Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 119

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 119
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 of the benefits of such inspection. This could limit or restrict
our access to the U.S. capital markets and the trading of our securities on a national securities exchange or in the over-the-counter
trading market in the U.S. may be prohibited under the HFCA Act.

The SEC may propose additional rules or guidance that could impact
us if our auditor is not subject to PCAOB inspection. For example, on August 6, 2020, the President’s Working Group on Financial
Markets (the “PWG”), issued the Report on Protecting United States Investors from Significant Risks from Chinese Companies
to the then President of the United States. This report recommended the SEC implement five recommendations to address companies from jurisdictions
that do not provide the PCAOB with sufficient access to fulfill its statutory mandate. Some of the concepts of these recommendations were
implemented with the enactment of the HFCA Act. However, some of the recommendations were more stringent than the HFCA Act. For example,
if a company was not subject to PCAOB inspection, the report recommended that the transition period before a company would be delisted
would end on January 1, 2022.

The SEC has announced that the SEC staff is preparing a consolidated
proposal for the rules regarding the implementation of the HFCA Act and to address the recommendations in the PWG report. It is unclear
when the SEC will complete its rulemaking and when such rules will become effective and what, if any, of the PWG recommendations will
be adopted. The SEC has also announced amendments to various annual report forms to accommodate the certification and disclosure requirements
of the HFCA Act. There could be additional regulatory or legislative requirements or guidance that could impact us if our auditor is not
subject to PCAOB inspection. The implications of these possible regulations in addition to the requirements of the HFCA Act are uncertain,
and such uncertainty could cause the market price of our securities to be materially and adversely affected.

62

If the PCAOB is unable to conduct inspections or full investigations
of our auditor, we could be delisted or prohibited from being traded over the counter by an exchange pursuant to the HFCA Act or AHFCAA
or other related additional regulatory or legislative requirements or guidance. If our securities are unable to be listed on another securities
exchange by then, such delisting and prohibition would substantially impair your ability to sell or purchase our securities when you wish
to do so, and the risk and uncertainty associated with potential delisting and prohibition would have a negative impact