Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 117

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 117
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 except for the purpose of liquidating. These conditions raise substantial doubt
about our ability to continue as a going concern. Management plans to consummate an initial Business Combination prior to the end of the
Combination Period. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate
after June 20, 2026. There can be no assurance that our plans to raise capital or to consummate an initial Business Combination will be
successful.

Contractual Obligations

We do not have any long-term
debt, capital lease obligations, operating lease obligations or long-term liabilities, other than as follows.

Administrative Services Agreement

Commencing
on June 18, 2024, and until the completion of our Business Combination or liquidation, we reimburse an affiliate of the Sponsor $15,000
per month for office space, utilities, and secretarial and administrative support pursuant to the Administrative Services Agreement. Under
the Administrative Services Agreement, there was $45,000 and $135,000 incurred for the three and nine months ended September 30, 2025,
respectively. For the three months ended September 30, 2024 and for the period from February 21, 2024 (Inception) through September 30,
2024, we incurred $42,500 and $50,000 in fees for these services, respectively.

20

Underwriting Agreement

The Underwriters had a 45-day
option from the date of the Initial Public Offering to purchase up to an additional 3,000,000 Option Units to cover over-allotments,
if any. On June 20, 2024, simultaneously with the closing of the Initial Public Offering, the Over-Allotment Option was fully exercised
to purchase the additional 3,000,000 Option Units at a price of $10.00 per Option Unit.

The Underwriters were entitled
to a cash underwriting discount of $4,000,000 (2.0% of the gross proceeds of the Units offered in the Initial Public Offering, excluding
any proceeds pursuant to the full exercises of the Over-Allotment Option), paid at the closing of the Initial Public Offering. Additionally,
the Underwriters are entitled to the Deferred Fee of (i) 4.0% of the gross proceeds of the Initial Public Offering held in the Trust Account,
other than those sold pursuant to the Over-Allotment Option and (ii) 6