Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 306

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 306
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First Extension
Redeeming Stockholders”) for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $64.2
million (approximately $10.81 per share (the “First Redemption Price”) was removed from the Trust Account to pay such holders.
It was later determined that we 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 Price 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”). The Company has commenced a claw back process of the First Extension Overpayment Amount, which is reflected in this proxy
statement/prospective as a receivable from the Sponsor (as Due from Sponsor) as agreed by the Sponsor. This amount will be reduced
as the Company receives the claw back payments from the First Extension Redeeming Stockholders.

On February 14,
2024, FutureTech held a Special Meeting of Stockholders (the “Second Extension Meeting”). At the Second Extension Meeting,
the stockholders approved amendments to FutureTech’s Amended and Restated Certificate of Incorporation (the “Second Charter
Amendment”) to, among other things, extend the date by which FutureTech must (i) consummate an initial business combination; (ii)
cease its operations, except for the purpose of winding up, if it fails to complete such initial business combination; and (iii) redeem
100% of the public shares, from February 18, 2024 to November 18, 2024, by electing to extend the date to consummate an initial business
combination on a monthly basis for up to nine times by an additional one month each time, unless the closing of FutureTech’s initial
business combination has occurred, without the need for any further approval of FutureTech’s stockholders, provided that the Sponsor
(or its affiliates or permitted designees) will deposit into the Trust Account for each such one- month extension (the “Second Extension
Payment”) the lesser of (a) an aggregate of $50,000 or (b) $0.03 per public share that remains outstanding and is not redeemed prior
to any such one-month extension, unless the closing of FutureTech’s initial business combination has occurred, in exchange for a
non-interest bearing promissory note payable