Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 52

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 52
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 Merger Agreement contemplates that, on or before the Closing, FutureTech and certain security holders, as applicable, shall enter into a Lock-Up Agreement in the form agreed between FutureTech and Longevity.

PIPE Agreement

On December 13, 2024, FutureTech entered into a subscription agreement (the “Subscription Agreement”) with the PIPE Investor in connection with the PIPE Investment, pursuant to which the PIPE Investor agreed to subscribe and purchase 1,000,000 shares of FutureTech Common Stock, at a price of $5 per share, subject to certain customary closing conditions, contingent upon the concurrent consummation of the Business Combination. The effectiveness of the Subscription Agreement was conditioned upon entering into an escrow agreement between the Company and the PIPE Investor regarding certain shares to be pledged for the Subscription Agreement.

On January 31, 2025, in connection with the Subscription Agreement, the Company and the PIPE Investor signed an escrow agreement dated January 23, 2025 (the “Escrow Agreement”), pursuant to which the Company agreed to issue additional 2,000,000 shares of Class A Common Stock (the “Escrow Shares”, together with any dividends, distributions or other income on the Escrow Shares, the “Escrow Property”), in the name of the Company, to be deposited with Escrow Agent (as defined therein) for two (2) years from the date of the Closing (the “Escrow Release Date”), subject to release to PIPE Investor if and only if the closing price of the common stock of the Company on the date immediately prior to the Escrow Release Date is less than $7.50 per share. Pursuant to the Escrow Agreement, the Escrow Agent shall release a portion of the Escrow Shares to the PIPE Investor such that the aggregate value of all shares of Common Stock issued to the PIPE Investor at or before the Closing plus the value of the portion of the Escrow Property released to the PIPE Investor is equal to $7,500,000; provided, however, that if the aggregate value of all shares of Common Stock issued to the PIPE Investor at or before the Closing plus the value of the Escrow Property on the Escrow Release Date is less than $7,500,000, the PIPE Investor will be entitled to receive all of the Escrow Property but nothing more; provided, further, that, each Escrow Share shall be valued at an amount equal to the closing price of the shares of Common Stock on Nasdaq on the day immediately prior to the Escrow Release