Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 197

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 10
Chunk 197
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5 to April 18, 2025.

As
of December 31, 2024 and December 31, 2023, there was $3,537,744 and $2,925,000 outstanding under the Extension Loans, respectively.

As
of March 31, 2025, there was approximately $3,650,976 outstanding under the Extension Loans from the Sponsor. Each Extension Loan was
made in the form of non-interest-bearing promissory note. If the Company completes its initial Business Combination, the Company will
convert all of the total loan amount into shares of Class A Common Stock pursuant to the Merger Agreement. If the Company does not complete
a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account. Furthermore, the letter
agreement among the Company and the Company’s officers, directors, and the Sponsor contains a provision pursuant to which the Sponsor
will agree to waive its right to be repaid for such loans to the extent there is insufficient funds held outside of the Trust Account
in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated
to fund the Trust Account to extend the time for the Company to complete the initial Business Combination. The public stockholders will
not be afforded an opportunity to vote on the month-to-month extension 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.