Company: FTII
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011790
Chunk: 26

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 26
---
 does not complete a Business Combination, the Company
will repay such loans only from funds held outside of the Trust Account. Furthermore, the letter agreement among the Company and the Company’s
officers, directors, and the Sponsor contains a provision pursuant to which the Sponsor will agree to waive its right to be repaid for
such loans to the extent there is insufficient funds held outside of the Trust Account in the event that the Company does not complete
a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for
the Company to complete the initial Business Combination. The public stockholders will not be afforded an opportunity to vote on the month-to-month
extension of time to consummate an initial Business Combination during the Combination Period.

Due from Sponsor

As of March 31, 2025
and December 31, 2024 the Company had paid a total of $1,145,065
and $1,540,984,
respectively, in expenses that will be reimbursed by the Sponsor. As of March 31, 2025 and December 31, 2024, this amount included
$114,048 and $809,072
that was overpaid to redeeming shareholders in August 2023 and February 2024, respectively. As of March 31, 2025, this amount also
included $299,104
in funds withdrawn from the Trust, but not used to pay taxes.

In connection with the First
Extension Meeting, on August 22, 2023, a redemption payment was made by Continental Stock Transfer & Trust Company (“CST”
or “Trustee”), 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