Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 77

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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 we consummate the Initial
Public Offering. The outstanding balance of $180,000 was repaid at the closing of the Initial Public Offering on June 20, 2024, and borrowings
under the IPO Promissory Note are no longer available.

On June 20, 2024, we consummated
the Initial Public Offering of 23,000,000 Units at $10.00 per Unit, which included the full exercise of the Over-Allotment Option
in the amount of 3,000,000 Option Units at $10.00 per Option Unit, and the sale of an aggregate of 6,000,000 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