Company: FTII
Filing Date: 2025-01-21
Form Type: 10-Q/A
Source: 0001493152-25-003104
Chunk: 25

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-21
Form: 10-Q/A
Chunk 25
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 2024 and December 31, 2023, there was $ 3,300,000and $ 2,925,000outstanding under the Extension Loans, respectively.

Due from Sponsor

As of June 30, 2024 and December 31, 2023 the Company had paid a total of $ 1,540,984and $ 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 $ 10,000per month for office space, utilities and secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three and six months ended June 30, 2024 the Company recorded $ 30,000and $ 60,000, respectively of administrative expenses. As of June 30, 2024 and December 31, 2023, the Company had $ 280,000and $ 220,000in administrative expenses included in accounts payable and accrued expenses on the Company’s unaudited condensed balance sheets.

Representative Shares

The Company issued to EF Hutton and/or its designees, 115,000shares of Class A common stock upon the Initial Public Offering. EF Hutton has agreed not to transfer, assign or sell any such common stock until the completion of the Company’s initial Business Combination. In addition, EF Hutton has agreed (i) to waive its redemption rights with respect to such common stock in connection with the completion of the Company’s initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such common stock if the Company fails to complete its initial Business Combination within the Combination Period.

| F-13 |

The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement of sales in the Initial Public Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any hedging, short sale