Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 427

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 1A
Chunk 427
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 closing of our initial business combination shall have occurred,
in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.

In
connection with the votes to approve the Extension, the holders of 5,943,650 public shares of our Class A common stock properly
exercised their right to redeem their shares (the “First Extension Redeeming Stockholders “) for cash at a redemption
price of approximately $10.81 per share (the “First Redemption Payment”), for an aggregate redemption amount of
approximately $64.2 million. 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 $10.73 per share. This meant that the First Extension Redeeming Stockholders were overpaid in the amount of
approximately $0.08 per share (the “First Extension Overpayment Amount”). The First Extension Overpayment is reflected
in this Form 10-K as a receivable from the Sponsor as agreed by the Sponsor. This amount will be reduced as the Company receives the
claw back payments from the First Extension Redeeming Stockholders.

16

On
February 17, 2023 the Company caused to be deposited $1,150,000 into the Company’s Trust Account for its public stockholders, representing
$0.10 per public share, allowing the Company to extend the period of time it has to consummate its initial Business Combination by three
months from February 18, 2023 to May 18, 2023. On May 17, 2023 the Company caused to be deposited $1,150,000 into the Company’s
Trust Account for its public stockholders, representing $0.10 per public share, allowing the Company to extend the period of time it
has to consummate its initial Business Combination by three months from May 18, 2023 to August 18, 2023. On August 18, 2023, the Company
caused to be deposited $125,000 into the Company’s Trust Account, allowing the Company to extend the period of time it has to consummate
its initial Business Combination from August 18, 2023 to September 18, 2023. On September 26, 2023, the Company caused to be deposited
$125,000 into the Company’s Trust Account,