Company: FTII
Filing Date: 2025-01-14
Form Type: 10-Q/A
Source: 0001493152-25-002175
Chunk: 4

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-14
Form: 10-Q/A
Chunk 4
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 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 4.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 520,075private placement units (the “Private Placement Units”) at a price of $ 10.00per 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 5.

Following the closing of the Initial Public Offering on February 18, 2022, an amount of $ 117,300,000($ 10.00per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below. To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act, following the 24-month anniversary of the effective date of the registration statement relating to the Company’s Initial Public Offering, the Company has instructed Continental Stock Transfer & Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing bank demand deposit account until the earlier of consummation of a Business Combination or liquidation of the Company.

Transaction costs of the Initial Public Offering with the exercise of the overallotment option amounted to $ 5,688,352consisting of $ 1,725,000of cash underwriting fees, $ 3,450,000of deferred underwriting fees and $ 513,352of other costs.

Following the closing of the Initial Public Offering, $ 700,000of cash