Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 8

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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FASB”) Accounting Standards Codification (“ASC”)
Topic 480 “Distinguishing Liabilities from Equity.” In such case, if the Company seeks shareholder approval, a majority of
the issued and outstanding Ordinary Shares voted will be voted in favor of the Business Combination.

The Company only has the duration
of the Combination Period to complete the initial Business Combination. If the Company is unable to complete the Business Combination
within the Combination Period, the Company will, as promptly as reasonably possible, but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account, including interest earned on the funds held in the Trust Account (less taxes payable, if any, and less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will constitute full and complete
payment for the Public Shares and completely extinguish Public Shareholders’ rights as shareholders (including the right to receive
further liquidation or other distributions, if any), subject to the Company’s obligations under Cayman Islands law to provide for
claims of creditors and subject to the other requirements of applicable law.

6

The Sponsor, officers and
directors have entered into the Letter Agreement, dated June 17, 2024, with the Company (the “Letter Agreement”), pursuant
to which they have agreed to (i) waive their redemption rights with respect to the Class B ordinary shares of the Company, par value
$0.0001 per share (the “Class B Ordinary Shares”, and together with the Class A Ordinary Shares, the “Ordinary Shares”),
initially purchased by the Sponsor in a private placement prior to the Initial Public Offering (“Founder Shares”) and Public
Shares in connection with the completion of the initial Business Combination; (ii) waive their redemption rights with respect to
their Founder Shares and Public Shares in connection with a shareholder vote to approve an amendment to the Amended and Restated Articles;
(iii) waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if the Company
fails to complete the initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares they hold if the Company fails to complete the initial Business Combination within
the Combination Period and to liquidating distributions from assets outside