Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 470

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1B
Chunk 470
---
. For the year ended December 31, 2023, the Company had
a net income of $834,785, which was primarily related to $2,227,437 of dividend and interest income earned in the Trust Account and $134,583
gain related to the change in fair market value of the over-allotment liability, offset by $1,083,245 of formation and operating costs
and $443,990 of income tax expense.

Formation and operating costs increased during
the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to the increases in accounting and legal
expenses. The dividend and interest income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023
due to the redemptions that occurred on June 18, 2024. The decrease related to the change in fair value of the over-allotment liability
during the year ended December 31, 2024 compared to the year ended December 31, 2023 was due to the over-allotment option being expired
as of April 30, 2023. This resulted in a gain and increased net income during the year ended December 31, 2023. Income tax expense for
the year ended December 31, 2024 remained relatively similar to the prior year in line with the dividend and interest income earned in
the Trust Account.

73

Commitments and Contractual Obligations 

Registration Rights 

The holders of the Founder Shares, Private Placement
Warrants, warrants that may be issued upon conversion of up to $2,000,000 of Working Capital Loans, any shares of Class A common stock
issuable upon the exercise of the Private Placement Warrants and Class A common stock issuable upon conversion of the Founder Shares,
are entitled to registration rights pursuant to a registration rights agreement signed at the effective date of the IPO, requiring the
Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The
holders of the majority of these securities are entitled to make up to three demands, excluding short form demands that the Company register
such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements
filed subsequent to the completion of the initial business combination and rights to require us to register for resale such securities
pursuant to Rule