Company: FORL
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001829126-25-000187
Chunk: 75

Company: Four Leaf Acquisition Corp
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 2
Chunk 75
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 of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less deferred underwriting commissions of $1,897,350) to complete its initial business combination, to the extent that our capital stock or debt is used, in whole or in part, as consideration to complete its initial business combination. We may also withdraw dividend and interest income earned in the Trust Account to pay income and franchise taxes.

During the three and nine months ended September 30, 2024, the Company withdrew $464,229 and $1,031,029, respectively, of interest and dividend income earned in the Trust Account for payment of the Company’s franchise and income tax liabilities. As of September 30, 2024, $110,268 of the funds were inadvertently used for the payments of general operating expenses. The Company is expected to replenish these amounts via a Working Capital Loan from its Sponsor or another similar type of financing.

The Initial Stockholders have agreed not to propose any amendment to our Certificate of Incorporation that would affect our public stockholders’ ability to convert or sell their shares to us in connection with a business combination as described herein or affect the substance or timing of our obligation to redeem 100% of our Public Shares if we do not complete a business combination by January 22, 2025 (or June 22, 2025 if the additional extension options are exercised by the Company) unless we provide our public stockholders with the opportunity to redeem their shares of Class A common stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company but net of franchise and income taxes payable, divided by the number of then outstanding Public Shares.

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The $125,986 held outside of the Trust Account
as of September 30, 2024 will not be sufficient to allow the Company to operate for at least the next 12 months from the
issuance of these unaudited condensed financial statements, assuming that a business combination is not consummated during that
time. Giving effect to the 2024 Charter Amendments discussed above, the Company has until January 22, 2025 (or June 22,
2025 if the additional extension options are exercised by the Company), to complete an initial business combination, subject to the
Company making the required Trust Account deposits. If an initial business combination is not consummated by January 22