Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 48

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 48
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NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

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 March 31, 2025, the
Company had not commenced any operations. All activity for the period from February 21, 2024 (inception) through March 31, 2025 relates
to the Company’s formation, the Initial Public Offering (as defined below), and subsequent to the Initial Public Offering, identifying
a target company for a 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 Company’s sponsor
is Lionheart Sponsor, LLC (the “Sponsor”).

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, as amended (File No. 333-279751), was declared effective on June 17, 2024 (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 by the underwriters of their over-allotment option (the “Over-Allotment Option”)
in the amount of 3,000,000 units of the Company (“Option Units”) at $10.00 per Option Unit, which is discussed in Note