KEO Capital AB (publ) ("KEO Capital" or the "Company") (Nasdaq Stockholm: KEOC) and Lionheart Holdings (“Lionheart”) today announced that the proposed business combination between Maha Energy Indiana, Inc. ("KEO Energy") and Lionheart, as contemplated in the previously announced non-binding Letter of Intent ("LOI"), was not consummated during the agreed exclusivity period. Following constructive discussions, the parties have mutually agreed not to extend the exclusivity arrangement. Company’s objective to list KEO Energy in the United States remains intact.
On July 20, 2026, KEO Capital announced that it had entered into a non-binding LOI with Lionheart to explore a transaction that would have resulted in the U.S. public listing of KEO Energy. Under the proposed structure, the equity holders of both companies would become shareholders of a newly formed holding company, with its shares expected to be listed on the Nasdaq Stock Market LLC.
KEO Energy is a subsidiary of KEO Capital. Its principal asset is an equity interest in the joint venture PetroUrdaneta, S.A., which holds oil and gas assets in the Bolivarian Republic of Venezuela.