Launch One Acquisition Corp. SEC 10-Q Report
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Launch One Acquisition Corp., a blank check company formed for the purpose of effecting a Business Combination with one or more businesses or entities, has released its Form 10-Q report for the third quarter. The report provides a comprehensive overview of the company's financial performance and operational activities, reflecting its current status and future outlook.
Financial Highlights
- Net Income: $2.29 million, driven by interest earned on marketable securities held in the Trust Account and unrealized gains on these securities.
- Net Income Per Share, Class A redeemable ordinary shares: $0.08, reflecting the income allocated to Class A shares.
- Net Income (Loss) Per Share, Class B non-redeemable ordinary shares: $0.08, indicating the income allocated to Class B shares.
Business Highlights
- Business Overview: Launch One Acquisition Corp. is a blank check company formed for the purpose of effecting a Business Combination with one or more businesses or entities. The company has not yet selected a specific target for its Business Combination.
- Operational Activities: Since inception, the company's activities have been focused on organizational tasks, preparing for the Initial Public Offering, and identifying a target company for a Business Combination. The company has not commenced any operations and will not generate operating revenues until after the completion of its initial Business Combination.
- Trust Account Management: The company has placed $230,000,000 in a Trust Account, which is invested in U.S. Treasury Bills with a maturity of 185 days or less. The funds are intended to be used for the Business Combination, and interest earned on these funds is used to pay taxes.
- Future Outlook: Management plans to address liquidity concerns through a Business Combination. If a Business Combination is not consummated by July 17, 2026, the company will face mandatory liquidation and dissolution. The company is also considering extending the Combination Period, subject to shareholder approval.
- Regulatory Environment: The company is navigating new SEC rules for SPACs, which require additional disclosures and may impact the ability to complete a Business Combination. These rules include requirements for co-registration with target companies and additional disclosures on conflicts of interest and projections.
- Management's Strategy: The company intends to use the funds held outside the Trust Account to identify and evaluate target businesses, perform due diligence, and negotiate a Business Combination. Management is focused on completing the initial Business Combination within the specified timeframe.
SEC Filing: Launch One Acquisition Corp. [ LPAA ] - 10-Q - May. 14, 2025