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Launch Two Acquisition Corp(LPBB) - 2024 Q3 - Quarterly Report
LPBBLaunch Two Acquisition Corp(LPBB)2024-11-18 23:44

Financial Position - Total assets as of September 30, 2024, amounted to 528,939[10]−Currentliabilitiestotaled528,939[10] - Current liabilities totaled 559,083, including 300,000inpromissorynotestorelatedparties[10]−Thecompanyhasashareholder′sdeficitof300,000 in promissory notes to related parties[10] - The company has a shareholder's deficit of 30,144 as of September 30, 2024[11] - As of September 30, 2024, the Company does not have sufficient liquidity to meet its current obligations but has access to funds from the Sponsor to cover working capital needs until at least one year from the date of the financial statements[39] - The Company has no off-balance sheet arrangements or long-term debt as of September 30, 2024[106] Initial Public Offering (IPO) - The company completed its Initial Public Offering on October 9, 2024, raising gross proceeds of 230,000,000fromthesaleof23,000,000units[24]−TheCompanysold23,000,000UnitsinitsInitialPublicOfferingonOctober9,2024,atapriceof230,000,000 from the sale of 23,000,000 units[24] - The Company sold 23,000,000 Units in its Initial Public Offering on October 9, 2024, at a price of 10.00 per Unit, including the full exercise of the underwriters' over-allotment option of 3,000,000 Units[56] - The underwriters exercised their over-allotment option to purchase an additional 3,000,000 units at a price of 10.00perunitduringtheInitialPublicOffering[80]−TheCompanyincurredtotalofferingcostsof10.00 per unit during the Initial Public Offering[80] - The Company incurred total offering costs of 15,615,485, which included a cash underwriting fee of 4,000,000andadeferredunderwritingfeeof4,000,000 and a deferred underwriting fee of 10,950,000[121] - The Company incurred a cash underwriting discount of 4,000,000,whichis2.04,000,000, which is 2.0% of the gross proceeds from the units offered in the Initial Public Offering[81] Business Operations - The company has not commenced any operations and will not generate operating revenues until after completing its initial business combination[23] - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital[102] - The Company may need additional financing to complete its Business Combination or to address potential redemptions of public shares[105] Financial Performance - The net loss for the three months ended September 30, 2024, was 16,084, with a cumulative net loss of 55,144sinceinception[13]−ForthethreemonthsendedSeptember30,2024,theCompanyreportedanetlossof55,144 since inception[13] - For the three months ended September 30, 2024, the Company reported a net loss of 16,084, primarily due to general and administrative costs[99] - From inception on May 13, 2024, through September 30, 2024, the total net loss was 55,144,alsoattributedtogeneralandadministrativeexpenses[99]ShareholderInformation−Thecompanyissued5,750,000ClassBordinaryshares,withanadditionalpaid−incapitalof55,144, also attributed to general and administrative expenses[99] Shareholder Information - The company issued 5,750,000 Class B ordinary shares, with an additional paid-in capital of 24,425[11] - The Company issued 7,075,000 Private Placement Warrants at a price of 1.00perwarrant,totaling1.00 per warrant, totaling 7,075,000, with each warrant exercisable for one Class A ordinary share at 11.50[65]−TheholdersoffoundersharesandPrivatePlacementWarrantshaveregistrationrightstorequiretheCompanytoregisterthesaleoftheirsecurities[79]−TheCompanywillbeartheexpensesincurredinconnectionwiththefilingofregistrationstatementsfortheholdersofitssecurities[79]−AsofSeptember30,2024,theCompanyhadnoClassAordinarysharesissuedoroutstanding,withatotalauthorizationof500,000,000shares[83]−TheCompanyhad5,750,000ClassBordinarysharesissuedandoutstandingasofSeptember30,2024,outofatotalauthorizationof50,000,000shares[84]TrustAccount−Anamountof11.50[65] - The holders of founder shares and Private Placement Warrants have registration rights to require the Company to register the sale of their securities[79] - The Company will bear the expenses incurred in connection with the filing of registration statements for the holders of its securities[79] - As of September 30, 2024, the Company had no Class A ordinary shares issued or outstanding, with a total authorization of 500,000,000 shares[83] - The Company had 5,750,000 Class B ordinary shares issued and outstanding as of September 30, 2024, out of a total authorization of 50,000,000 shares[84] Trust Account - An amount of 231,150,000 was placed in the Trust Account, equating to 10.05perunit,intendedforfuturebusinesscombinations[29]−TheCompanyintendstousesubstantiallyallnetproceedsfromtheInitialPublicOfferingforconsummatingabusinesscombination[27]RegulatoryandCompliance−TheCompanyisclassifiedasan"emerginggrowthcompany,"allowingittotakeadvantageofcertainexemptionsfromvariousreportingrequirements[40]−TheCompanyisclassifiedasasmallerreportingcompanyandisnotrequiredtoprovidecertainmarketriskdisclosures[111]−Therehavebeennomaterialchangestotheriskfactorspreviouslydisclosedinthecompany′sfinalprospectusfortheIPO[117]−TheCompanyhasnotrecognizedanyunrecognizedtaxbenefitsasofSeptember30,2024,anditstaxprovisionwaszerofortheperiodspresented[50][49]−TheCompanyhasagreedtowaiveredemptionrightsforfoundersharesandpublicsharesinconnectionwiththecompletionoftheinitialBusinessCombination[34]Miscellaneous−TheCompanyhasagreedtopay10.05 per unit, intended for future business combinations[29] - The Company intends to use substantially all net proceeds from the Initial Public Offering for consummating a business combination[27] Regulatory and Compliance - The Company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from various reporting requirements[40] - The Company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[111] - There have been no material changes to the risk factors previously disclosed in the company's final prospectus for the IPO[117] - The Company has not recognized any unrecognized tax benefits as of September 30, 2024, and its tax provision was zero for the periods presented[50][49] - The Company has agreed to waive redemption rights for founder shares and public shares in connection with the completion of the initial Business Combination[34] Miscellaneous - The Company has agreed to pay 12,500 per month for administrative services, including office space and utilities, until the completion of the initial Business Combination[74] - The Company is subject to market volatility and disruptions due to geopolitical tensions, which could impact its search for an initial business combination[77] - The Company has not asked the Sponsor to reserve for indemnification obligations, raising concerns about the Sponsor's ability to satisfy those obligations[35] - The Company reported no changes in internal control over financial reporting during the quarterly period ended September 30, 2024[114] - There were no legal proceedings reported against the company as of the date of the quarterly report[116] - As of September 30, 2024, there were no critical accounting estimates disclosed that could materially affect the financial statements[109]