Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $2,605,302, consisting of interest earned on marketable securities of $2,406,913 and an unrealized gain of $388,318, offset by general and administrative costs of $189,929[96]. - For the period from February 21, 2024 (inception) through September 30, 2024, the company reported a net income of $2,564,914, with similar components as the quarterly results[97]. - Cash used in operating activities from inception through September 30, 2024, was $368,715, influenced by interest earned and unrealized gains on marketable securities[101]. Marketable Securities - As of September 30, 2024, the company had marketable securities held in the Trust Account totaling $232,795,232, consisting of U.S. Treasury Bills with a maturity of 185 days or less[102]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[102]. Initial Public Offering - The company completed its Initial Public Offering on July 15, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[99]. - The company incurred total offering costs of $15,574,281, which included a cash underwriting fee of $4,000,000 and a deferred underwriting fee of $10,950,000[100]. Financial Position - As of September 30, 2024, the company had cash of $953,928 available for identifying and evaluating target businesses[103]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[106]. Future Financing Needs - The company may need additional financing to complete its Business Combination or to cover redemptions of Public Shares, which could involve issuing additional securities or incurring debt[105].
Launch One Acquisition Corp.(LPAA) - 2024 Q3 - Quarterly Report