Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 5

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 5
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 or more of the outstanding voting securities of the target
or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company
under the Investment Company Act. Even if the post transaction company owns or acquires 50% or more of the voting securities of the target,
our shareholders prior to the Business Combination may collectively own a minority interest in the post transaction company, depending
on valuations ascribed to the target and us in the Business Combination. For example, we could pursue a transaction in which we issue
a substantial number of new Ordinary Shares in exchange for all of the outstanding capital stock, shares or other equity interests of
a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial
number of new Ordinary Shares, our shareholders immediately prior to our initial Business Combination could own less than a majority
of our issued and outstanding Ordinary Shares subsequent to our initial Business Combination. If less than 100% of the equity interests
or assets of a target business or businesses are owned or acquired by the post transaction company, the portion of such business or businesses
that is owned or acquired is what will be taken into account for purposes of the 80% Test described above. If the Business Combination
involves more than one target business, the aggregate value of all of the target businesses, will be taken into account for purposes
of the 80% Test.

3

Sourcing
of Potential Business Combination Targets

We
believe our Management Team’s significant operating and transaction experience and relationships provide us with a substantial
number of potential initial Business Combination targets. Over the course of their careers, the members of our Management Team have developed
a broad network of contacts and corporate relationships around the world. This network has grown through the activities of our Management
Team sourcing, acquiring and financing businesses, the reputation of our Management Team for integrity and fair dealing with sellers,
financing sources and target management teams and the experience of our Management Team in executing transactions under varying economic
and financial market conditions.

This
network has provided our Management Team with a flow of referrals that has resulted in numerous transactions that were proprietary or
where a limited group of investors were invited to participate in the sale process. We believe that the network of contacts and relationships
of our Management Team provide us important sources of investment opportunities. In addition, target Business Combination candidates
are brought to our attention from various unaffiliated sources,