Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 74

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 74
---
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 September 30, 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 amount includes the amount overpaid to redeeming shareholders in August 2023 and February 2024.

Administrative
Support Agreement

Commencing
on the date the Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the
Company’s liquidation, the Company will cease paying these monthly fees. During the three and nine months ended September 30, 2024
the Company recorded $30,000 and $90,000, respectively of administrative expenses. As of September 30, 2024 and December 31, 2023, the
Company had $310,000 and $220,000 in administrative expenses included in accounts payable and accrued expenses on the Company’s
unaudited condensed balance sheets.

Representative
Shares

The
Company issued to EF Hutton and/or its designees, 115,000 shares of Class A common stock upon the Initial Public Offering. EF Hutton
has agreed not to transfer, assign or sell any such common stock until the completion of the Company’s initial Business Combination.
In addition, EF Hutton has agreed (i) to waive its redemption rights with respect to such common stock in connection with the completion
of the Company’s initial Business Combination and (ii) to waive its rights to liquid