Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 285

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 14
Chunk 285
---
 any, and certain other expenses as permitted. Funds held in the Trust Account shall be maintained in the above-references
manner 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 option amounted to $5,688,352 consisting of $1,725,000 of
cash underwriting fees, $3,450,000 of deferred underwriting fees and $513,352 of other costs.

Following
the closing of the Initial Public Offering, $700,000 of cash was held outside of the Trust Account available for working capital purposes.
As of December 31, 2024, the Company has available to it $56,768 of cash on its balance sheet and a working capital deficit of
$5,026,967. As of December 31, 2023, the Company has available to it $17,578 of cash on its balance sheet and a working capital
deficit of $3,661,439.

    F-7

Note
1 – Description of Organization and Business Operations. Going Concern and Basis of Presentation (Continued)

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 or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.

The
Company has until August 18, 2025 to consummate a Business Combination (the “Combination Period”). If the Company is unable
to complete a Business