Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 291

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 291
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 combination
opportunities. Our Sponsor, officers and directors are not currently aware of any specific opportunities for us to complete our initial
business combination with any entities with which they are affiliated, and there have been no preliminary discussions concerning an initial
business combination with any such entity or entities. Although we will not be specifically focusing on, or targeting, any transaction
with any affiliated entities, we would pursue such a transaction if we determined that such affiliated entity met our criteria for an
initial business and such transaction was approved by a majority of our disinterested directors. Despite our agreement to obtain an opinion
from an independent investment banking firm or another independent entity that commonly renders valuation opinions, regarding the fairness
to our stockholders from a financial point of view of an initial business combination with one or more businesses affiliated with our
Sponsor, officers, directors or existing holders, potential conflicts of interest still may exist and, as a result, the terms of the initial
business combination may not be as advantageous to our public stockholders as they would be absent any conflicts of interest.

42

Since our Initial Stockholders will lose their entire investment
in us if our initial business combination is not completed, a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.

In May 2022, our Sponsor paid $25,000, or approximately $0.011 per
share, to cover certain offering costs in consideration for 2,156,250 Founder Shares. On May 10, 2022, our Sponsor surrendered 287,500
Founder Shares, for no consideration, resulting in our Sponsor and directors continuing to hold 1,868,750 Founder Shares. On August 26,
2022, our 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. 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.
Concurrent with the consummation of the Initial Public Offering, on March 16, 2023, our Sponsor forfeited an aggregate of 373,750 Founder
Shares for no consideration, resulting in our Sponsor and directors holding an aggregate of 1,495,000 Founder Shares, of which up to 195,000
was subject to forfeiture to the extent the over-allotment option was not exercised in