Company: FTII
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001641172-25-025250
Chunk: 44

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-08-22
Form: 10-Q
Item: Item 8
Chunk 44
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-interest bearing, unsecured promissory note payable upon consummation of a business
combination. The Second Charter Amendment was filed as Exhibit 3.1 to the Form 8-K filed by the Company on February 14, 2024

In
connection with the votes to approve the Second Charter Amendment, the holders of 3,236,915 public shares of our Class A common stock
properly exercised their right to redeem their shares (the “Second Extension Redeeming Stockholders”) for cash at a redemption
price of approximately $11.21 per share (the “the Second Redemption Payment”), for an aggregate redemption amount of approximately
$36 million (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 withdraw to cover income and franchise taxes and, therefore, the Second Redemption Payment
should have been approximately $11.10 per share. This meant that the Second Extension Redeeming Stockholders were overpaid in the amount
of approximately $361,843 (the “Second Extension Overpayment Amount”). On or about March 6, 2025, the Trustee of the Trust
Account commenced the claw-back process in connection with the Second Extension Overpayment Amount, which is reflected in this Form 10-Q
as a receivable from the Sponsor as agreed by the Sponsor. This amount will be reduced as the Company receives the claw back payments
from the Second Extension Redeeming Stockholders.

As
of June 30, 2025, approximately $409,036 in aggregate have been received in connection with the First Extension Overpayment Amount, and
$285,989 in aggregate have been received in connection with the Second Extension Overpayment Amount. The $695,024 recovered in aggregate
for the First and Second Extension Overpayments as of June 30, 2025 has been received by the Company and is included in Due from Sponsor
on the Company’s unaudited condensed balance sheets. 

4

On
February 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 February 18, 2024 to March 18, 2024. On March 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