Lionheart Holdings, incorporated on February 21, 2024, and classified as a shell company, reported its financial performance for the period ending September 30, 2024. The company had its Initial Public Offering (IPO) on June 20, 2024, selling 23 million units at $10.00 each, which included an over-allotment of 3 million units. The IPO generated significant capital, with total transaction costs amounting to $14.46 million.
For the three months ended September 30, 2024, Lionheart Holdings reported a net income of $3.22 million, primarily derived from interest income of $3.40 million on marketable securities held in a Trust Account, offset by expenses of $177,250. The basic and diluted net income per Class A ordinary share for this period was $0.11. Cumulatively, from inception through September 30, 2024, the company recorded a net income of $3.33 million, with total interest income of $3.64 million and expenses of $310,862.
As of September 30, 2024, Lionheart Holdings had cash and cash equivalents of $1.00 million and marketable securities valued at $233.64 million, primarily invested in U.S. Treasury securities. The company reported working capital of $1.17 million and anticipates sufficient funds for its operational needs for at least one year. However, it may require additional financing to complete its initial business combination or if a significant number of public shares are redeemed.
The company has issued 23 million Class A ordinary shares and 7.67 million Class B ordinary shares, with the Class A shares subject to possible redemption at an initial price of $10.00 per share. The Class B shares have exclusive voting rights on certain corporate actions prior to the initial business combination.
Lionheart Holdings has not commenced any operations as of the reporting date and has no operating revenues, with income solely from interest on marketable securities. The company is focused on pursuing a business combination within 24 months of the IPO closing. It has incurred legal fees totaling $170,000, with $50,000 paid and $120,000 deferred until the business combination is completed.
Overall, Lionheart Holdings is positioned to explore acquisition opportunities while maintaining a strong cash position and a significant amount of marketable securities in its Trust Account.
About Lionheart Holdings
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