Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 1368

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 7
Chunk 1368
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 forfeiture lapsed for 55,250 Founder Shares.
Following the expiration of the underwriters’ remaining over- allotment option on April 30, 2023, the remaining 139,750 Founder
Shares were forfeited, resulting in the Sponsor and directors holding an aggregate of 1,355,250 Founder Shares. 

Private
Placement 

On March
16, 2023, in the private placement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 warrants
(each a “Private Placement Warrant”) at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500. 

On March
17, 2023, the underwriters partially exercised their over-allotment option resulting in the Company issuing 127,400 Private Placement
Warrants, generating an additional $127,500 in gross proceeds. 

Each Private
Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private
Placement of the Private Placement Warrants funded the trust account, IPO issuance costs and the operations prior to the business combination.
If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments
from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private
Placement Warrants will be worthless (see Note 7). 

Working
Capital Loans 

In order
to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of
the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working
Capital Loans”). If the Company completes a business combination, the Company will repay the Working Capital Loans. Up to
$2,000,000 of such loans may be converted into warrants, at a price of $1.00 per warrant at the option of the lender, upon
consummation of the Company’s initial business combination. In the event that a business combination does not close, the
Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the
Trust Account would be used to repay the Working Capital Loans.

During the
year ended December 31, 2024, the Company received from the Sponsor $1,923,100 in Working Capital Loans, of which $856,100