Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 36

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 36
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 ability to consummate
an initial Business Combination.

Our IPO Registration Statement
was declared effective by the SEC on June 17, 2024 and our securities are currently listed on the Global Market tier of Nasdaq. Pursuant
to our Amended and Restated Charter, we have until June 20, 2026 to consummate our initial Business Combination. However, under the Nasdaq
Rules, if a SPAC does not meet the Nasdaq 36-Month Requirement, the SPAC will be subject to a suspension of trading and delisting from
Nasdaq.

Under the Nasdaq Rules, a
SPAC’s Nasdaq-listed securities will be immediately suspended from trading if the SPAC does not meet the Nasdaq 36-Month Requirement,
and Nasdaq will, at such point, commence delisting procedures. Although a SPAC can request a hearing before the hearing panel of Nasdaq
(the “Hearing Panel”), the scope of the Hearing Panel’s review is limited. If a SPAC completes a Business Combination
after receiving a delisting determination by the staff of the Listing Qualifications Department of Nasdaq (a “Staff Delisting Determination”)
and/or demonstrates compliance with all applicable initial listing requirements, the combined company can apply to list its securities
on Nasdaq pursuant to the normal application review process. The Nasdaq Rules contain a list of deficiencies that would immediately result
in a Staff Delisting Determination, which includes noncompliance with the Nasdaq 36-Month Requirement. Accordingly, were we to amend our
Amended and Restated Charter to extend the date by which we are permitted to consummate our initial Business Combination, we would still
need to consummate our initial Business Combination on or prior to June 17, 2027 in order to avoid a suspension of our securities from
trading on and delisting from Nasdaq. If Nasdaq were to suspend our securities from trading and delist our securities, our securities
could potentially be quoted on an over-the-counter market. Even if our securities are then quoted on an over-the-counter market, our Nasdaq
suspension and delisting could have significant material adverse consequences, including:

●making our securities appear to be less attractive to potential target companies
than the securities of an exchange listed SPAC;

●limited availability of market quotations for our securities;

●reduced liquidity for our securities;

●the possibility that our Class A Ordinary Shares would be deemed “penny
stock,” which will require brokers