Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 303

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 14
Chunk 303
---

stock, par value $0.0001 per share, to convert such shares of Class B common stock into shares of Class A common stock, par value $0.0001
per share, on a one-to-one basis at the election of such holders (the “Founder Share Amendment Proposal”). Following approval
of the Founder Share Amendment Proposal by the Stockholders, on November 21, 2024, the Company promptly adopted and filed the Charter
Amendment with the Secretary of State of the State of Delaware, and all holders of Class B Common Stock elected to convert their shares
of Class B Common Stock to shares of Class A Common Stock on a one-to-one basis. The Company and the holders of 2,875,000 shares of Class B Common
Stock submitted required instruments to the Company’s transfer agent and on February 4, 2025, all of 2,875,000 shares of Class B
Common Stock were converted to 2,875,000 shares of Class A Common Stock that are non-redeemable and are subject to same transfer restrictions.
As of December 31, 2024, there is no issued and outstanding shares of Class B Common Stock.

Working
Capital Loans

In
order to finance transaction costs in connection with a Business Combination and fund ongoing operating cost, the Sponsor has agreed
to loan the Company funds as may be required up to $1,500,000 (the “Working Capital Loans”). Such Working Capital Loans would
be evidenced by non-interest-bearing promissory notes. The notes would either be repaid upon consummation of a Business Combination,
without interest, or, at the lender’s discretion, may be converted into private placement units at a price of $10.00 per unit.
The Units will be identical to the Private Placement Units. In the event that a Business Combination does not close, the Company may
use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account
would be used to repay the Working Capital Loans. As of December 31, 2024 and December 31, 2023, the Company has $412,257 and $0 working
capital loans outstanding respectively.

    F-17

Note
5 - Related Party Transactions (Continued)

Extension
Loan - Related Party

On
August 17, 2023, the Company held a special meeting of stockholders, at which the Company’s stockholders approved an amendment
(the “