Launch Two Acquisition Corp. reported its financial performance for the quarter ended September 30, 2024, in its 10-Q filing. The company, incorporated on May 13, 2024, has not commenced any operations or generated revenue since its inception. As of September 30, 2024, it had a total shareholder’s deficit of $(30,144) thousand, reflecting a net loss of $(16,084) thousand for the quarter, primarily due to general and administrative expenses. Cumulatively, the net loss from inception through September 30, 2024, amounted to $(55,144) thousand.

The company completed its Initial Public Offering (IPO) on October 9, 2024, selling 23,000,000 units at $10.00 per unit, which generated gross proceeds of $230,000,000. This included the full exercise of the underwriters' over-allotment option of 3,000,000 units. Additionally, 7,075,000 private placement warrants were sold at $1.00 each, yielding gross proceeds of $7,075,000. The total gross proceeds from the IPO and private placement amounted to $237,075,000, with $231,150,000 placed in a Trust Account for future business combinations.

The company incurred total transaction costs of $15,615,485 related to the IPO, which included a cash underwriting fee of $4,000,000 and a deferred underwriting fee of $10,950,000. As of September 30, 2024, the Trust Account held funds amounting to $10.05 per public share, which will be utilized for a business combination and working capital for the target business.

As of the reporting date, Launch Two Acquisition Corp. had 23,000,000 Class A ordinary shares and 5,750,000 Class B ordinary shares issued and outstanding. The Class B shares are subject to conversion into Class A shares upon the consummation of a business combination. The company has also established a monthly payment of $12,500 for administrative services until the initial business combination or liquidation.

Despite the successful IPO, the company reported insufficient liquidity to meet its current obligations as of September 30, 2024. Management has indicated reliance on funding from the Sponsor and a promissory note to cover working capital needs until the IPO or for a minimum of one year from the date of the financial statements. The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to benefit from certain reporting exemptions.