Wolverine entities disclose 297,589 KVAC shares, 3.22% stake

Rhea-AI Filing Summary

Keen Vision Acquisition Corp. has a group of related reporting persons led by Wolverine Asset Management LLC that together hold 297,589 Ordinary Shares, representing 3.22% of the outstanding class. The stake is reported as shared voting and dispositive power only, with no sole voting or sole dispositive authority. The ownership percentage was calculated against 9,238,421 Ordinary Shares outstanding.

The filing states the shares were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The holders include an investment manager, its parent entities, and two individuals who may be deemed to control the general partner; each is reported with the same 3.22% beneficial ownership and shared power over the shares.

Positive

• Transparent disclosure of share totals and voting/dispositive breakdown (297,589 shares disclosed)
• Holding declared to be in ordinary course, stated not to be for changing control

Negative

• Stake below 5% (3.22%) limits ability to influence corporate control or strategy

Insights

Investment Manager Analyst

Small, non-controlling position with shared authority; not a 5% activist stake.

The group reports beneficial ownership of 297,589 shares, equal to 3.22% of the class. The position is held with shared voting and dispositive power, and the filing affirms the holdings are in the ordinary course of business, not intended to influence control.

This stake is below the 5% threshold that typically draws market attention for control changes, so near-term governance impact is limited; monitor any future filings that would increase ownership above 5% or disclose activism.

Corporate Governance Specialist

Shared control across related entities indicates internal alignment but limited unilateral influence.

The reported shared voting and dispositive power implies decision authority is distributed among Wolverine entities and two individuals rather than concentrated in a single holder. Each reporting person is recorded with the same 3.22% beneficial ownership figure.

For governance monitoring, investors should note the group's structure and any changes to who holds sole versus shared powers; a future reclassification of voting or dispositive rights would be material within a typical quarterly horizon.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Keen Vision Acquisition Corp.

(Name of Issuer)

Ordinary Shares, par value $0.0001 per share

(Title of Class of Securities)

G52443119

(CUSIP Number)

09/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G52443119

1

Names of Reporting Persons

WOLVERINE ASSET MANAGEMENT LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 297,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 297,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

297,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. G52443119

1

Names of Reporting Persons

Wolverine Trading Partners, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 297,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 297,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

297,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

CO, HC

SCHEDULE 13G

CUSIP No. G52443119

1

Names of Reporting Persons

Wolverine Holdings, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 297,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 297,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

297,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. G52443119

1

Names of Reporting Persons

Christopher L. Gust

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 297,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 297,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

297,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

CUSIP No. G52443119

1

Names of Reporting Persons

Robert R. Bellick

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 297,589.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 297,589.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

297,589.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.22 %

12

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Keen Vision Acquisition Corp.
(b)	Address of issuer's principal executive offices: 37 Greenbriar Drive, Summit, New Jersey, 07901
Item 2.
(a)	Name of person filing: Wolverine Asset Management, LLC Wolverine Holdings, L.P. Wolverine Trading Partners, Inc. Christopher L. Gust Robert R. Bellick
(b)	Address or principal business office or, if none, residence: c/o Wolverine Asset Management, LLC 175 West Jackson Boulevard, Suite 340 Chicago, IL 60604
(c)	Citizenship: Wolverine Asset Management, LLC - Illinois Wolverine Holdings, L.P. - Illinois Wolverine Trading Partners, Inc. - Illinois Christopher L. Gust - U.S. Citizen Robert R. Bellick - U.S. Citizen
(d)	Title of class of securities: Ordinary Shares, par value $0.0001 per share
(e)	CUSIP No.: G52443119
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 297,589 Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings.
(b)	Percent of class: 3.22%. WAM may be deemed the beneficial owner of 3.22% of the Issuer's Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 3.22% of the Issuer's outstanding Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 9,238,421 (the number of Ordinary Shares outstanding as of August 11, 2025 according to the Issuer's Form 10-Q filed August 11, 2025).
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 297,589
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 297,589
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

WOLVERINE ASSET MANAGEMENT LLC

Signature:	/s/ Kenneth L. Nadel
Name/Title:	Kenneth L. Nadel, Chief Operating Officer
Date:	10/06/2025

Wolverine Trading Partners, Inc.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Authorized Signatory
Date:	10/06/2025

Wolverine Holdings, L.P.

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust, Managing Director
Date:	10/06/2025

Christopher L. Gust

Signature:	/s/ Christopher L. Gust
Name/Title:	Christopher L. Gust
Date:	10/06/2025

Robert R. Bellick

Signature:	/s/ Robert R. Bellick
Name/Title:	Robert R. Bellick
Date:	10/06/2025

FAQ

What stake does Wolverine Asset Management report in KVAC?

The group reports beneficial ownership of 297,589 Ordinary Shares, equal to 3.22% of the class.

Does the Wolverine group have sole voting or dispositive power over KVAC shares?

No. The filing shows 0 shares with sole voting or dispositive power and 297,589 shares with shared voting and dispositive power.

Is the Wolverine group's holding intended to change control of KVAC?

The filing certifies the securities are held in the ordinary course of business and "were not acquired and are not held for the purpose of or with the effect of changing or influencing the control" of the issuer.

How was the percentage ownership calculated?

The 3.22% figure is the number of shares held divided by 9,238,421 Ordinary Shares outstanding.

Which persons and entities are named as reporting persons?

Reporting persons include Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Christopher L. Gust and Robert R. Bellick.