Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 138

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 138
---
 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 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 $0.11 per share (the “Second
Extension Overpayment Amount”).

The
First Extension Redeeming Shareholders and the Second Extension Redeeming Stockholders are in the process of being notified of this
situation and are being instructed to return the First Extension Overpayment Amount and the Second Extension Overpayment Amount to
CST.

In
light of the above, the Company amended and restated its prior financial statements during the Affected Period as disclosed in its
Current Report on Form 8-K filed with the SEC on December 13, 2024. The aggregate amount of the First Extension Overpayment Amount
and the Second Extension Overpayment Amount is reflected in the Company’s unaudited condensed financial statements in this
Form 10-Q as Due from the Sponsor.

F-19

Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References
to the “Company,” “us,” “our” or “we” refer FutureTech II Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim
financial statements and related notes thereto contained