Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 67

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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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 a “Private
Placement Warrant”) at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500.

On March 17, 2023, the
underwriters partially exercised their over-allotment option resulting in the Company issuing 127,400 Private Placement Warrants, generating
an additional $127,500 in gross proceeds.

Each Private Placement
Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement
of the Private Placement Warrants funded the trust account, IPO issuance costs and 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).

Working Capital
Loans

In order to finance transaction
costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers
and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company
completes a business combination, the Company will repay the Working Capital Loans. Up to $2,000,000 of such loans may be converted into
warrants, at a price of $1.00 per warrant at the option of the lender, upon consummation of the Company’s initial business combination.
In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay
the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

During
the three months ended March 31, 2025, the Company received from the Sponsor $356,000 in Working Capital Loans, of which $131,000 was
utilized for working capital needs, $225,000 was utilized to fund the First 2025 Monthly Extension, Second 2025 Monthly Extension, and
Third 2025 Monthly Extension. 

36

During
the year ended December 31, 2024, the Company received from the Sponsor $1,923