closes. At its expense, the Maker will, as soon as practicable after receiving this Note for cancellation after the closing of a Business Combination (assuming receipt of timely notice of conversion), issue and deliver to Payee, at Payee’s address set forth on the signature page hereto or such other address requested by Payee, a certificate or certificates for the number of Units to which Payee is entitled upon such conversion (bearing such legends as are customary pursuant to applicable state and federal securities laws), including a check payable to Payee for any cash amounts payable as a result of any fractional shares as described herein.
3. Interest. No interest shall accrue on the unpaid principal
balance of this Note.
4. Application of Payments. All payments shall be applied
first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable
attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of
this Note.
5.
Events of Default. The following shall constitute an event of default (“Event of Default”):
(a)
Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days following the date when due.
(b)
Voluntary Liquidation, etc. The commencement by Maker of a proceeding relating to its bankruptcy, insolvency, reorganization, rehabilitation or other similar action, or the consent by it to the appointment of, or taking possession by, a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) for Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.
(c)
Involuntary Bankruptcy, etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of maker in an involuntary case under any applicable bankruptcy, insolvency or similar law, for the appointing of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) for Maker or for any substantial part of its property, or ordering the winding-up or liquidation of the affairs of Maker, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days.
6.
Remedies.
(a)
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.
(b)
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.
7.
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.
8.
Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.
9.
Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or governmental express mail or delivery service providing receipted delivery or (iv) sent by facsimile or (v) to the following addresses or to such other address as either party may designate by notice in accordance with this Section:
If to Maker:
Keen Vision Acquisition Corporation
37 Greenbriar Drive
Summit NJ 07901
Attn: WONG, Kenneth K.C.
If to Payee:
KVC Sponsor LLC
37 Greenbriar Drive
Summit NJ 07901
Attn: WONG, Kenneth K.C.
2
Notice shall be deemed given
on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a facsimile transmission confirmation, (iii) the date
reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery
service.
10.
Construction. This note shall be construed and enforced in accordance with the laws of New York, without regard to conflict of law provisions thereof.
11.
Jurisdiction. The courts of New York have exclusive jurisdiction to settle any dispute arising out of or in connection with this agreement (including a dispute relating to any non- contractual obligations arising out of or in connection with this agreement) and the parties submit to the exclusive jurisdiction of the courts of New York.
12.
Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
13.
Trust Waiver. Payee has read the Prospectus and understands that Maker has established the trust account described in the Prospectus, initially in an amount of $151,368,750 for the benefit of the public stockholders and the underwriters of Maker’s initial public offering (the “Underwriters”) and that, except for certain exceptions described in the Prospectus, Maker may disburse monies from the trust account only: (i) to the public stockholders in the event of the conversion of their shares or the liquidation of Maker; or (ii) to Maker and the Underwriters after consummation of a Business Combination.
Notwithstanding anything herein to
the contrary, Payee hereby agrees that it does not have any right, title, interest or claim of any kind in or to any monies in the trust
account (the “Claim”) and hereby waives any Claim it may have in the future as a result of, or arising out of, any
negotiations, contracts or agreements with Maker and will not seek recourse against the trust account for any reason whatsoever.
14.
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.
15.
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.
16.
Further Assurance. The Maker shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the Payee may from time to time require as may be necessary to give full effect to this Promissory Note.
3
IN WITNESS WHEREOF, Maker, intending to be legally
bound hereby, has caused this Note to be duly executed by its Chief Executive Officer the day and year first above written.
Keen Vision Acquisition Corporation
By:
/s/ WONG, Kenneth KC
Name:
WONG, Kenneth KC
Title:
Chief Executive Officer
Accepted and Agreed:
KVC Sponsor LLC
By:
/s/ WONG, Kenneth KC
Name:
WONG, Kenneth KC
Title:
Manager
4
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