Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 129

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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 the Company to extend the period
of time it has to consummate its initial Business Combination from December 18, 2024 to January 18, 2025. On January 18, 2025, the Company
caused to be deposited $37,744 into the Company’s Trust account, allowing the Company to extend the period of time it has
to consummate its initial Business Combination from January 18, 2025 to February 18, 2025.

As
of September 30, 2024 and December 31, 2023, there was $3,300,000 and $2,925,000 outstanding under the Extension Loans, respectively.

As
of January 27, 2025, there was approximately $3,400,000 outstanding under the Extension Loans from the Sponsor. Each Extension Loan was
made in the form of non-interest-bearing promissory note. If the Company completes its initial Business Combination, the Company
will convert all of the total loan amount into shares of Class A Common Stock pursuant to the Merger Agreement. If the Company 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 September 30, 2024 and December 31, 2023 the Company had paid a total of $1,540,984 and $1,179,141, respectively, in expenses that
will be reimbursed by the Sponsor. This amount includes the amount overpaid to redeeming shareholders in August 2023 and February 2024.

Administrative
Support Agreement

Commencing
on the date the Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space,
utilities and secretarial and