Launch One SPAC to acquire Minovia Therapeutics in $180M de-SPAC merger

Launch One Acquisition Corp.

Total consideration $180M in Pubco shares, plus $57.5M earnout tied to stock price ≥$11.50 or phase 3 trial start.
Minimum cash condition at close: at least $23M, with bridge financing of $5M within 30 days and additional $18M financing.
Sponsor to subject 22.5% of founder shares to earnout/forfeiture; 1-year lock-up for directors and ≥3% holders.
Closing expected by Dec 24, 2025; requires SPAC and Minovia shareholder approvals.
Post-closing board: 8 directors (5 from Minovia, 1 from sponsor, 2 from Alex Greystoke/Jon Bakhshi).

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