Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 115

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 115
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investments and outbound overseas direct investments, including those required under SAFE Circular 37, will be filed with qualified banks
instead of SAFE or its branches. The qualified banks will directly examine the applications and accept registrations under the supervision
of SAFE.

We cannot provide assurance that our stockholders that are PRC residents
will at all times comply with, or in the future make or obtain any applicable registrations or approvals required by, SAFE Circular 37
or other related rules. If we decide to acquire a PRC domestic company, the failure or inability of the future combined company’s
PRC resident stockholders to comply with the registration procedures set forth in these regulations may subject the combined company to
fines and legal sanctions, restrict its cross-border investment activities, limit the ability of its wholly foreign-owned subsidiary in
the PRC to distribute dividends and the proceeds from any reduction in capital, share transfer or liquidation, and the future combined
company may also be prohibited from injecting additional capital into the subsidiary. Moreover, failure to comply with the various foreign
exchange registration requirements described above could result in liability under PRC law for circumventing applicable foreign exchange
restrictions. As a result, if we decide to acquire a PRC domestic company, the future combined company’s business operations and
the future combined company’s ability to distribute profits to you could be materially and adversely affected.

Furthermore, as these foreign exchange regulations are still relatively
new and their interpretation and implementation has been constantly evolving, it is unclear how these regulations, and any future regulation
concerning offshore or cross-border transactions, will be interpreted, amended and implemented by the relevant government authorities.
For example, we may be subject to a more stringent review and approval process with respect to our foreign exchange activities, such as
remittance of dividends and foreign-currency-denominated borrowings, which may adversely affect our financial condition and results of
operations. In addition, if we decide to acquire a PRC domestic company, we cannot assure you that we or the owners of such company, as
the case may be, will be able to obtain the necessary approvals or complete the necessary filings and registrations required by the foreign
exchange regulations. This may restrict our ability to implement our acquisition strategy and could adversely affect our business and
prospects.

60

Though we affirmatively exclude as an initial business combination
target any company of which financial statements are audited by an accounting firm that the PCAOB is unable to inspect for two consecutive
years beginning in 2022, we