Lionheart Holdings (Nasdaq:CUB) and Keo Capital announced that, on 15 July 2026, Keo Capital entered a non-binding letter of intent with Lionheart, on behalf of Maha Energy (Indiana) ("KEO Energy"), for a proposed business combination that would result in a U.S.-listed holding company for KEO Energy on the Nasdaq Capital Market.
The LOI includes a preliminary indicative pre-money enterprise value of $400 million for KEO Energy, subject to due diligence and Venezuelan fiscal terms, and notes Lionheart currently holds about $200 million in a trust account. The potential Combined Company’s board is expected to have six directors, split evenly between KEO Energy and Lionheart appointees, with Paolo Fidanza as Executive Chairman. Closing would require OFAC and Venezuelan hydrocarbon approvals, audited financials, shareholder votes, and other customary conditions, and there is no assurance a definitive agreement, targeted for 17 August 2026, will be executed or the transaction completed.