Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 429

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 429
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 well as the operations prior to the business
combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after
payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders
and the Private Placement Warrants will be worthless (see Note 7). 

F-20

NOTE
5 – RELATED PARTY TRANSACTIONS 

Founder
Shares 

In May 2022,
the Sponsor paid $25,000, or approximately $0.011 per share, to cover certain offering costs in consideration for 2,156,250 shares of
Class B common stock, par value $0.0001 (the “Founder Shares” or “Class B common stock”). On May 10, 2022, the
Sponsor surrendered 287,500 Founder Shares, for no consideration, resulting in the Sponsor and directors continuing to hold 1,868,750
Founder Shares. On August 26, 2022, the Sponsor transferred 25,000 Founder Shares to each of Rahul Mewawalla and Stephen Markscheid, each
of which are members of the Company’s Board of Directors (Note 8). The awards will vest simultaneously with the closing of an initial
business combination, provided the director has continuously served on the Company’s Board of Directors through the closing of such
initial business combination. On March 16, 2023, the Sponsor forfeited an aggregate of 373,750 Founder Shares for no consideration, resulting
in the Sponsor and directors holding an aggregate of 1,495,000 Founder Shares. Up to 195,000 of the Founder Shares were subject to forfeiture
to the extent the over-allotment option was not exercised in full by the underwriter prior to its expiration date on April 30, 2023. 

On March
17, 2023, upon the partial exercise their over-allotment option by the underwriters, the forfeiture lapsed for 55,250 Founder Shares.
Following the expiration of the underwriters’ remaining over- allotment option on April 30, 2023, the remaining 139,750 Founder
Shares were forfeited, resulting in the Sponsor and directors holding an aggregate of 1,355,250 Founder Shares. 

Private
Placement 

On March
16, 2023, in the private placement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 warrants
(each