Lionheart (CUB)
Market Price (8/9/2026): $10.86 | Market Cap: $333.0 MilSector: Financials | Industry: Multi-Sector Holdings
Lionheart (CUB)
Market Price (8/9/2026): $10.86Market Cap: $333.0 MilSector: FinancialsIndustry: Multi-Sector Holdings
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 2.2% | Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -63% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.9 Mil Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 38x Key risksCUB key risks include [1] its nature as a pre-merger blank check company (SPAC) with no operations or revenue, Show more. |
| Low stock price volatilityVol 12M is 2.2% |
| Trading close to highsDist 52W High is -0.4%, Dist 3Y High is -0.4% |
| Weak multi-year price returns2Y Excs Rtn is -36%, 3Y Excs Rtn is -63% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -0.9 Mil |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 38x |
| Key risksCUB key risks include [1] its nature as a pre-merger blank check company (SPAC) with no operations or revenue, Show more. |
Qualitative Assessment
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Lionheart (CUB) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Lionheart Holdings' status as a Special Purpose Acquisition Company (SPAC) anchored its stock price to its trust account value. As a SPAC, Lionheart Holdings' stock (CUB) typically trades near its trust account value, which acts as a fundamental floor for its price, preventing significant upward or downward fluctuations in the absence of a definitive business combination. As of March 31, 2026 (fiscal Q1 2026, as Lionheart Holdings' fiscal year ends December 31), the company's trust account held approximately $248.34 million. This maintained stability, with the stock trading within a narrow range between April 30, 2026, and early August 2026.
2. The absence of a definitive business combination announcement until late in the period limited catalysts for significant stock movement. For much of the period since April 30, 2026, Lionheart Holdings had not publicly identified or hinted at any specific acquisition targets, which is the primary driver for substantial stock appreciation in a SPAC. While investor interest remained cautious due to this lack of a deal, the company did announce on July 20, 2026, that it had entered into a non-binding letter of intent with Keo Capital AB for a potential business combination with KEO Energy. However, this is not a definitive agreement, thus not yet providing a strong catalyst for sustained upward momentum.
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Lionheart (CUB) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Lionheart Holdings' status as a Special Purpose Acquisition Company (SPAC) anchored its stock price to its trust account value. As a SPAC, Lionheart Holdings' stock (CUB) typically trades near its trust account value, which acts as a fundamental floor for its price, preventing significant upward or downward fluctuations in the absence of a definitive business combination. As of March 31, 2026 (fiscal Q1 2026, as Lionheart Holdings' fiscal year ends December 31), the company's trust account held approximately $248.34 million. This maintained stability, with the stock trading within a narrow range between April 30, 2026, and early August 2026.
2. The absence of a definitive business combination announcement until late in the period limited catalysts for significant stock movement. For much of the period since April 30, 2026, Lionheart Holdings had not publicly identified or hinted at any specific acquisition targets, which is the primary driver for substantial stock appreciation in a SPAC. While investor interest remained cautious due to this lack of a deal, the company did announce on July 20, 2026, that it had entered into a non-binding letter of intent with Keo Capital AB for a potential business combination with KEO Energy. However, this is not a definitive agreement, thus not yet providing a strong catalyst for sustained upward momentum.
3. A shareholder-approved extension of the business combination deadline, accompanied by significant share redemptions, contributed to the stock's stability near its redemption value. On June 15, 2026, shareholders approved extending the deadline to complete a business combination from June 20, 2026, to March 20, 2027. This extension resulted in the redemption of 4,503,836 Public Shares at approximately $10.88 per share. These redemptions reduced the trust account balance to about $201.22 million and further anchored the stock's trading price near its redemption value, limiting potential upward movement, as a portion of the investor base opted for a return of capital.
4. Limited and predominantly negative analyst coverage, coupled with low trading volume, dampened speculative interest. During the specified period, only one Wall Street analyst issued a rating for CUB, resulting in a consensus "Sell" rating with no specific price target. There were no new analyst coverage initiations or changes in ratings, and trading volume remained light, often averaging below 100,000 shares per day. This lack of positive analytical sentiment and low trading activity further explains the stock's consistent, flat performance.
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Stock Movement Drivers
Fundamental Drivers
The 0.8% change in CUB stock from 4/30/2026 to 8/8/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.78 | 10.87 | 0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 36.9 | 38.4 | 3.9% |
| Shares Outstanding (Mil) | 31 | 31 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| CUB | 0.8% | |
| Market (SPY) | 7.6% | 12.4% |
| Sector (XLF) | 10.5% | 1.7% |
Fundamental Drivers
The 1.8% change in CUB stock from 1/31/2026 to 8/8/2026 was primarily driven by a 0.0% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.68 | 10.87 | 1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| Net Income Margin (%) | ∞% | ∞% | 0.0% |
| P/E Multiple | 32.8 | 38.4 | 17.1% |
| Shares Outstanding (Mil) | 31 | 31 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2026 to 8/8/2026| Return | Correlation | |
|---|---|---|
| CUB | 1.8% | |
| Market (SPY) | 12.1% | 9.9% |
| Sector (XLF) | 8.3% | 1.6% |
Fundamental Drivers
The 3.8% change in CUB stock from 7/31/2025 to 8/8/2026 was primarily driven by a 0.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8082026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.47 | 10.87 | 3.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 0 | 0.0% |
| Net Income Margin (%) | � | ∞% | 0.0% |
| P/E Multiple | � | 38.4 | 0.0% |
| Shares Outstanding (Mil) | 31 | 31 | 0.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 8/8/2026| Return | Correlation | |
|---|---|---|
| CUB | 3.8% | |
| Market (SPY) | 23.4% | 7.7% |
| Sector (XLF) | 11.3% | 3.8% |
Fundamental Drivers
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Market Drivers
7/31/2023 to 8/8/2026| Return | Correlation | |
|---|---|---|
| CUB | ||
| Market (SPY) | 74.9% | 7.0% |
| Sector (XLF) | 70.4% | 2.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CUB Return | - | - | - | 1% | 5% | 2% | 9% |
| Peers Return | 1% | 1% | |||||
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| CUB Win Rate | - | - | - | 80% | 83% | 88% | |
| Peers Win Rate | 73% | ||||||
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CUB Max Drawdown | - | - | - | - | -1% | -1% | |
| Peers Max Drawdown | |||||||
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AACP, ACGC, ALPX, AMAN, APMC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/7/2026 (YTD)
About Lionheart (CUB)
Lionheart (CUB) is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), incorporated in February 2024. Its sole business purpose is to identify, acquire, and merge with one or more existing private operating businesses. Essentially, Lionheart acts as a vehicle to bring a private company public through a business combination such as a merger, asset acquisition, or share exchange. At present, the company has not selected any specific acquisition target and has no direct operations or products of its own.
The company's primary focus is to find an established business of significant scale that is poised for continued growth and led by a highly regarded management team. While Lionheart may consider targets across various industries or stages of corporate evolution, its management team leverages an extensive track record of acquiring attractive assets at disciplined valuations, investing in their growth, and improving financial results. Therefore, Lionheart serves two main markets: private companies seeking to go public through a SPAC merger, and investors who are backing the management team's expertise to identify and execute a successful business combination with a promising growth-oriented company.
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It's like a specialized private equity firm, but its sole purpose is to acquire one promising private company and bring it to the public stock market.
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- Initial Business Combination Facilitation: Lionheart's primary service is identifying and executing a merger, amalgamation, share exchange, asset acquisition, or similar business combination with one or more private operating businesses.
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Based on the provided description, Lionheart (CUB) is a blank check company (SPAC) incorporated on February 21, 2024. Its sole purpose at this stage is to identify and complete a business combination (e.g., a merger or acquisition) with another operating business.
As of the information provided, Lionheart has not selected any business combination target and has not initiated any substantive discussions. Therefore, it is not currently engaged in commercial operations, selling products or services to customers. Lionheart (CUB) does not have any major customers at this time.
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Ophir Sternberg, Chief Executive Officer and Chairman
Ophir Sternberg is the founding director, Chairman, President, and CEO of Lionheart Holdings. He brings over 30 years of experience in the real estate industry, encompassing office, industrial, retail, hospitality, ultra-luxury residential condominiums, and land acquisitions. Sternberg is also the Founder and CEO of Miami-based Lionheart Capital LLC, a diversified investment firm. He founded Out of the Box Ventures, LLC, to acquire and reposition distressed retail properties across the United States. He previously led the merger of Nasdaq-listed OPES Acquisition Corp. with BurgerFi International LLC, the business combination of Lionheart Acquisition Corporation II with MSP Recovery (rebranded as LifeWallet), and Lionheart III Corp’s merger with Security Matters Limited. Beyond his business ventures, Sternberg founded The Lionheart Classical Academy, a chartered public school in New Hampshire.
Paul Rapisarda, Chief Financial Officer
Paul Rapisarda serves as the Chief Financial Officer of Lionheart Holdings. He also holds the CFO position at Lionheart Capital LLC and previously served as CFO for Lionheart II and Lionheart III. Prior to joining Lionheart Capital in June 2019, Rapisarda was the CFO at Etrion Corp., a solar energy development company, where he managed all finance functions, including financial reporting, regulatory compliance, and investor relations. Before Etrion, he was Executive Vice President of Commercial Development at Atlantic Power Corporation, a dual-listed company in the independent power and infrastructure sectors, where he played a key role in a $1.8 billion merger and managed over $1.2 billion in equity investments.
Faquiry Diaz Cala, Chief Operating Officer
Faquiry Diaz Cala is the Chief Operating Officer for Lionheart Holdings and also serves as COO for Lionheart Capital and its affiliates, overseeing Mergers & Acquisitions and Corporate Strategy. He was also COO at Lionheart III and Lionheart II. Since 2013, Diaz Cala has been President and Director of The Ivy Companies Inc., and since 2022, a Director at PataFoods, Inc. He was an early investor and executive committee member of fintech company Yellowpepper Holding Corporation, which was acquired by Visa in 2020. Additionally, he invested in and operated Southam Freeze Dry SPA until its sale to Van Drunen Farms.
Allison Greenfield, Chief Development Officer
Allison Greenfield is the Chief Development Officer at Lionheart Capital, bringing over 25 years of experience in the management, operations, marketing, and organization of real estate investments. She co-founded Oz Holdings, LLC in 1995, where she focused on realizing the full potential of undervalued assets through renovation, construction, and unique marketing campaigns.
Jessica Wasserstrom, Chief Legal Officer
Jessica Wasserstrom serves as the Chief Legal Officer for Lionheart Capital.
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The key risk to Lionheart's business is the inability to complete an initial business combination. As a blank check company, its sole purpose is to effect a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company has not yet selected any business combination target, nor has it initiated any substantive discussions directly or indirectly with any potential target. If Lionheart fails to complete a business combination within the stipulated timeframe, it may be forced to liquidate, which would result in investors only receiving their initial investment back without any return, or potentially less if funds are used for operational expenses.
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Share Issuance
- Lionheart Holdings completed its initial public offering (IPO) on June 20, 2024, issuing 23,000,000 units.
- The IPO was priced at $10.00 per unit.
- As of November 12, 2025, there were 23,000,000 Class A Ordinary Shares and 7,666,667 Class B Ordinary Shares outstanding.
Inbound Investments
- The company generated gross proceeds of $230,000,000 from its initial public offering.
- These proceeds, totaling $230,000,000, were placed into a Trust Account.
- As of September 30, 2025, the Trust Account held approximately $243,788,499, primarily from interest on funds invested in money market funds.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| ARTICLES | ||
| Cubic Stock Surged 34% Last Week: Still A Buy? | 09/28/2020 |
| Title | |
|---|---|
| DASHBOARDS |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.99 |
| Mkt Cap | 0.3 |
| Rev LTM | 0 |
| Op Inc LTM | -1 |
| FCF LTM | -1 |
| FCF 3Y Avg | - |
| CFO LTM | -1 |
| CFO 3Y Avg | - |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | - |
| Rev Chg 3Y Avg | - |
| Rev Chg Q | - |
| QoQ Delta Rev Chg LTM | - |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | - |
| CFO/Rev 3Y Avg | - |
| FCF/Rev LTM | - |
| FCF/Rev 3Y Avg | - |
Price Behavior
| Market Price | $10.87 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 08/09/2024 | |
| Distance from 52W High | -0.4% | |
| 50 Days | 200 Days | |
| DMA Price | $10.78 | $10.61 |
| DMA Trend | indeterminate | indeterminate |
| Distance from DMA | 0.8% | 2.4% |
| 3M | 1YR | |
| Volatility | 2.9% | 2.7% |
| Downside Capture | 0.25 | -2.24 |
| Upside Capture | 2.66 | 3.12 |
| Correlation (SPY) | 14.6% | 8.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.02 | 0.02 | 0.02 | 0.01 | 0.01 | -0.01 |
| Up Beta | -0.01 | 0.00 | -0.01 | 0.04 | 0.02 | -0.02 |
| Down Beta | 0.07 | 0.04 | 0.06 | 0.03 | 0.02 | -0.03 |
| Up Capture | -2% | 1% | 2% | 1% | 2% | 0% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 15 | 22 | 41 | 75 | 160 |
| Down Capture | -8% | 3% | 1% | -2% | -2% | -2% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 8 | 17 | 20 | 33 | 58 | 109 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CUB | |
|---|---|---|---|---|
| CUB | 2.0% | 2.6% | -0.25 | - |
| Sector ETF (XLF) | 12.3% | 14.6% | 0.57 | 1.3% |
| Equity (SPY) | 23.3% | 12.8% | 1.36 | 8.8% |
| Gold (GLD) | 28.5% | 28.4% | 0.87 | -0.5% |
| Commodities (DBC) | 32.9% | 19.8% | 1.32 | -2.2% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | -6.8% |
| Bitcoin (BTCUSD) | -43.7% | 43.0% | -1.21 | -11.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CUB | |
|---|---|---|---|---|
| CUB | 1.5% | 2.3% | 0.56 | - |
| Sector ETF (XLF) | 11.4% | 18.4% | 0.48 | -0.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 5.6% |
| Gold (GLD) | 18.6% | 18.6% | 0.81 | -2.5% |
| Commodities (DBC) | 8.2% | 19.6% | 0.31 | -2.0% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | -3.8% |
| Bitcoin (BTCUSD) | 9.0% | 53.0% | 0.36 | -3.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CUB | |
|---|---|---|---|---|
| CUB | 0.7% | 2.3% | 0.56 | - |
| Sector ETF (XLF) | 13.6% | 22.1% | 0.56 | -0.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 5.6% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -2.5% |
| Commodities (DBC) | 7.4% | 18.0% | 0.33 | -2.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | -3.8% |
| Bitcoin (BTCUSD) | 58.4% | 66.2% | 0.98 | -3.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/4/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Industry Resources
| Financials Resources |
| Federal Reserve Economic Data |
| Federal Reserve |
| FDIC Data |
| American Banker |
| The Banker |
| Banking Technology |
| Multi-Sector Holdings Resources |
| McKinsey & Company Insights |
| Harvard Business Review |
| ValueWalk |
External Quote Links
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| SeekingAlpha | ValueLine |
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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