[Form 3] Four Leaf Acquisition Corporation Warrants Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Wolverine Asset Management LLC and affiliated reporting persons disclosed indirect ownership of 185,500 Class A common shares of Four Leaf Acquisition Corp (FORL) on a Form 3. The filing states the reporting persons became beneficial owners of more than 10% of outstanding shares solely because the issuer reported a large voluntary redemption of shares, which reduced the total outstanding shares as of June 27, 2025. The shares are held directly by Wolverine Flagship Fund Trading Limited; Wolverine Asset Management is the fund manager and Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Robert R. Bellick and Christopher L. Gust are identified in the ownership chain. Each reporting person disclaims beneficial ownership except to the extent of their pecuniary interest.

Insights

Securities Analyst

TL;DR: Indirect >10% stake arose from a reduction in outstanding shares due to redemptions, not a new purchase.

The Form 3 reports 185,500 Class A shares beneficially owned indirectly by a fund managed by Wolverine Asset Management and related entities. The ownership crossing the 10% threshold is explicitly attributed to a decrease in the issuer's outstanding shares following voluntary redemptions reported by the issuer, not to direct acquisition activity. For investors, this is a disclosure of ownership concentration changes driven by capital structure shifts rather than active accumulation by the reporting persons.

Corporate Governance Expert

TL;DR: Filing clarifies control/attribution chain and includes standard disclaimers of pecuniary-only beneficial ownership.

The filing outlines the chain of control: the Fund holds the shares, Wolverine Asset Management is the manager, Wolverine Holdings L.P. is the sole member, and Wolverine Trading Partners, Inc., plus named individuals, are connected to control. Each party disclaims beneficial ownership beyond pecuniary interest, which is customary in multi-entity structures. The disclosure meets Section 16(a) initial reporting requirements triggered by a post-redemption ownership percentage change.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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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. Date of Event Requiring Statement (Month/Day/Year)
07/03/2025

3. Issuer Name and Ticker or Trading Symbol
Four Leaf Acquisition Corp [ FORL ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. 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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock	185,500(1)	I	By Wolverine Asset Management, LLC(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	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. This Form 3 is being filed by the Reporting Persons as a result of becoming beneficial owners of more than 10% of the securities identified above (the "Securities") solely due to the change in the total number of outstanding Securities reported by the Issuer on the current report on Form 8-K filed by the Issuer with the United States Securities and Exchange Commission (the "Commission") on July 3, 2025 (the "8-K"). On such date, due to the voluntary redemption by a large number of holders of the Securities reported on the 8-K to have occurred as of June 27, 2025, the existing Securities beneficially owned by the Reporting Persons caused the Reporting Persons to become a beneficial owner of the Securities in excess of 10% of the total Securities outstanding.

2. The Securities are directly 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	08/21/2025
	Christopher L. Gust, Managing Director of Wolverine Holdings, L.P.	08/21/2025
	Christopher L. Gust, Authorized Signatory Wolverine Trading Partners, Inc.	08/21/2025
	Christopher L. Gust	08/21/2025
	Robert R. Bellick	08/21/2025
	** Signature of Reporting Person	Date
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