Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 50

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 50
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Sternberg founded Out of the Box Ventures, LLC, a Lionheart Capital subsidiary, to acquire and reposition distressed retail
properties throughout the United States. With properties in 10 states, Out of the Box Ventures currently controls over 5 million
square feet of big box stores, shopping centers and enclosed regional mall properties, with plans to improve and expand upon these acquisitions.

Mr. Sternberg
and Lionheart Capital are dedicated to working with best-in-class operators and partners such as Marriott International. Lionheart
Capital has been able to execute numerous, marquee transactions due largely in part to Mr. Sternberg’s extensive industry
relationships particularly with key institutional investors.

In
March 2020, Mr. Sternberg became Chairman of Nasdaq-listed OPES Acquisition Corp. (OPES), a SPAC, which on June 30,
2020, announced a definitive agreement to merge with BurgerFi International LLC. The OPES-BurgerFi merger closed on December 16,
2020 to form BurgerFi International Inc. (“BurgerFi”), a fast-casual “better burger” concept that consists
of approximately 108 restaurants nationally and internationally. Mr. Sternberg served as the Executive Chairman of the post-combination Nasdaq-listed company,
BurgerFi (Nasdaq: BFI), until May 2024, following his resignation from all positions of BurgerFi. The OPES team, led by Mr. Sternberg,
evaluated over 50 potential targets and negotiated Business Combination terms with multiple candidates in a span of a few months
and acquired BurgerFi at what it believed was an attractive multiple relative to its peers. On October 11, 2021, BurgerFi, led by
Mr. Sternberg as the former Executive Chairman, announced the acquisition of Anthony’s Coal Fired Pizza & Wings (“Anthony’s”)
for $156.6 million, creating a multi-brand platform of premium casual restaurant concepts.

26

On
August 21, 2020, Lionheart Acquisition Corporation II (Nasdaq: LCAP), raised $230 million in its initial public offering,
led once again by Mr. Sternberg as Chairman, President and CEO. On May 23, 2022, LCAP closed its $32.6 billion Business
Combination with MSP Recovery, a data-driven solutions provider