Financial Performance - For the three months ended September 30, 2024, the company reported a net income of $3,220,747, primarily from interest income on marketable securities held in the Trust Account of $3,397,997[97]. - From inception on February 21, 2024, through September 30, 2024, the company achieved a net income of $3,327,965, with interest income totaling $3,638,827[98]. - Cash used in operating activities from inception through September 30, 2024, was $531,599, with net income affected by interest earned on marketable securities[100]. - The company incurred general and administrative and formation costs of $177,250 for the three months ended September 30, 2024[97]. Trust Account and Securities - As of September 30, 2024, the company held marketable securities in the Trust Account amounting to $233,638,827, including approximately $3,638,827 of interest income[101]. - The company intends to use substantially all funds in the Trust Account to complete its Business Combination, with remaining proceeds allocated for working capital and growth strategies[101]. Initial Public Offering - The company completed its Initial Public Offering on June 20, 2024, raising $230,000,000 from the sale of 23,000,000 Units at $10.00 per Unit, including an over-allotment of 3,000,000 Units[99]. Cash and Financing - As of September 30, 2024, the company had cash of $1,000,526 available for identifying and evaluating target businesses[102]. - The company has no long-term debt or off-balance sheet arrangements as of September 30, 2024[105]. - The company does not anticipate needing to raise additional funds for operating expenditures but may require financing for a Business Combination[104].
Lionheart Holdings(CUB) - 2024 Q3 - Quarterly Report