Lionheart discloses going-concern doubt, $660K cash burn leaves 6 months to June deadline

Filed March 25, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 21, 2025 · ~2 min read

Key Changes

• high

  Management now discloses substantial doubt about ability to continue as a going concern due to insufficient liquidity to sustain operations for one year. Operating cash outside trust fell from $891K to $231K over FY2025.

  MD&A: Going Concern & Risk Factors verify on EDGAR →
• high

  Company exited transition-period exemption and now asserts effective internal controls over financial reporting as of Dec 31, 2025, using COSO 2013 framework—first formal SOX 404 compliance statement.

  Controls & Procedures verify on EDGAR →
• medium

  Trust Account grew from $236.3M to $246.2M on interest income; estimated per-share redemption price rose from $10.28 to $10.70, above $10.00 IPO price. Deferred underwriting fee of $9.8M remains unpaid.

  MD&A: Trust Account verify on EDGAR →