Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 115

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 115
---
by interest earned on marketable securities held in the Trust Account of $3,638,827 and payment of formation costs through promissory
note of $5,000. Changes in operating assets and liabilities used $225,737 of cash for operating activities.

As of September 30, 2025,
we had marketable securities held in the Trust Account of $243,788,499 (including $13,788,499 of interest income) consisting of a money
market fund. We may withdraw interest from the Trust Account to pay taxes, if any. We intend to use substantially all of the funds held
in the Trust Account, including any amounts representing interest earned on the Trust Account (which intertest shall be net of taxes payable,
if any, and exclude the Deferred Fee), to complete our Business Combination. To the extent that our share capital or debt is used, in
whole or in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used
as working capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

19

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 Team’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 Account
and instead to hold the funds in the Trust Account in cash or in an interest-bearing demand deposit account at a bank.

As of September 30, 2025,
we had cash held outside of the Trust Account of $336,455. We use the funds held outside the Trust Account primarily to identify and evaluate
target businesses, perform business due diligence on prospective target businesses, travel to and from the offices, plants, or similar
locations of prospective target businesses or their representatives or owners, review corporate documents and material agreements of prospective
target businesses, and structure, negotiate and complete a Business Combination.

Our liquidity needs through
September 30, 2025 have been satisfied through (i) a contribution of $25,000 from the Sponsor in exchange for the issuance of our Founder
Shares, (ii) a loan pursuant to the IPO Promissory Note and (iii) the net proceeds from the consummation of the Private Placement not
held in the Trust Account