Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 59

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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LIONHEART HOLDINGS

NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)

SEPTEMBER 30, 2025

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Lionheart Holdings (the “Company”)
is a blank check company incorporated as a Cayman Islands exempted corporation on February 21, 2024. The Company was incorporated
for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business
combination with one or more businesses (the “Business Combination”). The Company is not limited to a particular industry
or geographic region for purposes of consummating a Business Combination. The Company is an early-stage and emerging growth company and,
as such, the Company is subject to all of the risks associated with early-stage and emerging growth companies. As of September 30, 2025,
the Company had not entered into a definitive agreement with any specific Business Combination target.

The Company’s sponsor
is Lionheart Sponsor, LLC (the “Sponsor”).

As of September 30, 2025,
the Company had not commenced any operations. All activity for the period from February 21, 2024 (inception) through September 30,
2025 relates to the Company’s formation, the Initial Public Offering (as defined below), and subsequent to the Initial Public Offering,
identifying and evaluating prospective acquisition candidates and activities in connection with the Business Combination.. The Company
will not generate any operating revenue until after the completion of its initial Business Combination, at the earliest. The Company generates
non-operating income in the form of dividend income on investments from the proceeds derived from the Initial Public Offering. The Company
has selected December 31 as its fiscal year end.

The Registration Statement
on Form S-1 for the Initial Public Offering, initially filed with the U.S. Securities and Exchange Commission (the “SEC”) on
May 28, 2024 (File No. 333-279751), was declared effective on June 17, 2024 (as amended, the “IPO Registration Statement”).
On June 20, 2024, the Company consummated the initial public offering of 23,000,000 units of the Company at $10.00 per unit (the
“Units”), which included the full exercise of the Over-Allotment Option (as defined in Note 6) in the