Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 88

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 9C
Chunk 88
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 the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing
price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing six months after a Business Combination, or
earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock
for cash, securities or other property.

34

Working
Capital Loans

On
August 19, 2021, the Sponsor committed to loan the Company an aggregate of up to $300,000 to cover expenses related to the 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.

In
order to finance transaction costs in connection with a Business Combination and ongoing operating costs, the Sponsor has agreed to provide
us with a loan to the Company 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, may be converted
upon consummation of a Business Combination into additional Placement Units at a price of $10.00 per Unit. In the event that a Business
Combination does not close, the Company 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 December 31, 2024, there was $412,257outstanding
under the Working Capital Loans.

Extension
Loans Prior to the Charter Amendments

Pursuant
to the Company’s Charter, if the Company anticipated that it could not consummate a Business Combination within 24 months,
the Company could, by resolution of the Board if requested by the Sponsor, extend the period of time to consummate a Business
Combination up to nine times, each by an additional one month (for a total of up to 33 months to complete a Business Combination),