Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 70

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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 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 it will not utilize any
funds from the trust account to pay any such excise tax.

On
June 18, 2024, the Company’s stockholders redeemed 2,752,307 Class A common stock shares for a total of $30,194,356. 

On
June 27, 2025, the Company’s stockholders exercised their rights to redeem 1,708,386 Class A common stock shares. As a result,
approximately $19.9 million (approximately $11.62 per share) of funds were restricted for payment to the redeeming shareholders. As of
June 30, 2025, the redemption payment had yet to occur, and as such, the $19.9 million restricted for the redeeming shareholders has
been presented as Restricted cash – held in trust account on the unaudited condensed balance sheet. During August of 2025, the
Company remitted payment to the redeeming stockholders in the amount of $19.9 million.

The
Company evaluated the status and probability of the excise taxes becoming payable in relation to these redemptions under the guidance
in ASC 450, Contingencies, and determined that a contingent liability should be calculated and recorded. During the three and