Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 110

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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the “Sponsor Support Agreement”). The Sponsor Support Agreement provides that the Sponsor agrees (i) to vote in
favor of the proposed transactions contemplated by the Merger Agreement, (ii) to appear at the purchaser special meeting for purposes
of constituting a quorum, (iii) to vote against any proposals that would materially impede the proposed transactions contemplated by
the Merger Agreement, (iv) to not redeem any shares of the Company’s Common Stock held by it that may be redeemed, and (v) to waive
any adjustment to the conversion ratio set forth in the Company’s amended and restated certificate of incorporation (as amended
from time to time, the “Charter”) with respect to shares of the Class B Common Stock of the Company held by the Sponsor,
in each case, on the terms and subject to the conditions set forth in the Sponsor Support Agreement.

On
September 20, 2024, the Company filed a Form 8-K with the SEC to report the Merger Agreement and other legal agreements relating to the
Longevity Business Combination.

Liquidity
and Management’s Plans

At
September 30, 2024, the Company had cash of $1,883 and working capital deficit of $4,638,328.

At
December 31, 2023, the Company had cash of $17,578 and working capital deficit of $3,661,439.

Based
on the foregoing, unless the Company can raise additional capital, including continuing funding from the Sponsor, the management believes
that the Company will not have sufficient working capital and borrowing capacity to meet its needs through the consummation of the Business
Combination. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity,
which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and
reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable
terms, if at all.

In
accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures
of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has evaluated that there are certain
conditions and events, considered in the aggregate, that raise doubt about the Company’s ability to continue as a going concern
through until August 18, 2025 , the date that the