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Launch Two Acquisition Corp. Unit (LPBBU+0.50%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $16,084 for the three months ended September 30, 2024, and a net loss of $55,144 for the period from May 13, 2024 (inception) through September 30, 2024.
The company completed its Initial Public Offering on October 9, 2024, selling 23,000,000 units at $10.00 per unit, generating gross proceeds of $230,000,000.
Simultaneously with the closing of the Initial Public Offering, the company sold 7,075,000 Private Placement Warrants, generating additional gross proceeds of $7,075,000.
Transaction costs related to the Initial Public Offering amounted to $15,615,485, including underwriting fees and other offering costs.
The company has not commenced any operations and will not generate operating revenues until after the completion of its initial Business Combination.
The company has placed $231,150,000 in a trust account, which will be used to complete the Business Combination or returned to shareholders if no combination is completed within 24 months.
The company is classified as a non-accelerated filer, smaller reporting company, and emerging growth company.
Management has discretion over the use of the net proceeds from the Initial Public Offering and Private Placement Warrants, primarily intended for a Business Combination.
The company is subject to risks and uncertainties, including geopolitical instability and market volatility, which may affect its ability to complete a Business Combination.
The filing outlines the company's commitments, including a monthly payment agreement for office space and administrative support, and potential related party loans for transaction costs.
The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024.
The company will provide shareholders with the opportunity to redeem shares upon completion of the initial Business Combination or if the company fails to complete a Business Combination within the allotted time.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Launch Two Acquisition Corp. Unit quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.