Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 372

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 8
Chunk 372
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 cash flows.

New
Law and Changes

On
August 16, 2022, the Inflation Reduction Act (the “IR Act”) was signed into law, which, beginning in 2023, will impose a
1% excise tax on public company stock buybacks.

The
IR Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The
total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. Redemption
rights are ubiquitous to nearly all SPACs. The Company has recorded a liability on the accompanying balance sheets to be in compliance
with the IR Act.

Nasdaq
IM-5101-2 requires that the Company, a special purpose acquisition company, complete one or more business combinations within 36 months
of the effectiveness of its initial public offering registration statement, which, in the case of the Company, would be February 14,
2025. Effective on October 7, 2024, Nasdaq Rule 5815 was amended to provide for the immediate suspension and delisting upon issuance
of a delisting determination letter to an issuer for failure to meet the requirements of Nasdaq IM5101-02. Pursuant to Nasdaq Rule 5815,
as amended, Nasdaq may only reverse its delisting determination if it finds that it made a factual error in applying Nasdaq Rule 5815,
as amended.

On
February 19, 2025, the Company received a notice from the Nasdaq stating that the Company did not comply with Nasdaq Interpretive Material
IM-5101-2, and that our securities are now subject to delisting. The Company did not appeal Nasdaq’s determination to delist the
Company securities and accordingly, the Company’s securities was suspended from trading on Nasdaq at the opening of business on
February 26, 2025. On February 25, 2025, the Company received a letter of approval from FINRA to begin trading over the counter with
the symbols “FTII” “FTIIU” and “FTIIW” commencing on February 26, 2025. The Company expects that
Nasdaq will file a Form 25-NSE with the SEC to delist its securities, and that the delisting will become effective ten (10) days after
Nasdaq files the Form 25-NSE with