Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 586

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1C
Chunk 586
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 withdraw dividend and interest income earned in the Trust Account to pay income
and franchise taxes.

During the
year ended December 31, 2024, the Company withdrew $1,031,029 of interest and dividend income earned in the Trust Account for payment
of the Company’s franchise and income tax liabilities. As of December 31, 2024, $99,006 of the funds were inadvertently used for
the payments of general operating expenses. The Company is expected to replenish these amounts via a Working Capital Loan from its Sponsor
or another similar type of financing. 

The Initial Stockholders have agreed not to propose
any amendment to our Certificate of Incorporation that would affect our public stockholders’ ability to convert or sell their shares
to us in connection with a business combination as described herein or affect the substance or timing of our obligation to redeem 100%
of our Public Shares if we do not complete a business combination by May 22, 2025 (or June 22, 2025 if the additional extension options
are exercised by the Company) unless we provide our public stockholders with the opportunity to redeem their shares of Class A common
stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in
the Trust Account, including interest not previously released to the Company but net of franchise and income taxes payable, divided by
the number of then outstanding Public Shares.

72

The $28,407 held outside of the Trust Account as
of December 31, 2024 will not be sufficient to allow the Company to operate for at least the next 12 months from the issuance of these
financial statements, assuming that a business combination is not consummated during that time. Giving effect to the 2024 Charter Amendments
discussed above, the Company has until May 22, 2025 (or June 22, 2025 if the additional extension options are exercised by the Company),
to complete an initial business combination, subject to the Company making the required Trust Account deposits. If an initial business
combination is not consummated by May 22, 2025 (or June 22, 2025 if the additional extension options are exercised by the Company), there
will be a mandatory liquidation and subsequent dissolution of the Company. The Company may need to raise additional capital through loans
or additional investments from its Sponsor, stockholders, officers, directors, or third parties. The Company’s officers,