Item 1. Legal Proceedings
Item 1. Legal Proceedings
On July 27, 2026, the Company received a notice
from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s
securities (units, ordinary shares, and warrants) would be subject to suspension and delisting from The Nasdaq Global Market due to the
Company’s non-compliance with Nasdaq IM-5101-2, which requires that a special purpose acquisition company must complete one or more
business combinations within 36 months of the effectiveness of its initial public offering registration statement, and due to the Company’s
non-compliance with the minimum 1,100,000 publicly held shares requirement under Listing Rule 5450(b)(2)(B) and the minimum 400 total
holders requirement under Listing Rule 5450(a)(2). Trading of the Company’s securities will be suspended at the opening of business
on August 3, 2026, and a Form 25-NSE will be filed with the Securities and Exchange Commission removing the securities from listing and
registration on Nasdaq. The Company will not appeal Nasdaq’s determination to delist the Company’s securities. On August 3, 2026, the Company was suspended and delisted from the Nasdaq Global Market, subsequently, its securities started trading
on the over-the-counter (OTC) market under the ticker symbol “KVACF”. It is the Company’s intention
to apply to list on Nasdaq in connection with the closing of a potential business combination.
Item 1A. Risk Factors
As a smaller reporting company, we are not required
to make disclosures under this Item.
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