Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 65

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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 upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations. Certain
of the forthcoming proposed regulations (if issued) could, however, apply retroactively. The Notice generally provides that if a covered
corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such covered corporation
in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise
tax.

Because any redemptions
of our stock in connection with a business combination, extension vote or otherwise will occur after December 31, 2022, the redemptions
that take place after that date, including the redemption on June 18, 2024 in connection with the 2024 Special Meeting, may be subject
to the excise tax. Whether and to what extent we would be subject to the excise tax in connection with any such redemptions would depend
on a number of factors, including (i) the fair market value of the such redemptions, together with any other redemptions or repurchases
we consummate in the same taxable year, (ii) the structure of any business combination and the taxable year in which it occurs (including
redemptions in connection with the Special Meeting), (iii) the nature and amount of any equity issuances, in connection with a business
combination or otherwise, issued within the same taxable year, (iv) whether we completely liquidate and dissolve within the taxable year
of such redemptions, and (v) legal uncertainties regarding how the excise tax applies to transactions like the business combination (and,
if applicable, a complete liquidation and dissolution of the Company) and the content of final and proposed regulations and further guidance
from the Treasury. The foregoing could cause a reduction in the cash available on hand to complete a business combination and in our ability
to complete a business combination. The proceeds placed in the trust account and the interest earned thereon will not be used to pay for
the excise tax that may be levied on the Company in connection with such redemptions. The Company further confirms that it will not utilize
any funds from the trust account to pay any such excise tax.

On June 18, 2024, the
Company’s stockholders redeemed 2,752,307 Class A common stock shares for a total of $30,194,356. The Company evaluated the status
and probability of the excise taxes