Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 538

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 538
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 redeeming stockholders were overpaid in the amount of $ 447,229. The Company has initiated recovery efforts from the redeeming stockholders through Continental Stock Transfer & Trust Company (“CST”). Redeeming Stockholders are in the process of being notified of this situation and are being instructed to return the Overpayment Amount to CST. The Sponsor is responsible for the shortfall, if any, between the overpayment amount of $ 447,229, which is included in Due from Sponsor amount on the Company’s condensed balance sheet, and the actual amount recovered from Redeeming Stockholders.

Liquidity and Management’s Plans

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

At December 31, 2022, the Company had cash of $ 262,756and working capital deficit of $ 367,265.

In connection with the Company’s assessment of going concern considerations 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 until April 18, 2024 (or up to November 18, 2024, if extended) to complete a Business Combination. It is uncertain that the Company will be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this date and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Additionally, as a result of the military action that commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination or the operations of a target