Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 329

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 329
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 fully comply with the framework.
Depending on the implementation of the SOP, if the PCAOB continues to be prohibited from conducting complete inspections and investigations
of PCAOB-registered public accounting firms in the PRC, then PRC-based companies will be delisted pursuant to the HFCA Act despite the
SOP. Therefore, there is no assurance that the SOP could give relief to PRC-based companies against the delisting risk from the application
of the HFCA Act or AHFCAA.

Our independent accountant, Adeptus Partners, LLC, is a U.S. accounting firm based
in New Jersey and is subject to regular inspection by the PCAOB. Adeptus Partners, LLC is not headquartered in mainland China or Hong Kong and
was not identified in the Determination Report as a firm subject to the PCAOB’s determinations. As a special purpose acquisition
company, our current business activities only involve searching for targets and consummation of an initial business combination following
the completion of our Initial Public Offering. Adeptus Partners, LLC has access to our books and records which are currently and will be maintained
by in the U.S. prior to the consummation of an initial business combination. In addition, we affirmatively exclude any target 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 at the time of our initial business combination.

Notwithstanding the foregoing, in the event that we decide to consummate
our initial business combination with a target business based in or primarily operating in the PRC, if there is any regulatory change
which prohibits the independent accountants from providing audit documentations located in mainland China or Hong Kong to the PCAOB for
inspection or investigation or the PCAOB expands the scope of the Determination Report so that the target company or the combined company
is subject to the HFCA Act, as the same may be amended, you may be deprived of the benefits of such inspection. This could limit or restrict
our access to the U.S. capital markets and the trading of our securities on a national securities exchange or in the over-the-counter
trading market in the U.S. may be prohibited under the HFCA Act.

The SEC may propose additional rules or guidance that could impact
us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President’s Working Group on Financial
Markets (the “PWG”), issued