Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 119

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 119
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Additionally, pursuant to
the Letter Agreement, our Sponsor, directors and officers will not propose any amendment to our Amended and Restated Articles to modify
(i) the substance or timing of our obligation to allow redemption in connection with our initial Business Combination or to redeem 100%
of our Public Shares if we do not complete our initial Business Combination within the Combination Period or (ii) any other material provisions
relating to shareholders’ rights or pre-initial Business Combination activity, unless we provide our Public Shareholders with the
opportunity to redeem their Public Shares upon approval of any such amendment 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 and not previously released
to us to pay our taxes, divided by the number of then outstanding Public Shares.

Legal Engagement Letter

Lionheart Capital, an affiliate
of our Sponsor, has engaged Wasserstrom to represent Lionheart Capital and its affiliated companies, as corporate general counsel and
otherwise in connection with any corporate and/or transactional matters. The engagement letter between Lionheart Capital and Wasserstrom
is for an indefinite period only subject to termination rights of either party, of which no termination has occurred since the agreement
was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title of Chief Legal Officer of Lionheart Capital
and its affiliated companies.

In connection therewith,
Wasserstrom was specifically engaged by us to provide counsel for general corporate legal matters and, as such, may be deemed to be a
related party. As of September 30, 2025 and December 31, 2024, we incurred legal fees of $225,000 and $125,000, respectively, from Wasserstrom,
and $50,000 was paid on June 25, 2024. The remaining balance of $175,000 and $75,000 as of September 30, 2025 and December 31, 2024, is
recorded as deferred legal fees, which are payable upon the consummation of the Business Combination.

21

Critical Accounting Estimates and Policies

We
have identified the following as our critical accounting policies. See Note 2—”Summary of Significant Accounting Policies”
of our unaudited condensed financial statements and notes thereto included in this Report under Item 1. “Financial Statements”
for additional information regarding these critical accounting policies and other significant accounting policies.

Use of Estimates

The
preparation