[Form 4] Four Leaf Acquisition Corporation Warrants Insider Trading Activity

Rhea-AI Filing Summary

Wolverine Asset Management LLC and related reporting persons disclosed a series of purchases and one sale of Class A common stock of Four Leaf Acquisition Corp. The filings show purchases on 07/11/2025, 07/24/2025 and 07/28/2025 at prices of $11.57, $11.56 and $11.53, respectively, and a sale of 1,000 shares on 08/14/2025 at $11.67. After the reported purchases the beneficial ownership reported ranged around 184,630–185,530 shares, held indirectly by Wolverine Flagship Fund Trading Limited. The filing notes 130 shares are subject to short-swing matchability and that the reporting person agreed to pay $17.17 representing the profit realized on those short-swing transactions.

Positive

• Transparent disclosure of multiple transactions including prices and share counts
• Remediation of Section 16(b) short-swing profit by agreement to pay $17.17

Negative

• Short-swing matchable transactions occurred on 130 shares, triggering a required payment

Insights

Financial Analyst

TL;DR: Routine insider trading disclosure showing small-volume purchases and a matched short-swing profit payment; no material change to ownership.

The Form 4 reports three purchases at roughly $11.53–$11.57 and one sale of 1,000 shares at $11.67, with beneficial ownership after transactions between 184,630 and 185,530 shares held indirectly by a fund. The filing explicitly records a $17.17 payment to address a matched short-swing profit on 130 shares, indicating compliance with Section 16(b). Transaction sizes and the admitted short-swing amount are immaterial relative to typical company market caps; this appears to be routine reporting rather than a material shift in control.

Corporate Governance Expert

TL;DR: Disclosure demonstrates proper reporting and remediation of a short-swing match; governance controls appear operational.

The disclosure names the reporting entities and explains the indirect ownership chain through Wolverine Flagship Fund Trading Limited and related entities, with a disclaimer of beneficial ownership beyond pecuniary interest. The explicit acknowledgement of the 130-share matchable amount and the agreed payment of $17.17 shows the reporting persons identified and remediated a Section 16(b) issue. The filing is procedural and transparent in identifying parties and relationships.

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)
07/11/2025

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	07/11/2025		P		13(1)	A	$11.57	185,513	I	by Wolverine Flagship Fund Trading Limited(2)
Class A Common Stock	07/24/2025		P		17(1)	A	$11.56	185,530	I	by Wolverine Flagship Fund Trading Limited(2)
Class A Common Stock	07/28/2025		P		100(1)	A	$11.53	184,630	I	by Wolverine Flagship Fund Trading Limited(2)
Class A Common Stock	08/14/2025		S		1,000(1)	D	$11.67	185,530	I	by Wolverine Flagship Fund Trading Limited(2)

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 transactions reported in this Form 4 are matchable under Section 16(b) of the Exchange Act to the extent of 130 shares. The Reporting Person has agreed to pay to the Issuer $17.17, which represents the full amount of the profit realized in connection with these short-swing transactions under Section 16(b) of the Exchange Act.

2. The Securities are held by Wolverine Flagship Fund Trading (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 of Wolverine Asset Management, LLC	08/22/2025
	Christopher L. Gust, Managing Director of Wolverine Holdings, L.P.	08/22/2025
	Christopher L. Gust, Authorized Signatory Wolverine Trading Partners, Inc.	08/22/2025
	Robert R. Bellick	08/22/2025
	Christopher L. Gust	08/22/2025
	** 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.

FAQ

What transactions were reported for Four Leaf Acquisition Corp (FORL/FORLW)?

The Form 4 reports purchases of Class A common stock on 07/11/2025 at $11.57, 07/24/2025 at $11.56 and 07/28/2025 at $11.53, and a sale of 1,000 shares on 08/14/2025 at $11.67.

How many shares does the reporting group beneficially own after the transactions?

The reported beneficial ownership following the transactions ranged between 184,630 and 185,530 shares, held indirectly by Wolverine Flagship Fund Trading Limited.

Who is the reporting person and what is the ownership structure?

The primary reporting person is Wolverine Asset Management LLC; the securities are held by Wolverine Flagship Fund Trading Limited, for which Wolverine Asset Management LLC is manager and Wolverine Holdings, L.P. is the sole member/manager, with related individuals named.

Was there any Section 16(b) short-swing issue disclosed?

Yes. The filing states 130 shares are matchable under Section 16(b) and the reporting person agreed to pay $17.17, representing the full profit realized on those short-swing transactions.

What prices were paid for the purchases and received on the sale?

Purchases: $11.57, $11.56, $11.53. Sale: $11.67 for 1,000 shares.