Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 95

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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000,000 Private Placement Warrants
to the Sponsor and Cantor, at a price of $1.00 per Private Placement Warrants, or $6,000,000 in the aggregate, in the Private Placement
that closed simultaneously with the Initial Public Offering and pursuant to the Private Placement Warrants Purchase Agreements.

For the three months ended
March 31, 2025, cash used in operating activities was $193,339. Net income of $2,198,698 was affected by dividend earned on marketable
securities held in the Trust Account of $2,447,259. Changes in operating assets and liabilities used $55,222 of cash for operating activities.

For the period from February
21, 2024 (inception) through March 31, 2024, cash used in operating activities was $21,943. Net loss of $22,260 was affected by payment
of formation costs through the IPO Promissory Note of $5,000. Changes in operating assets and liabilities used $4,683 of cash for operating
activities.

20

As of March 31, 2025, we had
marketable securities held in the Trust Account of $238,782,364 (including $8,782,364 of interest income) consisting of the U.S. Department
of the Treasury bills with a maturity of 185 days or less. We may withdraw interest from the Trust Account to pay taxes, if any. To mitigate
the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, which risk increases the longer
that we hold investments in the Trust Account, we may, at any time (based on our Management’s ongoing assessment of all factors
related to our potential status under the Investment Company Act), instruct the trustee to liquidate the investments held in the Trust
Account and instead to hold the funds in the Trust Account in cash or in an interest-bearing demand deposit account at a bank

We intend to use substantially
all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less income taxes
payable, if any), to complete our Business Combination. To the extent that our share capital or debt is used, in whole or In part, as
consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working capital to
finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.