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Four Leaf Acquisition Corporation's Current Situation

Four Leaf Acquisition Corporation, a publicly-listed special purpose acquisition company trading under the ticker FORL on NASDAQ, finds itself in a precarious situation. On April 17, 2025, the company received a notice from the staff of the Nasdaq Listing Qualifications department indicating that its failure to file its Annual Report on Form 10-K for the year ending December 31, 2024, may lead to delisting. This alarming notification serves as a strong indicator that the company is at risk of losing its position in the capital market.

Failure to comply with reporting requirements is a serious matter that could severely impact stakeholders and investors associated with Four Leaf Acquisition Corporation. If the company does not file an appeal in a timely manner, it could lead to the suspension of trading for the company’s Common Stock, followed by the eventual filing of a Form 25-NSE with the Securities and Exchange Commission. The filing will effectively remove the company's securities from the NASDAQ Stock Market, further diminishing its market presence and shareholder value.

The situation worsened on April 21, 2025, when the company received another notification from Nasdaq regarding additional grounds for delisting. This notice was due to the company's failure to pay specific fees required under Listing Rule 5250(f). This double jeopardy places immense pressure on the management team to act swiftly in order to preserve their listing status.

Company’s Plans Moving Forward

In the face of these challenges, Four Leaf Acquisition Corporation is not taking the situation lightly. The leadership has expressed its full intent to appeal these determinations, following the established procedures outlined in the Nasdaq Listing Rule Series 5800. This appeal aims to halt the impending suspension of the company's securities and postpone the Form 25-NSE filing until a panel review is conducted. The management believes that the appeal will buy them valuable time to rectify the reported non-compliance issues, enabling a smoother path moving forward.

Bala Padmakumar, who serves as the Chairman and Interim CEO, alongside the other executive team members, has emphasized the importance of addressing these issues promptly. They are committed to regaining compliance with NASDAQ's listing standards while maintaining communication with stakeholders.

About the Company

To provide some context, Four Leaf Acquisition Corporation is incorporated in Delaware and was created with the goal of engaging in mergers, share exchanges, asset acquisitions, share purchases, and similar business combinations. The company has its sights set on identifying appealing opportunities in the Internet of Things (IoT) market, which is known for its rapid growth and innovative developments.

Management is currently evaluating multiple target companies that could potentially become attractive public entities. Their strategy hinges on navigating through current challenges while maintaining a clear vision for future expansions.

Forward-Looking Statements

It is crucial to note that this declaration includes forward-looking statements as defined by the relevant sections of securities law. The words used in this press release such as "aims," "could," "should," "will," "may," and similar expressions signify these forward-looking indications. These statements reflect management's assumptions regarding upcoming events, however, they are subject to various risks and uncertainties. The company does not undertake any duty to publicly update these forward-looking statements unless required by applicable laws and regulations.

The recent developments underscore the critical situation that Four Leaf Acquisition Corporation finds itself in. With decisive actions and effective management, there is hope that the company can steer itself away from delisting and continue its journey towards identifying and forming valuable business combinations in the burgeoning IoT space.