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Four Leaf Acquisition Corporation (FORL0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Four Leaf Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company has not commenced any operations and will not generate operating revenues until after the completion of its initial business combination.
Four Leaf Acquisition Corporation reported a net income of $131,457 for the three months ended September 30, 2024, primarily due to $380,258 in dividend and interest income from the trust account, offset by $174,608 in formation and operating costs and $74,193 in income tax expense.
As of September 30, 2024, the company had $29,555,985 in cash held in a trust account, which will be used to complete its initial business combination. The company has until January 22, 2025, to complete a business combination or it will liquidate and dissolve.
The company entered into an Agreement and Plan of Merger with Xiaoyu Dida Interconnect International Limited on December 17, 2024. The merger will result in Four Leaf Acquisition Corporation becoming a wholly-owned subsidiary of Xiaoyu Dida.
The company has extended the period to consummate an initial business combination multiple times, with the most recent extension being until January 22, 2025. Each extension required a deposit of $75,000 into the trust account.
Four Leaf Acquisition Corporation is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain exemptions from various reporting requirements.
The company faces risks and uncertainties, including potential impacts from geopolitical events and economic conditions, which could affect its ability to complete a business combination.
The company has identified a material weakness in its internal controls over financial reporting related to the review and approval of cash disbursements, which it is in the process of addressing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Four Leaf Acquisition Corporation quarterly 10-Q report dated January 15, 2025. To report an error, please email earnings@qz.com.