Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 458

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 458
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 any adjustment to the conversion ratio set forth in Company’s amended and restated certificate of incorporation with respect to the Class B Common Stock of the Company held by the Sponsor, in each case, on the terms and subject to the conditions set forth in the Sponsor Support Agreement.

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Related Party Loans

On August 19, 2021, the Sponsor committed to loan FutureTech an aggregate of up to $300,000 to cover expenses related to FutureTech’s initial public offering pursuant to a promissory note (the “Note”). The Note was non-interest bearing and was payable on the earlier of March 31, 2022 or the completion of the Initial Public Offering. The Note was fully drawn as of September 30, 2024. The Company is not required to repay the Note and as such is treated as a capital contribution and included in accumulated deficit on FutureTech’s unaudited condensed balance sheets.

In order to finance transaction costs in connection with a Business Combination, the Sponsor may provide us with a loan to FutureTech up to $1,500,000 as may be required (“Working Capital Loans”). Such Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such loans may be converted upon consummation of a Business Combination into additional private units at a price of $10.00 per unit. In the event that a Business Combination does not close, FutureTech 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 September 30, 2024, there were no amounts outstanding under any Working Capital Loans.

On February 17, 2023, FutureTech caused to be deposited $1,150,000 into the Trust Account for its public stockholders, representing $0.10 per public share, allowing FutureTech to extend the period of time it has to consummate its initial Business Combination by three months from February 18, 2023 to May 18, 2023. On May 17, 2023, FutureTech caused to be deposited $1,150,000 into the Trust Account for its public stockholders, representing $0.10 per public share, allowing FutureTech to extend the period of time it has to consummate its initial Business Combination by three months from May 18, 2023