Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 85

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.

In
connection with the votes to approve the Extension, the holders of 5,943,650 public shares of our Class A common stock properly exercised
their right to redeem their shares for cash at a redemption price of approximately $10.81 per share (the “First Redemption Payment”),
for an aggregate redemption amount of approximately $64.2 million. 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 First Redemption
Payment should have been approximately $10.73 per share. This meant that the First Extension Redeeming Stockholders were overpaid in
the amount of approximately $0.08 per share (the “First Extension Overpayment Amount”). The First Extension Overpayment is
reflected in this Form 10-Q as a receivable from the Sponsor as agreed by the Sponsor. This amount will be reduced as the Company receives
the claw back payments from the First Extension Redeeming Stockholders.

3

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

On
February 17, 2023 the Company caused to be deposited $1,150,000 into the Company’s Trust Account for its public
stockholders, representing $0.10 per public share, allowing the Company 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 the Company caused to be
deposited $1,150,000 into the Company’s Trust Account for its public stock