Company: CUB
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074966
Chunk: 58

Company: Lionheart Holdings
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per
Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust
Account, if less than $10.00 per Public Share due to reductions in the value of the Trust Account assets, less taxes payable, if any,
provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any
and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under
the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under
the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to
reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to
satisfy its indemnity obligations and the Company believes that the Sponsor’s only assets are securities of the Company. Therefore,
the Company cannot assure investors that the Sponsor would be able to satisfy those obligations.

Liquidity and Going Concern

As of June 30, 2025, the
Company had $569,362 of cash and working capital surplus of $535,450. We intend to use the funds held outside the Trust Account primarily
to identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and from the offices,
plants or similar locations of prospective target businesses or their representatives or owners, review corporate documents and material
agreements of prospective target businesses, and structure, negotiate and complete a Business Combination.

In order to finance transaction
costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain of the Company’s officers
and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). If
the Company completes a Business Combination, the Company would repay the Working Capital Loans. In the event that a Business Combination
does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans,
but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans
may be convertible into warrants