Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 37

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 37
---
 provided the opportunity to redeem all or a portion
of their Public Shares in connection with the vote on such approval. Such redemptions will decrease the amount held in our Trust Account
and our capitalization, and may affect our ability to maintain our listing on Nasdaq. In addition, the Nasdaq Rules currently require
SPACs (such as us) to complete their initial Business Combination in accordance with the Nasdaq 36-Month Requirement. If we do not meet
the Nasdaq 36-Month Requirement, our securities will likely be subject to a suspension of trading and delisting from Nasdaq. Our Sponsor
may also, in its discretion, consider selling its interest in our Company to another sponsor entity, which may result in a change to our
Management Team.

Results of Operations

We have neither engaged in
any operations nor generated any revenues to date. Our only activities since February 21, 2024 (inception) through September 30, 2025
have been (i) organizational activities and (ii) activities relating to (x) the Initial Public Offering, and identifying and evaluating
prospective acquisition candidates and activities in connection with the initial Business Combination. We will not generate any operating
revenues until after completion of our initial Business Combination. We have generated non-operating income in the form of interest income
on investments held in the Trust Account after the Initial Public Offering. We expect to incur increased expenses as a result of being
a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well as for due diligence
expenses.

For the three months ended
September 30, 2025, we had a net income of $2,332,213, which consists of interest income on marketable securities held in the Trust Account
of $2,528,262, offset by operating costs of $196,049.

For the nine months ended
September 30, 2025, we had net income of $6,778,619, which consists of interest income on marketable securities held in the Trust Account
of $7,453,394, offset by operating costs of $674,775.

For the three months ended
September 30, 2024, we had a net income of $3,220,747, which consists of interest income on marketable securities held in the Trust Account
of $3,397,997, offset by general and administrative and formation costs of $177,250.

For