Home / Going-concern warnings / Four Leaf Acquisition Corp
Filed 2025-08-27 路 Form 10-Q 路 Accession 0001213900-25-080962 nano
Price before filing: $11.71 (2025-08-26 close, split/dividend-adjusted)
Market cap at flag: $30.4M (2025-08-27) 路 Latest: $28.5M (2026-09-08)
| Window | FORL | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -1.9% | +2.9% | -4.7% | 2025-09-26 |
| 90 days | -1.8% | +4.9% | -6.7% | 2025-11-25 |
| 180 days | +0.3% | +6.4% | -6.0% | 2026-02-23 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 2 insiders sold $4.3M (10 sales); 1 insider bought $1K (3 purchases)
30 days after: none reported.
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-07-11 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Purchase | 13 | $11.57 | $150 | no | Form 4 |
| 2025-07-24 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Purchase | 17 | $11.56 | $197 | no | Form 4 |
| 2025-07-28 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Purchase | 100 | $11.53 | $1K | no | Form 4 |
| 2025-08-14 | WOLVERINE ASSET MANAGEMENT LLC (+4 joint filers) 10% owner | Sale | 1,000 | $11.67 | $12K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 197,861 | $11.62 | $2.3M | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 93,095 | $11.62 | $1.1M | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 26,568 | $11.62 | $309K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 20,743 | $11.62 | $241K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 12,209 | $11.62 | $142K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 6,291 | $11.62 | $73K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 6,079 | $11.62 | $71K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 3,626 | $11.62 | $42K | no | Form 4 |
| 2025-08-15 | AQR Capital Management Holdings, LLC (+2 joint filers) 10% owner | Sale | 60 | $11.62 | $697 | no | Form 4 |
| 2025-08-27: red flag filed | |||||||
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-05-29 to 2025-09-26. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"Management has determined that the liquidity condition, potential mandatory liquidation and subsequent dissolution raise substantial doubt about the Company's ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-06-30)
Why this score: quarterly (unaudited) disclosure; also within 90 days: Late quarterly report (NT 10-Q)
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
The week's most serious auditor changes, restatements, late filings and going-concern warnings, in plain English. Free. Unsubscribe anytime.
Subscribe to the newsletter →
The signup form didn't load here (often an ad or privacy blocker). This opens beehiiv's secure signup page.
Form not showing? Subscribe on beehiiv →
Newsletter delivered by beehiiv. See our privacy policy.