Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 256

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 11
Chunk 256
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 of time to consummate an initial Business Combination during the
Combination Period.

Due
from Sponsor

As
of December 31, 2024 and December 31, 2023 the Company had paid a total of $1,540,984
and $1,179,141,
respectively, in expenses that will be reimbursed by the Sponsor. This includes the amount of $809,072
that was overpaid to redeeming shareholders in August 2023 and February 2024.

In connection with the First Extension Meeting, on August 22, 2023, a redemption payment was made by Continental
Stock Transfer & Trust Company (“CST” or “Trustee”), as trustee of the Trust Account, to the First Extension
Redeeming Stockholders at a rate of approximately $10.81 per share (the “First Redemption Payment”). 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 $10.74 per share. This meant that the First Extension
Redeeming Stockholders were overpaid in the amount of approximately $0.07 per share (the “First Extension Overpayment Amount”).

In connection with the Second Extension Meeting, on February 22, 2024, a redemption payment was made by CST, as trustee
of the Trust Account, to the Second Extension Redeeming Stockholders at a rate of approximately $11.21 per share (the “Second
Redemption Payment”). 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 Second Redemption Payment should have been approximately
$11.10 per share. This meant that the Second Extension Redeeming Stockholders were overpaid in the amount of approximately $0.11 per
share (the “Second Extension Overpayment Amount”).

On or about March 6, 2025, the Trustee of the Trust Account commenced the claw-back process in connection with the
First Extension Overpayment Amount and Second Extension Overpayment Amount. As of March 31, 2025, approximately $337,442 in aggregate
have been received in connection with the First Extension Overpayment Amount, and $176,184 in aggregate have been received in connection
with the Second Extension Overpayment Amount.

Administr