Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 475

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1B
Chunk 475
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 of the excise tax.

On December 27, 2022, the U.S. Department of the
Treasury issued Notice 2023-2 (the “Notice”) as interim guidance until publication of forthcoming proposed regulations on
the excise tax. Although the guidance in the Notice does not constitute proposed or final Treasury regulations, taxpayers may generally
rely upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations. Certain of the forthcoming proposed
regulations (if issued) could, however, apply retroactively. The Notice generally provides that if a covered corporation completely liquidates
and dissolves, distributions in such complete liquidation and other distributions by such covered corporation in the same taxable year
in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax.

Because any redemptions of our stock in connection
with a business combination, extension vote or otherwise will occur after December 31, 2022, the redemptions that take place after that
date, including the redemption on June 18, 2024 in connection with the 2024 Special Meeting, may be subject to the excise tax. Whether
and to what extent we would be subject to the excise tax in connection with any such redemptions would depend on a number of factors,
including (i) the fair market value of the such redemptions, together with any other redemptions or repurchases we consummate in the same
taxable year, (ii) the structure of any business combination and the taxable year in which it occurs (including redemptions in connection
with the Special Meeting), (iii) the nature and amount of any equity issuances, in connection with a business combination or otherwise,
issued within the same taxable year, (iv) whether we completely liquidate and dissolve within the taxable year of such redemptions, and
(v) legal uncertainties regarding how the excise tax applies to transactions like the business combination (and, if applicable, a complete
liquidation and dissolution of the Company) and the content of final and proposed regulations and further guidance from the Treasury.
The foregoing could cause a reduction in the cash available on hand to complete a business combination and in our ability to complete
a business combination. The proceeds placed in the trust account and the interest earned thereon will not be used to pay for the excise
tax that may be levied on the Company in connection with such redemptions. The Company further confirms that