Launch Two sponsor converts 5.75M Class B shares

Launch Two Acquisition Corp. reported that Launch Two Sponsor LLC converted 5,749,999 Class B ordinary shares into the same number of Class A ordinary shares on September 30, 2026, on a one-for-one basis and for no additional consideration.

Rhea-AI Filing Summary

Launch Two Acquisition Corp. reported that Launch Two Sponsor LLC converted 5,749,999 Class B ordinary shares into the same number of Class A ordinary shares on September 30, 2026, on a one-for-one basis and for no additional consideration. The Class B shares were convertible at the holder’s option and had no expiration date. After the conversion, reported holdings were 5,749,999 Class A ordinary shares and 1 Class B ordinary share. Ryan Mark Gilbert, a director and the Sponsor’s sole managing member, may be deemed to beneficially own the Sponsor-held securities; he disclaims beneficial ownership except to the extent of his pecuniary interest.

Insider Trade Summary

5,749,999 shares exercised/converted

Exercise 2 txns

Insider Launch Two Sponsor LLC, Gilbert Ryan Mark

Role 10% Owner | Director, 10% Owner

Type	Security	Shares	Price	Value
Conversion	Class B ordinary shares F1, F2	5,749,999	$0.00	$0.00
Conversion	Class A ordinary shares F1, F2	5,749,999	--	--

Holdings After Transaction: Class B ordinary shares — 1 contracts (Direct); Class A ordinary shares — 5,749,999 shares (Direct)

Footnotes (2)

1. F1. The Class B ordinary shares are convertible, at the option of the holder, into Class A ordinary shares on a one-for-one basis, for no additional consideration, and have no expiration date. On September 30, 2026, the Reporting Persons elected to convert 5,749,999 Class B ordinary shares held by them into 5,749,999 Class A ordinary shares.
2. F2. Ryan Gilbert, Chairman of the board of directors of the Issuer, is the sole managing member of Launch Two Sponsor LLC (the "Sponsor") and holds voting and investment discretion with respect to the securities held of record by the Sponsor. As such, Mr. Gilbert may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Mr. Gilbert disclaims any beneficial ownership except to the extent of his pecuniary interest therein.

Key Figures

Class B ordinary shares converted: 5,749,999 shares Class A ordinary shares received: 5,749,999 shares Class A ordinary shares following conversion: 5,749,999 shares +1 more

4 metrics

Class B ordinary shares converted 5,749,999 shares September 30, 2026 conversion

Class A ordinary shares received 5,749,999 shares September 30, 2026 conversion

Class A ordinary shares following conversion 5,749,999 shares Reported following the conversion

Class B ordinary shares following conversion 1 share Reported following the conversion

Key Terms

convertible, beneficial ownership, pecuniary interest

3 terms

convertible technical

"convertible, at the option of the holder"

A convertible is a type of investment that starts as a loan or preferred stake (like a bond or preferred share) but can be exchanged for common shares of the company at a set price or under certain conditions. It matters to investors because it offers a mix of steady income and downside protection like a loan, plus the upside of stock ownership if the company does well—similar to holding a coupon that you can trade for a full ticket if the event becomes valuable.

beneficial ownership regulatory

"may be deemed to have beneficial ownership"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many LPBB Class B shares were converted?

Launch Two Sponsor LLC converted 5,749,999 Class B ordinary shares into 5,749,999 Class A ordinary shares on September 30, 2026. The conversion was one-for-one and required no additional consideration.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/02/2026 - 08:30 AM Accepted by SEC EDGAR 10/02/2026 - 08:30 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Launch Two Sponsor LLC

(Last) (First) (Middle)

180 GRAND AVENUE, SUITE 1530

(Street)

OAKLAND CALIFORNIA 94612

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Launch Two Acquisition Corp. [ LPBB ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A ordinary shares	09/30/2026		C		5,749,999	A	(1)	5,749,999	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B ordinary shares	(1)	09/30/2026		C			5,749,999	(1)	(1)	Class A ordinary shares	5,749,999	$0	1	D(2)

1. Name and Address of Reporting Person^*

Launch Two Sponsor LLC

(Last) (First) (Middle)

180 GRAND AVENUE, SUITE 1530

(Street)

OAKLAND CALIFORNIA 94612

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Gilbert Ryan Mark

(Last) (First) (Middle)

180 GRAND AVENUE, SUITE 1530

(Street)

NEW YORK NEW YORK 10023

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. The Class B ordinary shares are convertible, at the option of the holder, into Class A ordinary shares on a one-for-one basis, for no additional consideration, and have no expiration date. On September 30, 2026, the Reporting Persons elected to convert 5,749,999 Class B ordinary shares held by them into 5,749,999 Class A ordinary shares.

2. Ryan Gilbert, Chairman of the board of directors of the Issuer, is the sole managing member of Launch Two Sponsor LLC (the "Sponsor") and holds voting and investment discretion with respect to the securities held of record by the Sponsor. As such, Mr. Gilbert may be deemed to have beneficial ownership of the securities held of record by the Sponsor. Mr. Gilbert disclaims any beneficial ownership except to the extent of his pecuniary interest therein.

	/s/ Ryan Gilbert, Managing Member of Launch One Sponsor LLC	10/02/2026
	/s/ Ryan Gilbert	10/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)