Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 242

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 242
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 our operating companies in the PRC to utilize their revenues
effectively and may affect the value of your investment.

●The PRC government may exert substantial interventions and influences on our combined company’s operations at any time. Any
new policies, regulations, rules, actions or laws by the PRC government may subject our combined company to material changes in operations,
may cause the value of our securities to significantly decline or be worthless, and may completely hinder our ability to offer or continue
securities to investors.

●The China Securities Regulatory Commission (the “CSRC”) and other Chinese government agencies may exert more oversight
and control over offerings that are conducted overseas and foreign investment in PRC-based issuers. It is possible that we may need to
obtain approvals or permissions from the CSRC or another PRC regulatory body if we undertake a business combination with a PRC-based entity.
As a result, we may have to spend additional resources and incur additional time delays to complete any such business combination or be
prevented from pursuing certain investment opportunities, or even could significantly affect our ability to offer or continue to offer
securities to investors and cause the value of our securities to significantly decline or be worthless.

16

Risks Relating to our Search for, and Consummation of or
Inability to Consummate, a Business Combination

Our independent registered public accounting firm’s report
contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.”

At December 31, 2024, we had cash of $28,407 and a working capital
deficit of $3,334,790, which excludes current liabilities associated with franchise and income taxes. Further, we have incurred and expect
to continue to incur significant costs in pursuit of our acquisition plans. Management’s plans to address this need for capital
are discussed in the section of this Annual Report titled “Management’s Discussion and Analysis of Financial Condition and
Results of Operations.” We cannot assure you that our plans to raise capital or to consummate an initial business combination will
be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The financial statements
contained elsewhere in this Annual Report do not include any adjustments that might result from our inability to consummate an initial
business combination or our inability to continue as a going concern.

Our public stockholders may not be afforded an opportunity to vote
on our proposed initial business combination, which means we may complete our initial business combination even though a