Lionheart Holdings received a Schedule 13G disclosing that a group led by Wolverine Asset Management, LLC and affiliated entities beneficially own 1,263,435 Class A Ordinary Shares, representing 5.61% of the Class A shares outstanding. The filing states these shares are held in the ordinary course of business and not to influence control. Voting and dispositive power over these shares is reported as shared (no sole power).
Positive
Disclosure of 5.61% stake provides transparency on a material holder
Filing on Schedule 13G indicates current passive/ordinary-course intent
Negative
No sole voting or dispositive power — limited unilateral influence
Position size meaningful enough (5.61%) to be relevant but not controlling
Insights
Active manager reports a 5.61% shared stake, indicating modest strategic interest.
The filing shows Wolverine Asset Management, LLC and related entities collectively hold 1,263,435 Class A shares, or 5.61% of the class as of the referenced share count. The position is disclosed under Schedule 13G, which is used for passive or ordinary-course holdings rather than an activist Schedule 13D filing.
This position carries shared voting and dispositive power rather than sole control, so near-term changes to board control are not indicated; monitor future filings for any shift to 13D-style disclosure or changes in percentage.
Shared voting power and certification language suggest no intent to change control.
The signatories certify the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. That language, combined with the Schedule 13G form type, signals a passive stance under current disclosure rules.
Governance effects are likely limited at 5.61%, but investors should watch for any amendment that reports increased holdings, sole voting power, or explicit nomination activity in the near term.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Lionheart Holdings
(Name of Issuer)
Class A Ordinary Shares, par value $0.0001 per share
(Title of Class of Securities)
G5501C109
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G5501C109
1
Names of Reporting Persons
WOLVERINE ASSET MANAGEMENT LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,263,435.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,263,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,263,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.61 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
G5501C109
1
Names of Reporting Persons
Wolverine Trading Partners, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,263,435.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,263,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,263,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.61 %
12
Type of Reporting Person (See Instructions)
CO, HC
SCHEDULE 13G
CUSIP No.
G5501C109
1
Names of Reporting Persons
Wolverine Holdings, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,263,435.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,263,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,263,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.61 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
CUSIP No.
G5501C109
1
Names of Reporting Persons
Christopher L. Gust
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,263,435.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,263,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,263,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.61 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
CUSIP No.
G5501C109
1
Names of Reporting Persons
Robert R. Bellick
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
ILLINOIS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,263,435.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,263,435.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,263,435.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
5.61 %
12
Type of Reporting Person (See Instructions)
IN, HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Lionheart Holdings
(b)
Address of issuer's principal executive offices:
4218 NE 2nd Avenue, Miami, Florida, 33137
Item 2.
(a)
Name of person filing:
Wolverine Asset Management, LLC
Wolverine Holdings, L.P.
Wolverine Trading Partners, Inc.
Christopher L. Gust
Robert R. Bellick
(b)
Address or principal business office or, if none, residence:
c/o Wolverine Asset Management, LLC
175 West Jackson Boulevard, Suite 340
Chicago, IL 60604
(c)
Citizenship:
Wolverine Asset Management, LLC - Illinois
Wolverine Holdings, L.P. - Illinois
Wolverine Trading Partners, Inc. - Illinois
Christopher L. Gust - U.S. Citizen
Robert R. Bellick - U.S. Citizen
(d)
Title of class of securities:
Class A Ordinary Shares, par value $0.0001 per share
(e)
CUSIP No.:
G5501C109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Wolverine Asset Management, LLC ("WAM") is an investment manager and has voting and dispositive power over 1,263,435 Class A Ordinary Shares of the Issuer. The sole member and manager of WAM is Wolverine Holdings, L.P. ("Wolverine Holdings"). Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc. ("WTP"), the general partner of Wolverine Holdings.
(b)
Percent of class:
5.61%. WAM may be deemed the beneficial owner of 5.61% of the Issuer's Class A Ordinary Shares, and each of Wolverine Holdings, WTP, Mr. Bellick, and Mr. Gust may be deemed the beneficial owner of 5.61% of the Issuer's outstanding Class A Ordinary Shares. Percentages were calculated by dividing the number of shares deemed beneficially owned by each reporting person by 23,000,000 (the number of Class A Ordinary Shares outstanding as of August 12, 2025 according to Issuer's Form 10-Q for June 30, 2025).
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
1,263,435
(iii) Sole power to dispose or to direct the disposition of:
0
(iv) Shared power to dispose or to direct the disposition of:
1,263,435
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Wolverine Flagship Fund Trading Limited is known to have the right to receive the receipt of dividends from, or the proceeds from the sale of, the Class A Ordinary Shares covered by this statement that may be deemed to be beneficially owned by WAM.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What stake did Wolverine report in Lionheart Holdings (CUB)?
They reported beneficial ownership of 1,263,435 Class A Ordinary Shares, equal to 5.61% of the Class A shares outstanding.
Is the Wolverine filing a Schedule 13G or 13D for Lionheart (CUB)?
The filing is a Schedule 13G, which is typically used for passive or ordinary-course holdings rather than active attempts to influence control.
Does Wolverine have sole voting control over the shares in Lionheart (CUB)?
No. The filing reports 0 shares with sole voting power and 1,263,435 shares with shared voting power.
Was any third party identified as having rights to dividends or sale proceeds?
Yes. The filing states that Wolverine Flagship Fund Trading Limited is known to have the right to receive dividends or proceeds related to the reported shares.
Did the filers state intent to change or influence control of Lionheart (CUB)?
No. The signatories certified the shares were acquired and are held in the ordinary course of business and not to change or influence control.
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