Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 713

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 2
Chunk 713
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 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 was utilized
for working capital needs, $542,000 was utilized to fund the Initial Extension and $525,000 was utilized to fund the First 2024 Monthly
Extension, Second 2024 Monthly Extension, Third 2024 Monthly Extension, Fourth 2024 Monthly Extension, Fifth 2024 Monthly Extension,
Sixth 2024 Monthly Extension and Seventh 2024 Monthly Extension. The Working Capital Loans are to be repaid upon the consummation of
a business combination, without interest, or, at the lender’s option, up to $2,000,000 of the outstanding Working Capital Loans
are convertible into Private Placement Warrants at a price of $1.00 per warrant. As of December 31, 2024 and 2023, the Company had $2,000,000
and $272,000, respectively, of outstanding Working Capital Loans from the Sponsor, included in Convertible note – related party
in the accompanying balance sheets. As of December 31, 2024 and 2023, the Company had $191,100 and $0 respectively, included in Promissory
note – related party in the accompanying balance sheets.

77

Administrative
Support Agreement 

On March 22, 2023, the Company entered into the