Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 105

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 105
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(UNAUDITED)

Note
1 - Description of Organization and Business Operations, Going Concern and Basis of Presentation

FutureTech
II Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on August 19, 2021. The Company was
formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As
of September 30, 2024, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through
September 30, 2024 relates to organizational activities, identifying a target company for a business combination, and
activities in connection with the proposed Business Combination with Longevity. The Company will not generate any operating revenues
until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the
form of interest income on cash and cash equivalents from the proceeds derived from the Company’s initial public offering (the
“Initial Public Offering”). The Company has selected December 31 as its fiscal year end.

The
registration statement for the Initial Public Offering was declared effective on February 14, 2022. On February 18, 2022, the Company
consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A common stock
included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note
3.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 520,075 private placement units (the “Private
Placement Units”) at a price of $10.00 per unit in a private placement to the FutureTech Partners II LLC (the “Sponsor”),
generating gross proceeds of $5,200,750, which is described in Note 4.

Following
the closing of the Initial Public Offering on February 18, 2022, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement Units was placed