Form 4: Wolverine Asset Management Sells FORL Shares

Wolverine Asset Management LLC reported the sale of 572 shares of Four Leaf Acquisition Corp Class A Common Stock at $12.49 per share.

Summary

• Wolverine Asset Management LLC, a 10% owner and director of Four Leaf Acquisition Corp (FORL), reported a transaction involving Class A Common Stock.
• On October 6, 2025, 572 shares of Class A Common Stock were disposed of at a price of $12.49 per share.
• Following this transaction, Wolverine Flagship Fund Trading Limited indirectly beneficially owns 184,058 shares.
• Other reporting persons include Wolverine Holdings, L.P., Wolverine Trading Partners, Inc., Robert R. Bellick, and Christopher L. Gust, all of whom are also identified as 10% owners and directors, and are deemed to beneficially own the securities due to their control over Wolverine Asset Management LLC and its related entities, disclaiming beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reported sale of shares by a significant owner and director. While the quantity is relatively small, insider selling can be interpreted as a lack of confidence.

Negatives

• A 10% owner and director, Wolverine Asset Management LLC, disposed of shares, which can be perceived as a negative signal by the market.

Risks

• The sale of shares by a significant owner could lead to negative market sentiment regarding Four Leaf Acquisition Corp's future prospects.
• Potential for further sales by the reporting persons, which could exert downward pressure on the stock price.

Management Comments

• 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.

Related Party Transactions

• The filing details the hierarchical ownership structure where Wolverine Asset Management LLC manages Wolverine Flagship Fund Trading Limited, Wolverine Holdings, L.P. manages Wolverine Asset Management LLC, and Robert R. Bellick and Christopher L. Gust control Wolverine Trading Partners, Inc., the general partner of Wolverine Holdings, L.P. This structure results in multiple related entities and individuals being deemed beneficial owners of the reported securities.

Stakeholder Impact

• Shareholders may interpret the insider sale as a negative signal, potentially influencing their investment decisions and the company's stock price.
• The disclosure provides transparency regarding the beneficial ownership structure of a significant shareholder.

Key Dates

Recommendation

The reported sale of 572 shares by Wolverine Asset Management LLC, a 10% owner, is a minor negative signal. While insider selling can indicate a lack of confidence, the volume is not substantial enough to warrant an immediate 'sell' recommendation without additional information or a larger trend of divestment. Investors should monitor future insider transactions and company performance for further insights.

Keywords

Four Leaf Acquisition Corp, FORL, Wolverine Asset Management, Insider Trading, SEC Form 4, Stock Sale, 10% Owner, Class A Common Stock