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  4. [Form 4] Four Leaf Acquisition Corp Insider Trading Activity

FORL insider: 184,058 shares held; 572 shares traded at $12.49

Wolverine Asset Management LLC and related reporting persons disclosed a change in beneficial ownership of Class A common stock of Four Leaf Acquisition Corp (FORL).

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Wolverine Asset Management LLC and related reporting persons disclosed a change in beneficial ownership of Class A common stock of Four Leaf Acquisition Corp (FORL). On 10/06/2025 the filing shows a transaction of 572 shares at a price of $12.49. After the reported transaction the reporting persons state they beneficially own 184,058 shares indirectly through Wolverine Flagship Fund Trading Limited. The filing explains the chain of control: Wolverine Asset Management manages the Fund, Wolverine Holdings, L.P. is the sole member, and certain individuals may be deemed to control the general partner; each disclaims beneficial ownership beyond their pecuniary interest. Signatures are dated 10/10/2025.

Positive

  • Maintains substantial indirect stake of 184,058 shares, indicating continued exposure
  • Transaction disclosed under Section 16, ensuring regulatory transparency

Negative

  • Reported sale of 572 shares at $12.49, representing a reduction in holdings
  • Beneficial ownership is indirect through layered entities, which can obscure direct economic control

Insights

Minor insider sale reduced direct exposure; significant indirect stake remains.

The reporting group documents a 572-share transaction at $12.49 and retains an indirect holding of 184,058 shares. The disclosure clarifies ownership through a fund and nested entities, which is a common structure to separate management control from direct beneficial ownership.

Key dependencies are the fund's mandate and any trading plans; monitor any future Section 16 filings for additional transfers or plan disclosures within the next 30–90 days.

Transaction size is small versus total stake, limited immediate market impact.

A sale of 572 shares at $12.49 is disclosed, leaving an indirect position of 184,058 shares. Given the modest size of the reported trade relative to the retained holding, this filing signals routine portfolio rebalancing rather than a material exit.

Watch for subsequent Form 4s or aggregate changes to the 184,058-share position over the coming weeks to assess trend direction and potential liquidity effects.

Insider WOLVERINE ASSET MANAGEMENT LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Bellick Robert, Gust Christopher
Role 10% Owner | 10% Owner | 10% Owner | 10% Owner | 10% Owner
Sold 572 shs ($7K)
Type Security Shares Price Value
Sale Class A Common Stock 572 $12.49 $7K
Holdings After Transaction: Class A Common Stock — 184,058 shares (Indirect, by Wolverine Flagship Fund Trading Limited)
Footnotes (1)
  1. F1. The Securities are held by Wolverine Flagship Fund Trading Limited (the "Fund"). Wolverine Asset Management, LLC is the manager of the Fund, the sole member and manager of Wolverine Asset Management, LLC is Wolverine Holdings, L.P., and Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc., the general partner of Wolverine Holdings, L.P. In such capacities, each of the Reporting Persons may be deemed to beneficially own the securities reported herein, but disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest therein.

FAQ

What did the Form 4 filed for FORL report?
The Form 4 reported a transaction of 572 Class A shares at $12.49 on 10/06/2025 and an indirect beneficial ownership of 184,058 shares.

Who are the reporting persons on the FORL Form 4?
Reporting persons include Wolverine Asset Management LLC, Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., and individuals Robert R. Bellick and Christopher L. Gust.

How is the 184,058 shares held according to the filing?
The filing states the shares are held indirectly by Wolverine Flagship Fund Trading Limited, managed by Wolverine Asset Management.

When were the signatures dated on the Form 4?
Signatures on the filing are dated 10/10/2025.

Does the filing indicate control or a disclaimer of ownership?
Yes; the filing explains the reporting persons may be deemed to beneficially own the securities due to management roles but disclaim ownership beyond pecuniary interest.

Is this transaction likely to materially affect FORL's stock?
The disclosed sale of 572 shares is small relative to the retained 184,058-share position, suggesting limited immediate market impact.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
WOLVERINE ASSET MANAGEMENT LLC
(Last) (First) (Middle)
175 WEST JACKSON
SUITE 340
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Four Leaf Acquisition Corp [ FORL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
10/06/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 10/06/2025 S 572 A $12.49 184,058 I by Wolverine Flagship Fund Trading Limited(1)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
WOLVERINE ASSET MANAGEMENT LLC
(Last) (First) (Middle)
175 WEST JACKSON
SUITE 340
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Wolverine Holdings, L.P.
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Wolverine Trading Partners, Inc.
(Last) (First) (Middle)
175 WEST JACKSON BLVD
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Bellick Robert
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Gust Christopher
(Last) (First) (Middle)
175 W. JACKSON BLVD.
SUITE 200
(Street)
CHICAGO IL 60604
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. The Securities are held by Wolverine Flagship Fund Trading Limited (the "Fund"). Wolverine Asset Management, LLC is the manager of the Fund, the sole member and manager of Wolverine Asset Management, LLC is Wolverine Holdings, L.P., and Robert R. Bellick and Christopher L. Gust may be deemed to control Wolverine Trading Partners, Inc., the general partner of Wolverine Holdings, L.P. In such capacities, each of the Reporting Persons may be deemed to beneficially own the securities reported herein, but disclaims beneficial ownership of such securities except to the extent of its or his pecuniary interest therein.
Kenneth Nadel, Chief Operating Officer Wolverine Asset Management 10/10/2025
Christopher L. Gust, Managing Director of Wolverine Holdings, L.P. 10/10/2025
Christopher L. Gust, Authorized Signatory Wolverine Trading Partners, Inc. 10/10/2025
Robert R. Bellick 10/10/2025
Christopher L. Gust 10/10/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR