Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 69

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 69
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 initial business combination has occurred, in exchange for a non-interest bearing promissory note payable upon consummation of an initial business combination. In connection with the Second Extension Meeting, stockholders holding 3,236,915 public shares exercised their right to redeem such shares (the “Second Extension Redeeming Shareholders”) for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately $36.0 million (approximately $11.21 per share, (the “Second Extension Price”)) was removed from the Trust Account to pay such holders. 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 Second Redemption Price should have been approximately $11.10 per share. This meant that the Second Extension Redeeming Stockholders were overpaid in the amount of approximately $0.11 per share (the “Second Extension Overpayment Amount”). The Company has commenced a claw back process of the Second 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 Second Extension Redeeming Stockholders.

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On November 18, 2024, FutureTech held another Special Meeting of stockholders (the “Third Extension Meeting”). At the Third Extension Meeting, the stockholders approved amendments to FutureTech’s Amended and Restated Certificate of Incorporation (the “Third Extension 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 November 18, 2024 to August 18, 2025, 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 (such applicable later date, the “Extended Date”), 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 “Third Extension Loan”) an aggregate of $0.