Company: CUB
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074966
Chunk: 37

Company: Lionheart Holdings
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 This loan was non-interest bearing and was payable on the earlier of December 31, 2024, or the date on which we consummate the
Initial Public Offering. The outstanding balance of $180,000 was repaid at the closing of the Initial Public Offering on June 20, 2024,
and borrowings under the IPO Promissory Note are no longer available.

On June 20, 2024, we consummated
the Initial Public Offering of 23,000,000 Units at $10.00 per Unit, which included the full exercise of the Over-Allotment Option
in the amount of 3,000,000 Option Units at $10.00 per Option Unit, and the sale of an aggregate of 6,000,000 Private Placement Warrants
to the Sponsor and Cantor, at a price of $1.00 per Private Placement Warrants, or $6,000,000 in the aggregate, in the Private Placement
that closed simultaneously with the Initial Public Offering and pursuant to the Private Placement Warrants Purchase Agreements.

For the six months ended
June 30, 2025, cash used in operating activities was $321,655. Net income of $4,446,406 was affected by interest earned on marketable
securities held in the Trust Account of $4,925,132. Changes in operating assets and liabilities used $157,071 of cash for operating activities.  

For the period from February
21, 2024 (inception) through June 30, 2024, cash used in operating activities was $392,113. Net income of $107,218 was affected by interest
earned on marketable securities held in the Trust Account of $240,830 and payment of formation costs through promissory note of $5,000.
Changes in operating assets and liabilities used $263,501 of cash for operating activities.  

20

As of June 30, 2025, we
had marketable securities held in the Trust Account of $241,260,237 (including $11,260,237 of interest income) consisting of a money
market fund. We may withdraw interest from the Trust Account to pay taxes, if any. 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’s