Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 4

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 4
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, operational, legal and other information about the target and its industry that are made available to us. If we
determine to move forward with a particular target, we will proceed to structure and negotiate the terms of the Business Combination
transaction.

The
time required to select and evaluate a target business and to structure and complete our initial Business Combination, and the costs
associated with this process, are not currently ascertainable with any degree of certainty. Any costs incurred with respect to the identification
and evaluation of, and negotiation with, a prospective target business with which our initial Business Combination is not ultimately
completed will result in our incurring losses and will reduce the funds available for us to use to complete another Business Combination.

80%
Test

The Nasdaq Rules require that we must complete one or more Business
Combinations having an aggregate fair market value of at least 80% of the value of the assets held in the Trust Account (excluding the
deferred underwriting commissions and taxes payable on the interest earned on the Trust Account, if any) (the “80% Test”).
Our Board of Directors will make the determination as to the fair market value of our initial Business Combination. If our Board of Directors
is not able to independently determine the fair market value of our initial Business Combination, we will obtain an opinion from an independent
investment banking firm or another independent entity that commonly renders valuation opinions with respect to the satisfaction of such
criteria. While we consider it likely that our Board of Directors will be able to make an independent determination of the fair market
value of our initial Business Combination, it may be unable to do so if it is less familiar or experienced with the business of a particular
target or if there is a significant amount of uncertainty as to the value of the target’s assets or prospects. Additionally, pursuant
to the Nasdaq Rules, any initial Business Combination must be approved by a majority of our independent directors.

We
anticipate structuring our initial Business Combination so that the post transaction company in which our Public Shareholders own shares
will own or acquire 100% of the equity interests or assets of the target business or businesses. We may, however, structure our initial
Business Combination such that the post transaction company owns or acquires less than 100% of such interests or assets of the target
business in order to meet certain objectives of the target management team or shareholders or for other reasons, but we will only complete
such Business Combination if the post transaction company owns or acquires 50%