Four Leaf Acquisition Corp

Four Leaf Acquisition Corp is a U.S.-based blank check company formed to complete a merger, stock exchange, asset acquisition, or similar business combination with one or more operating businesses. It has no operating business of its own and exists to identify and close a target transaction; in December 2024 it signed a merger agreement with Xiaoyu Dida Interconnect International Limited.

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— Four Leaf Acquisition Corp
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SPAC formation and capital pool0% IPO proceeds held in trust and outside cash used to fund the search for a target and transaction costs.
Business combination execution0% Merger, stock exchange, asset purchase, or similar transaction with an operating company.
Sponsor support and financing0% Working capital loans and administrative support provided by the sponsor and affiliates.
Public company shell operations0% SEC reporting, compliance, and overhead required to maintain the listed vehicle.

Four Leaf does not sell products or services to end customers in the normal operating sense...

  • Public shareholdersprimary

    Investors in the SPAC units/shares who hold redemption rights and are exposed to the outcome of the business combination.

  • Sponsor and affiliatesprimary

    Provide working capital loans and administrative support to keep the vehicle operating until a deal closes or liquidation occurs.

  • Target companyprimary

    The operating business that would merge into the SPAC structure to become publicly listed.

  • Advisers and transaction counterpartiessecondary

    Legal, accounting, and other service providers that support due diligence, filings, and closing mechanics.

The company is incorporated in Delaware and operates as a U.S. public company, so its core activity is centered in the...

  • •Incorporated in Delaware, United States
  • •Listed as a U.S. public company
  • •Announced target is a Cayman Islands company
  • •No operating revenue geography to report
  • •Cross-border merger structure drives legal complexity

The company's strategy is to complete an initial business combination before its deadline and avoid mandatory...

01
Complete the announced business combinationshort-term

The SPAC has no operating revenue and must close a transaction to create value and avoid liquidation.

02
Secure working capital and transaction fundingshort-term

Cash outside the trust is insufficient, so sponsor loans and other financing are needed to cover operating and deal costs.

03
Manage redemption and liquidation riskshort-term

High redemptions or failure to close by the deadline can force liquidation and destroy the SPAC structure.

The company faces existential execution risk because it has no operating business and must close a transaction before...

critical

Mandatory liquidation if no business combination closes by the deadline

The company has no operating revenue and exists only to complete a transaction before June 22, 2025.

Scope
All shareholders and the SPAC structure
Materiality
high
high

Liquidity shortfall outside the trust account

Cash held outside the trust was only $1,264 at March 31, 2025, so operating and deal costs depend on sponsor support or new financing.

Scope
Transaction expenses and ongoing public company costs
Materiality
high
high

Shareholder redemptions reducing transaction proceeds

Redemptions can shrink the cash delivered into the combined company and may complicate closing conditions.

Scope
Deal financing and post-close capitalization
Materiality
high
medium

Dependence on sponsor and related-party funding

Working capital loans and administrative support are provided by the sponsor and may not be available on demand.

Scope
Near-term liquidity and compliance costs
Materiality
medium
Common stock subject to possible redemption
Affects balance sheet classification and shareholders' equity
Excise tax liability on redemptions
Affects liabilities and net income
Related-party payables and sponsor loans
Affects current liabilities and liquidity disclosure
Trust account interest income
Affects non-operating income and redemption accounting
Going concern assessment
Affects financial statement presentation and investor risk assessment

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: 28.4.2026