Company: FVN
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001829126-25-005949
Chunk: 24

Company: Future Vision II Acquisition Corp.
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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2024, the over-allotment option was exercised and none of the Founder Shares were subject to forfeiture.

The Sponsor has agreed not to transfer, assign
or sell their Founder Shares (excluding any units or shares comprising the units acquired in the offering) until the earlier to occur
of (a) twelve months after the completion of the Company’s initial Business Combination and (b) upon completion of the Company’s
initial Business Combination, (x) if the last reported sale price of the Company’s ordinary shares equals or exceeds $12.00 per
unit (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination or (y) the date on
which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction after the Company’s
initial Business Combination that results in all of the Company’s shareholders having the right to exchange their ordinary shares
for cash, securities or other property. Any permitted transferees would be subject to the same restrictions and other agreements of our
sponsor, directors and executive officers with respect to any Founder shares.

(ii) Promissory Note — Related
Party

On February 22, 2024, the Company issued a promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $500,000 (the “Promissory Note”) to be used for a portion of the expenses for the IPO. This loan is non-interest bearing, unsecured and is due at the earlier of (1) September 30, 2024 or (2) the closing of the IPO. The loan will be repaid upon the closing of the IPO out of the offering proceeds not held in the Trust Account.

For the period from January 30, 2024 (inception)
through June 30, 2024, the Company had borrowed $375,000
under the Promissory Note with the Sponsor for its IPO. Shortly after completion of the IPO, such amount was fully repaid.

    16

FUTURE VISION II ACQUISITION CORP.

NOTES TO UNAUDITED
            CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2025

(iii) Working Capital Loans

In addition, in order to finance transaction costs in connection with an intended