Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 82

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 82
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Loans

On
October 18, 2024, the Company caused to be deposited $50,000 into the Company’s Trust Account, allowing the Company to extend
the period of time it has to consummate its initial Business Combination from October 18, 2024 to November 18, 2024. On November 20,
2024, the Company caused to be deposited $37,744 into the Company’s Trust account, allowing the Company to extend the period
of time it has to consummate its initial Business Combination from November18, 2024 to December 18, 2024. On December 18, 2024, the
Company caused to be deposited $37,744 into the Company’s Trust account, allowing the Company to extend the period of time it
has to consummate its initial Business Combination from December 18, 2024 to January 18, 2025. On January 18, 2025, the Company
caused to be deposited $37,744 into the Company’s Trust account, allowing the Company to extend the period of time it has
to consummate its initial Business Combination from January 18, 2025 to February 18, 2025.

Overpayment
in Redemption of the First Extension Redeeming Stockholders and Second Extension Redeeming Shareholders

In
connection with the First Extension Meeting, on August 22, 2023, a redemption payment was made by Continental Stock Transfer & Trust
Company (“CST”), as trustee of the Trust Account, to the First Extension Redeeming Stockholders at a rate of approximately
$10.81 per share (the “First Redemption Payment”). It was later determined that the Company did not withdraw all of the interest
from the Trust Account that it was allowed to withdraw to cover income and franchise taxes and, therefore, the First Redemption Payment
should have been approximately $10.74 per share. This meant that the First Extension Redeeming Stockholders were overpaid in the amount
of approximately $0.07 per share (the “First Extension Overpayment Amount”).

In
connection with the Second Extension Meeting, on February 22, 2024, a redemption payment was made by CST, as trustee of the Trust Account,
to the Second Extension Redeeming Stockholders at a rate of approximately $11.21 per share (the “Second Redemption Payment”).
It was later determined that the Company did not withdraw all of the interest from the Trust Account that it was allowed to