Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 35

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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to $2,000,000 of the outstanding Working Capital Loans are convertible into Private Placement Warrants at a price of $1.00 per warrant.

As of both
March 31, 2025 and December 31, 2024, the Company had $2,000,000 of outstanding Working Capital Loans from the Sponsor, included in Convertible
note – related party in the accompanying unaudited condensed balance sheets. 

As of March
31, 2025 and December 31, 2024, the Company had $551,100 and $195,100 respectively, included in Promissory note – related party
in the accompanying unaudited condensed balance sheets. 

Administrative
Support Agreement 

On March 22, 2023, the Company entered into the
administrative support agreement under which it pays the Sponsor a total of $10,000 per month, up until the completion of the Company’s
initial business combination or liquidation, for secretarial and administrative services. The Company’s expenses related to the
administrative support agreement were $30,000 for each of the three months ended March 31, 2025 and 2024. Upon completion of the initial
business combination or the Company’s liquidation, the Company will cease paying these monthly fees.

As of March 31, 2025 and December 31, 2024, $212,180
and $182,180, respectively, of amounts due to the Sponsor under the Administrative Support Agreement remain unpaid, and are included in
Due to Related Party on the Company’s unaudited condensed balance sheets.

NOTE
6 - COMMITMENTS AND CONTINGENCIES 

Registration
Rights 

The holders
of the Founder Shares, Private Placement Warrants, warrants that may be issued upon conversion of up to $2,000,000 of Working Capital
Loans (see Note 5), any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and Class A
common stock issuable upon conversion of the Founder Shares, are entitled to registration rights pursuant to a registration rights agreement
signed at the effective date of the IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares,
only after conversion to Class A common stock). The holders of the majority of these securities are entitled to make up to three demands,
excluding short form demands that the Company register such securities. In addition, the holders have certain “piggy-back”
registration rights with respect