Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 2

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 2
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 Trust Account, together with the interests earned
thereon, shall not be released to us until the earlier of the completion of our initial business combination and our redemption of the
shares of common stock sold in the IPO upon our failure to consummate a business combination within the required period, except for payment
of our franchise and income taxes if any. We are not permitted to use the proceeds placed in the trust account and the interests earned
thereon to pay any excise taxes or any other similar fees or taxes in nature that may be imposed on the company pursuant to any current,
pending or future rules or laws, including without limitation any excise tax due imposed under the Inflation Reduction Act (IRA) of 2022
(H.R. 5376) on any redemptions or stock buybacks by the Company.

1

With these exceptions, expenses incurred by us may be paid prior to
a business combination only from the net proceeds of our IPO not held in the trust account; provided, however, that in order to meet our
working capital needs following the consummation of our IPO, if the funds not held in the trust account are insufficient, our insiders,
officers and directors or their affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever
amount they deem reasonable in their sole discretion. Up to $2,000,000 of such loan may be converted upon consummation of our initial
business combination into warrants at a price of $1.00 per warrant. If we do not complete a business combination, the loans would be repaid
out of funds not held in the trust account, and only to the extent available. As of the date of this Annual Report, an aggregate of US$$2,195,100
working capital loan have been extended by our Sponsor to us. We originally had until June 22, 2024 (or 15 months from the closing of our
Initial Public Offering) to consummate an initial business combination after extending the period of time to consummate a business combination
for three additional months on March 19, 2024 (extendable at our Sponsor’s option for another additional three months, or for a
total of 18 months). On March 19, 2024, we issued a non-convertible unsecured promissory note (the “Extension Note”) in the
principal amount of $542,100 to our Sponsor. Our Sponsor deposited the funds into the