Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 60

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 31, 2024, the Company had net income of $130,602, which was primarily related to $757,940 of dividend and interest
income earned in the Trust Account, offset by $452,417 of formation and operating costs and $174,921 of income tax expense.

Formation and operating
costs decreased during the three months ended March 31, 2025 as compared to the three months ended March 31, 2024 primarily due to the
decreases in accounting and legal expenses. The dividend and interest income decreased for the three months ended March 31, 2025 as compared
to the three months ended March 31, 2024 due to the redemptions of the Trust Account that occurred on June 18, 2024. Income tax expense
for the three months ended March 31, 2025 decreased in line with the decrease in dividend and interest income earned in the Trust Account.

32

Commitments and Contractual
Obligations

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, 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
to registration statements filed subsequent to the completion of the initial business combination and rights to require us to register
for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated
damages or other cash settlement provisions resulting from delays in registering securities.

Underwriting Agreement

$1,897,350 in the aggregate
(reflecting the partial exercise by the underwriter of its over-allotment option), will be payable to the underwriter for deferred underwriting
commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that
the Company completes an initial business combination, subject