A Delaware-incorporated SPAC focused on merging with IoT companies, with no current operations or revenues.

# Company Summary

## Overview
- **Type:** Special Purpose Acquisition Company (SPAC) / Blank Check Company
- **Incorporation:** Delaware, March 3, 2022
- **Purpose:** To effectuate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
- **Focus Industry:** Primarily targeting companies in the **Internet of Things (IoT)** industry or adjacent spaces, which involve physical objects (or groups of objects) with sensors, processing ability, software, and other technologies that connect and exchange data over the Internet or other communications networks ("smart devices").
- **Geographical Focus:** Both developing markets (e.g., China, India) and developed markets (e.g., United States, Europe).

## Business Strategy and Criteria
- **Target Company Valuation:** Between $200 million and $300 million.
- **Target Sectors:** Consumer IoT and industrial IoT sectors, emphasizing automation, digitization, and technology adoption.
- **Management Focus:** Invest in companies with strong management teams capable of scaling globally, with competitive advantages, innovative capabilities, and positive corporate cultures.
- **Deal Structure:** Usually acquiring controlling interest (owning or acquiring 50% or more of voting securities or assets) and structuring deals to include a combination of cash, stock, debt, or other securities.

## Business Model and Operations
- **Pre-Transaction:** No operations or revenues; focused solely on identifying and completing a business combination.
- **Post-Transaction:** Once a target is acquired—mainly in the IoT industry—the company will operate the combined business, possibly with existing management or new management, and strive to grow and create value.

## Financial Details
- **Initial Capitalization:** 
  - Raised gross proceeds of approximately **$54.2 million** (~$10 per unit in the Initial Public Offering)
  - Additional gross proceeds of approximately **$3.58 million** from private warrants purchase
  - Trust account funds: approximately **$55.8 million**, held for the purpose of funding initial business combination
  - Cash in trust as of December 31, 2024: **$28,407**
- **Employees:** Currently, the company has **three executive officers**; it does not plan to have full-time employees prior to completing a business combination.
- **Customers, Revenue, Income:** The company **has no operations, no revenues, and no customers** at this stage. It is a shell entity focused on pursuing a future business combination.

## Management and Leadership
- **CEO:** Bala Padmakumar (Interim CEO after the death of the previous CEO in December 2024)
- **CFO:** Coco Kou
- **CSO:** Robert de Neve
- **Independent Directors:** Stephen Markscheid, Rahul Mewawalla
- **Sponsor:** ALWA Sponsor, LLC

## Current Status
- The company has not yet completed a business combination.
- It is actively seeking target companies in the IoT and adjacent space.
- As of April 29, 2025, the company has not reported any revenue, income, or detailed customer metrics.
- The company is considered a "blank check" company with no ongoing operations or operational revenue until a business combination is completed.

Four Leaf Acquisition Corporation is a Delaware-based blank check company that aims to acquire businesses in the Internet of Things industry, focusing on innovation and growth.

# Four Leaf Acquisition Corporation - Overview 

## Company Description
Four Leaf Acquisition Corporation is a Delaware-based blank check company, incorporated on March 3, 2022. The primary purpose of the company is to acquire, merge, or engage in other business combinations with one or more businesses, primarily targeting entities within the Internet of Things (IoT) industry or adjacent sectors. The company aims to combine with businesses that embody growth and innovation in their respective fields.

## Key Details
- **Incorporation Date:** March 3, 2022
- **Headquarters:** 4546 El Camino Real B10 #715, Los Altos, California, 94022
- **Exchange Listing:** Nasdaq
- **Trading Tick Symbols:**
  - Units: FORLU
  - Class A Common Stock: FORL
  - Warrants: FORLW

## Management Team
The management team consists of experienced professionals recognized for their capabilities in technology, finance, and strategic operations, including:
- **Angel Orrantia** (CEO): Has led various technology firms, managing high-capital investment and acquisition strategies.
- **Coco Kou** (CFO): A certified public accountant with a diverse financial background.
- **Robert de Neve** (Chief Strategy Officer): Extensive experience in advising technology firms and overseeing significant business exits.

## Financial Overview
- **Initial Public Offering (IPO):** Completed on March 16, 2023.
  - **Units Sold:** 5,200,000 units at an offering price of $10.00 per unit, generating gross proceeds of $54,210,000.
  - **Over-allotment:** Underwriters exercised a partial over-allotment option, leading to additional proceeds.
- **Private Placement:** After the IPO, the company completed a private placement of 3,576,900 warrants, raising approximately $3.58 million.

## Trust Account and Financial Position
- **Trust Account Balance:** As of December 31, 2023, the trust account holds approximately $58,063,737, earmarked for the completion of the initial business combination.
- **Cash Position:** The Company had $10,622 in cash as of the end of 2023 and a working capital deficit of $851,869.
- **Revenue:** The Company has yet to generate revenues from operations as it is focused on identifying a suitable target business and not engaged in active operations.
- **Net Income:** For the year ended December 31, 2023, reported net income of $834,785, primarily due to interest and dividend income from its trust account.

## Customer Base
- **Customers:** Specific details on the number of customers have not been disclosed since the company is primarily in the acquisition stage and has conducted no operational activity that would involve ongoing customer relationships.

## Employee Count
- **Employees:** The current team comprises three executive officers, with plans to expand post-business combination. The company does not have any full-time employees as of now. 

## Business Goals
Four Leaf plans to leverage its resources to identify target businesses in both developed and developing markets (face markets in the U.S. and Europe and emerging markets such as China and India). The focus is on IoT companies that align with the trends of automation, digitization, and innovative technology application.

## Summary
Four Leaf Acquisition Corporation is an emerging growth company actively pursuing its inaugural business combination with a focus on the IoT industry, backed by a skilled management team and recent capital raised through its IPO and private placements. The Company is positioned to capitalize on growth in modern technologies and the increasing demand for smart devices and IoT solutions.

Four Leaf Acquisition Corp

10-K / April 30, 2025

10-K / April 1, 2024

10-K / April 30, 2025

Company Summary

Overview

Business Strategy and Criteria

Business Model and Operations

Financial Details

Management and Leadership

Current Status