Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 49

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 49
---

total gross proceeds of $54,210,000.

Simultaneously with the
consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of
3,576,900 warrants (“Private Placement Warrants”) to the Sponsor at a price of approximately $1.00 per Placement Warrant,
generating total proceeds of $3,577,000.

Transaction costs amounted
to $4,019,087 consisting of $2,710,500 of underwriting commissions, the Representative Shares (as defined below), and $1,038,067 of other
offering costs. At the IPO date, cash of $974,028 was held outside of the Trust Account (as defined below) and was available for the payment
of accrued offering costs and for working capital purposes.

In conjunction with this
Public Offering, the Company issued to the underwriter 54,210 shares of Class A common stock for nominal consideration (the “Representative
Shares”). The fair value of the Representative Shares accounted for as compensation under Accounting Standards Codification (“ASC”)
718, “Compensation—Stock Compensation” (“ASC 718”) was included in the offering costs. The estimated fair
value of the Representative Shares as of the IPO date totaled $270,520.

Following the closing
of the IPO, an amount of $55,836,300 ($10.30 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private
Placement Warrants was placed in a trust account (the “Trust Account”), to be invested in U.S. government securities, within
the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”),
with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the
conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds
held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO will not be released
from the Trust Account until the earlier of: (a) the completion of the Company’s initial business combination, or (b) the redemption
of the Company’s Public Shares if the Company is unable to complete its initial business combination in the prescribed time frame.