Picton Mahoney Asset Management, a Canadian investment fund manager, filed an amended Schedule 13G reporting its beneficial ownership in Lionheart Holdings Class A ordinary shares. The firm reports beneficial ownership of 500,000 Class A ordinary shares, representing 2.33% of the class.
Picton Mahoney reports sole voting and sole dispositive power over all 500,000 shares, with no shared voting or dispositive power. The percentage is based on 21,496,000 Lionheart Holdings shares outstanding as of June 30, 2026, as referenced from Bloomberg. The certification confirms that the Canadian regulatory scheme applicable to the filer is represented as substantially comparable to that of a functionally equivalent U.S. institution.
Lionheart Holdings, a special purpose acquisition company, reported that on July 20, 2026 it announced entering into a July 15, 2026 letter of intent with KEO Energy (Maha Energy Indiana Inc.) for a potential business combination.
The letter of intent is non-binding and any transaction would depend on completion of due diligence, negotiation and signing of a definitive agreement, board and equity holder approvals, regulatory approvals including OFAC authorization and Venezuelan governmental approvals, and other customary conditions. If a definitive agreement is signed, a newly formed holding company and KEO Energy plan to file a registration statement on Form F-4 that will include a proxy statement/prospectus for Lionheart shareholders.
Lionheart Holdings, a Nasdaq-listed special purpose acquisition company, disclosed that it signed a non‑binding letter of intent on July 15, 2026 with Keo Capital AB on behalf of KEO Energy for a potential business combination. The LOI contemplates a preliminary indicative pre‑money enterprise value of $400 million for KEO Energy. If completed, equityholders of both parties would own a newly formed holding company whose shares are expected to trade on the Nasdaq Capital Market, with a six‑member board split evenly between Lionheart and KEO Energy designees.
Closing of any transaction would depend on satisfactory due diligence, negotiation and signing of definitive agreements targeted for August 17, 2026, completion of audited financials, shareholder approvals, listing approvals, and key regulatory clearances, including authorization under U.S. and other sanctions administered by OFAC and Venezuelan governmental approvals related to hydrocarbons. Lionheart completed its IPO in June 2024 and holds approximately $200 million in a trust account, while KEO Energy’s main asset is an indirect equity interest in a joint venture holding interests in Venezuela’s PetroUrdaneta Project. The companies emphasize there can be no assurance a definitive agreement or transaction will occur.