Company: FTII
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011790
Chunk: 66

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 66
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 public shares that are not redeemed for each such one-month
extension unless the closing of our initial business combination shall have occurred, in exchange for a non-interest bearing, unsecured
promissory note payable upon consummation of a business combination.

As approved by its stockholders
at the First Extension Meeting, we filed an amendment to our Charter with the Delaware Secretary of State on August 17, 2023 (the “First
Charter Amendment”), to extend the date by which we have to consummate a business combination for an additional six months, from
August 18, 2023 (the “Termination Date”) to up to February 18, 2024, by electing to extend the date to consummate an initial
business combination on a monthly basis for up to six times by an additional one month each time after the Termination Date, until February
18, 2024 or a total of up to six months after the Termination Date, or such earlier date as determined by the Board, unless the closing
of our initial business combination shall have occurred (the “Extension,” and such later date, the “Extended Termination
Date”), provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account the lesser of:
(i) $125,000 and (ii) an aggregate amount equal to $0.04 multiplied by the number of our public shares that are not redeemed for each
such one-month extension unless the closing of our initial business combination shall have occurred, in exchange for a non-interest bearing,
unsecured promissory note payable upon consummation of a business combination.

In connection with the
votes to approve the Extension, the holders of 5,943,650 public shares of our Class A common stock properly exercised their right to
redeem their shares (the “First Extension Redeeming Stockholders “) for cash at a redemption price of approximately
$10.81 per share (the “First Redemption Payment”), for an aggregate redemption amount of approximately $64.2 million. 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 $10.73 per share. This
meant that the First Extension Redeeming Stockholders were overpaid in the amount of approximately $0.08 per share (the “First
Extension Overpayment Amount”). On or about March