IPO and Trust Account - The company completed its Initial Public Offering (IPO) on October 9, 2024, raising gross proceeds of $230 million from the sale of 23 million Units at $10.00 per Unit[117]. - Following the IPO, the company placed $231.15 million in a Trust Account, which may only be invested in U.S. government securities or held as cash until the completion of a Business Combination[119]. - The company incurred total costs of $15,615,485 related to the IPO, including a cash underwriting fee of $4 million and a deferred fee of $10.95 million[126]. - 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]. 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[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 on cash and marketable securities[124]. - As of September 30, 2025, the company held marketable securities in the Trust Account valued at $241,011,789, which will be used to complete a Business Combination[128]. - As of September 30, 2025, the company had cash held outside the Trust Account of approximately $500,596, primarily for evaluating target businesses[130]. - The company has not generated any operating revenues to date and will not do so until after completing its initial Business Combination[122]. Business Combination and Operations - The company has until October 9, 2026, to complete a Business Combination, or it will cease operations and liquidate[120]. - The company plans to incur increased expenses due to being a public company, including legal and compliance costs[122]. Accounting and Reporting - 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 FASB issued ASU 2024-03, effective for fiscal years beginning after December 15, 2026, requiring additional disclosures about specific expense categories[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(LPBB) - 2025 Q3 - Quarterly Report