Lionheart Holdings, a blank check company incorporated in the Cayman Islands, reported a net income of $5.8 million for the fiscal year ending December 31, 2024, primarily driven by interest income from marketable securities held in its Trust Account. The company generated approximately $6.3 million in interest income, offset by $495,449 in general and administrative expenses. As of the end of the fiscal year, Lionheart Holdings had approximately $236.3 million in cash and marketable securities in its Trust Account, which is designated for completing a future business combination.
The company completed its Initial Public Offering (IPO) on June 20, 2024, raising $230 million by selling 23 million units, which included the full exercise of an over-allotment option. Additionally, Lionheart Holdings raised $6 million through the private placement of 6 million warrants to its sponsor and underwriters. The funds from the IPO and private placement are intended to be used for a business combination, which must occur by June 20, 2026, or the company will face liquidation.
In terms of operational metrics, Lionheart Holdings has not yet identified a target for its business combination. The company is focused on acquiring established businesses of scale that are poised for growth. As of March 21, 2025, the company had 23 million Class A Ordinary Shares and 7.67 million Class B Ordinary Shares outstanding. The Class B shares, held by the sponsor, will convert into Class A shares upon the completion of a business combination.
Looking ahead, Lionheart Holdings is navigating a challenging market environment characterized by geopolitical tensions and economic volatility, which could impact its ability to identify and complete a business combination. The company has indicated that it may seek to extend its combination period if necessary, subject to shareholder approval. However, any such extension could reduce the amount held in the Trust Account and potentially affect its Nasdaq listing status. The management team, led by CEO Ophir Sternberg, remains focused on leveraging their extensive industry experience to identify suitable acquisition targets.
About Lionheart Holdings
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