IPO and Financial Proceeds - The company completed its Initial Public Offering (IPO) on July 15, 2024, raising gross proceeds of $230 million from the sale of 23 million units at $10.00 per unit[132]. - The Underwriters exercised the Over-Allotment Option to purchase an additional 3,000,000 Option Units on July 15, 2024[158]. - A cash underwriting discount of $4,000,000 was paid to the Underwriters, which is 2.0% of the gross proceeds from the Initial Public Offering[159]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,011,042, primarily from interest earned on marketable securities[142]. - For the nine months ended September 30, 2025, the company had a net income of $6,220,473, with interest income from marketable securities amounting to $7,553,223[143]. - The company has not generated any operating revenues to date and relies on interest income from investments held in the Trust Account[141]. Assets and Liabilities - As of September 30, 2025, the company had marketable securities in the Trust Account totaling approximately $243.08 million, including $7.55 million of interest income[149]. - As of September 30, 2025, the company had a working capital deficit of $332,033, with $97,652 in its operating bank account[151]. - The company has no long-term debt or capital lease obligations, indicating a clean balance sheet[157]. Business Combination and Future Operations - The company has until July 15, 2026, to complete its Business Combination, or it will cease operations and redeem public shares[135]. - The company may seek to extend the Combination Period, which would require approval from public shareholders[136]. - The Minovia Business Combination Agreement was entered into on June 25, 2025, with the intention of merging with Minovia, resulting in the company becoming a wholly owned subsidiary of Pubco[138]. Management and Accounting Considerations - Management has determined a lack of liquidity to sustain operations for at least one year, raising substantial doubt about the company's ability to continue as a going concern[156]. - The company incurred $37,500 and $112,500 in fees for administrative services for the three and nine months ended September 30, 2025, respectively[157]. - The company applies the two-class method for calculating net income (loss) per Ordinary Share, allocating net income pro rata to different classes of shares[166]. - The company is evaluating the impact of adopting ASU 2024-03, which requires additional disclosures about specific expense categories[167]. - Management does not believe that recently issued accounting standards will have a material effect on the financial statements[168]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[169]. Transaction Costs - The company incurred transaction costs of $15,574,281 related to the IPO, which included a cash underwriting fee of $4 million and a deferred fee of $10.95 million[146]. Equity Classification - Class A Ordinary Shares subject to possible redemption are classified as temporary equity, reflecting uncertainty in future events[165].
Launch One Acquisition Corp.(LPAA) - 2025 Q3 - Quarterly Report