Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 38

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 the period from February
21, 2024 (inception) through September 30, 2024, we had net income of $3,327,965, which consists of interest income on marketable securities
held in the Trust Account of $3,638,827, offset by general and administrative and formation costs of $310,862.

Liquidity, Capital Resources and Going
Concern

Following
the Initial Public Offering, including the full exercise of the Over-Allotment Option, and the Private Placement, a total of $230,000,000
was initially placed in the Trust Account. We incurred fees of $14,462,875, consisting of $4,000,000 of cash underwriting fee, the Deferred
Fee of $9,800,000, and $662,875 of other offering costs.

For the nine months ended
September 30, 2025, cash used in operating activities was $479,562. Net income of $6,778,619 was affected by interest earned on marketable
securities held in the Trust Account of $7,453,394. Changes in operating assets and liabilities used $195,213 of cash for operating activities.  

For the period from February
21, 2024 (inception) through September 30, 2024, cash used in operating activities was $531,599. Net income of $3,327,965 was affected
by interest earned on marketable securities held in the Trust Account of $3,638,827 and payment of formation costs through promissory
note of $5,000. Changes in operating assets and liabilities used $225,737 of cash for operating activities.

As of September 30, 2025,
we had marketable securities held in the Trust Account of $243,788,499 (including $13,788,499 of interest income) consisting of a money
market fund. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held
in the Trust Account, including any amounts representing interest earned on the Trust Account (which intertest shall be net of taxes payable,
if any, and exclude the Deferred Fee), 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