Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 217

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1
Chunk 217
---
 new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December
15, 2023, but allows for early adoption. The Company adopted ASU 2020-06 on January 1, 2024 which had no impact on its financial statements.

In December 2023, the FASB issued ASU
2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that addresses requests for improved income
tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt
the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective
basis to all prior periods presented in the financial statements and early adoption is permitted. The Company is currently
evaluating the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional
recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s
financial statements. 

NOTE
3 – INITIAL PUBLIC OFFERING 

On March
16, 2023, the Company sold 5,200,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and
one Public Warrant. Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share.
Each Public Warrant will become exercisable 30 days after the completion of the initial business combination and will expire five years
after the completion of the initial business combination, or earlier upon redemption or liquidation (see Note 7). In connection with the
IPO, the Company also granted the underwriters a 45-day option to purchase an additional 780,000 Units at the IPO price. 

On March
17, 2023, the underwriters exercised their option to purchase 221,000 additional Units for the total amount of $2,210,000. The remaining
over-allotment option for 559,000 Units expired on April 30, 2023.

NOTE
4 – 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