IPO and Financial Overview - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit[117]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4,000,000 and a Deferred Fee of $10,950,000[126]. - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $2,268,915, primarily from interest income of $2,533,302 on cash and marketable securities held in the Trust Account[123]. - For the nine months ended September 30, 2025, the company reported a net income of $6,851,780, with interest income of $7,473,450 from marketable securities[124]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Assets and Cash Management - As of September 30, 2025, the company had marketable securities in the Trust Account totaling $241,011,789, which will be used to complete a Business Combination[128]. - The company has cash held outside the Trust Account of approximately $500,596, primarily used for identifying and evaluating target businesses[130]. Administrative and Financial Obligations - The company incurred $37,500 and $112,500 in administrative service fees for the three and nine months ended September 30, 2025, respectively[135]. - The company may seek Working Capital Loans of up to $1,500,000, which can be converted into warrants at a price of $1.00 per warrant[133]. Shareholder and Equity Information - Class A Ordinary Shares subject to possible redemption are classified as temporary equity and presented at redemption value outside of shareholders' equity[143]. - Net income (loss) per Ordinary Share is calculated by dividing net income (loss) applicable to shareholders by the weighted average number of Ordinary Shares outstanding[144]. - The Sponsor, directors, and officers have waived their rights to liquidating distributions from the Trust Account for Founder Shares if the initial Business Combination is not completed within the Combination Period[139]. Accounting Standards and Compliance - The FASB issued ASU 2024-03, requiring additional disclosures about specific expense categories, effective for fiscal years beginning after December 15, 2026[145]. - Management does not believe that any recently issued accounting standards would materially affect the unaudited condensed financial statements[146]. - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[147].
Launch Two Acquisition Corp.(LPBBU) - 2025 Q3 - Quarterly Report