Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 46

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1
Chunk 46
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 the full exercises of the Over-Allotment
Option), paid at the closing of the Initial Public Offering. Additionally, the underwriters are entitled to a deferred underwriting discount
of 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 6.0% of the gross proceeds sold pursuant to the full exercise of the Over-Allotment Option, amounting to $9,800,000 in
the aggregate upon the completion of the initial Business Combination subject to the terms of the Underwriting Agreement, dated
June 17, 2024, we entered into with Cantor, as representative of the underwriters of the Initial Public Offering (the “Underwriting
Agreement”). This deferred fee will become payable to the underwriters of the Initial Public Offering solely in the event
that we complete a Business Combination, subject to the terms of the Underwriting Agreement. If we fail to consummate an initial Business
Combination within the Combination Period, such deferred fee will be included with the funds held in the Trust Account that will be available
to fund the redemption of our Public Shares upon the liquidation of the Trust Account.

Legal
Engagement Letter

Lionheart
Capital, an affiliate of our Sponsor, has engaged Wasserstrom to represent Lionheart Capital and its affiliated companies, as corporate
general counsel and otherwise in connection with any corporate and/or transactional matters. The engagement letter between Lionheart
Capital and Wasserstrom is for an indefinite period only subject to termination rights of either party, of which no termination has occurred
since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title of Chief Legal Officer
of Lionheart Capital and its affiliated companies.

In
connection therewith, Wasserstrom was specifically engaged by us to provide counsel for general corporate legal matters. As of December
31, 2024, we incurred an aggregate of $175,000 of legal fees from Wasserstrom, which were recorded within accrued offering costs in the
financial statement contained elsewhere in this Report. On June 25, 2024, we paid $50,000 and the remaining $125,000 is recorded within
deferred legal fees since it is due at the time of the Business Combination.

Critical
Accounting Estimates

The preparation of the audited
financial statement and related disclosures contained elsewhere in this Report in conformity with GAAP requires Management to make