Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 307

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 307
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 upon consummation of an initial business combination.

In connection with
the Second Extension Meeting, stockholders holding 3,236,915 public shares exercised their right to redeem such shares (the “Second
Extension Redeeming Shareholders”) for a pro rata portion of the funds in the Company’s Trust Account. As a result, approximately
$36.0 million (approximately $11.21 per share, the (“Second Extension Price”)) was removed from the Trust Account
to pay such holders. 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”). The Company has commenced a claw back process of the Second Extension
Overpayment Amount, which is reflected in this proxy statement/prospective as a receivable from the Sponsor (as Due from Sponsor)
as agreed by the Sponsor. This amount will be reduced as the Company receives the claw back payments from the Second Extension Redeeming
Stockholders.

On November 18,
2024, FutureTech held another Special Meeting of stockholders (the “Third Extension Meeting”). At the Third Extension Meeting,
the stockholders approved amendments to FutureTech’s Amended and Restated Certificate of Incorporation (the “Third Charter
Amendment”) to, among other things, extend the date by which FutureTech must (i) consummate an initial business combination; (ii)
cease its operations, except for the purpose of winding up, if it fails to complete such initial business combination; and (iii) redeem
100% of the public shares, from November 18, 2024 to August 18, 2025, by electing to extend the date to consummate an initial business
combination on a monthly basis for up to nine times by an additional one month each time, unless the closing of FutureTech’s initial
business combination has occurred (such applicable later date, the “Extended Date”), without the need for any further approval
of FutureTech’s stockholders, provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account
for each such one-month extension (the “Third Extension Payment”) an aggregate of $0.05 per public share that remains outstanding