Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 357

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 8
Chunk 357
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 to the Company’s Initial Public Offering, the Company has instructed Continental Stock Transfer
& Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market
funds held in the Trust Account and thereafter to hold all funds in the Trust Account in an interest bearing bank demand deposit account
until the earlier of consummation of our initial business combination or liquidation of the Company. The current yield on the funds held
in the Trust Account as of October 1, 2024 is 3.72%. A portion of the interest earned on the funds held in the Trust Account may be released
to us to pay our taxes, if 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