Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 535

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 535
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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.

Transaction costs of the Initial Public Offering with the exercise of the overallotment 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 was held outside of the Trust Account available for working capital purposes. As of December 31, 2023, the Company has available to it $ 17,578of cash on its balance sheet and a working capital deficit of $ 3,661,439. As of December 31, 2022, the Company has available to it $ 262,756of cash on its balance sheet and a working capital deficit of $ 367,265.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one