Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 98

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 2
Chunk 98
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 price of $1.00 per warrant. As of March 31, 2025, we had $2,551,100
of outstanding Working Capital Loans from our Sponsor.

As of March 31, 2025,
we had cash equivalents in the form of marketable securities in the Trust Account of $30,666,039. We intend to use substantially all 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 year ended
December 31, 2024, the Company withdrew $1,031,029 of interest and dividend income earned in the Trust Account for payment of the Company’s
franchise and income tax liabilities. As of March 31, 2025 and December 31, 2024, $126,150 and $99,006, respectively, 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 June 22, 2025 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.

31

The $1,264 held outside
of the Trust Account as of March 31, 2025 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