A Form 4 filed on November 2, 2026 reports that Paritosh M. Chakrabarti, Chief Executive Officer of Leader's Advantage Acquisition Corp. (NASDAQ:LEDRU), disclosed the forfeiture of 400,000 Class B ordinary shares on October 29, 2026, in connection with the underwriters' partial exercise of their over-allotment option in the company's initial public offering.

Key Highlights

  • Transaction: Leader's Advantage Company, LLC (the "Sponsor") forfeited 400,000 Class B ordinary shares on October 29, 2026, coded as transaction code "J" in the filing.
  • Reason for forfeiture: The forfeiture occurred because the underwriters did not intend to exercise their over-allotment option with respect to 1,600,000 Class A ordinary shares, according to the filing.
  • Partial over-allotment: The underwriters did exercise the over-allotment option with respect to 650,000 Class A ordinary shares on October 29, 2026, the filing states.
  • Post-transaction holdings: Following the forfeiture, the Sponsor holds 3,797,500 Class B ordinary shares indirectly, as reported in the filing.
  • Derivative price: The price of the derivative security is listed as $0.006 in the filing.
  • Control relationship: According to the filing, Dr. Paritosh M. Chakrabarti is the sole managing member of the Sponsor and holds voting and dispositive control over the shares held by the Sponsor.

Sponsor Forfeiture of Class B Shares Following Partial Over-Allotment Exercise

The Form 4 covers two reporting persons: Paritosh M. Chakrabarti, in his capacity as Chief Executive Officer, and Leader's Advantage Company, LLC, identified as the Sponsor. Both are associated with Leader's Advantage Acquisition Corp., a blank-check company trading on NASDAQ under the symbol LEDRU. The filing covers the transaction date of October 29, 2026.

According to the filing, the Sponsor forfeited an aggregate of 400,000 Class B ordinary shares on October 29, 2026. The filing explains that this forfeiture was made "in connection with notice from the underwriters in the Company's initial public offering that they did not intend to exercise their over-allotment option with respect to 1,600,000 Class A ordinary shares." The filing also notes that the underwriters exercised the over-allotment option with respect to 650,000 Class A ordinary shares on the same date. The transaction is reported under Table II as a derivative security transaction coded "J."

The filing discloses that Class B ordinary shares are automatically convertible into Class A ordinary shares at the time of the issuer's initial business combination on a one-for-one basis, subject to adjustment for anti-dilution rights, and have no expiration date. Following the reported transaction, the Sponsor's beneficial ownership stands at 3,797,500 Class B ordinary shares held indirectly. Dr. Chakrabarti is described in the filing as the sole managing member of the Sponsor with voting and dispositive control, but the filing notes that "Dr. Chakrabarti disclaims beneficial ownership over any securities owned by the Sponsor in which he does not have any pecuniary interest."

What Was Disclosed

The Form 4 discloses the forfeiture of 400,000 Class B ordinary shares by the Sponsor on October 29, 2026, tied to a partial underwriter over-allotment exercise in the company's IPO. Post-transaction, the Sponsor beneficially owns 3,797,500 Class B ordinary shares indirectly.