Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 69

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 69
---
 share, to convert such shares of Class B common stock into shares of Class A common stock, par value $0.0001
per share, on a one-to-one basis at the election of such holders (the “Founder Share Amendment Proposal”). Following approval
of the Founder Share Amendment Proposal by the Stockholders, on November 21, 2024, the Company promptly adopted and filed the Charter
Amendment with the Secretary of State of the State of Delaware, and all holders of Class B Common Stock elected to convert their shares
of Class B Common Stock to shares of Class A Common Stock on a one-to-one basis. As of the date of this filing, there is no issued and
outstanding shares of Class B Common Stock.

Promissory
Note - Related Party

On
August 19, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate
principal amount of $300,000 to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing
and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public Offering. As of September 30, 2024 and
December 31, 2023, there is no amount outstanding pursuant to the promissory note, respectively.

Related
Party Loans

In
order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”).
Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination,
without interest, or, at the lender’s discretion, up to $1,500,000 of such loans may be converted upon consummation of a Business
Combination into units at a price of $10.00 per unit. The Units will be identical to the Private Placement Units. In the event that a
Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital
Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of September 30, 2024 and December
31, 2023, the Company has no working capital