Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 500

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 500
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 the Trust Account in an interest bearing bank demand deposit account until the earlier of consummation of our initial business combination or liquidation of the Company. The current yield on the funds held in the Trust Account as of October 1, 2024 is 3.72%. A portion of the interest earned on the funds held in the Trust Account may be released to us to pay our taxes, if any, and certain other expenses as permitted. Funds held in the Trust Account shall be maintained in the above-references manner until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below..

Transaction costs of the Initial Public Offering with the exercise of the overallotment option amounted to $ 5,688,352consisting of $ 1,725,000of cash underwriting fees, $ 3,450,000of deferred underwriting fees and $ 513,352of other costs.

Following the closing of the Initial Public Offering, $ 700,000of cash was held outside of the Trust Account available for working capital purposes. As of September 30, 2024, the Company has available to it $ 1,883of cash on its unaudited condensed balance sheet and a working capital deficit of $ 4,638,328. As of December 31, 2023, the Company has available to it $ 17,578of cash on its condensed balance sheet and a working capital deficit of $ 3,661,439.

| F-7 |

Note 1 – Description of Organization and Business Operations. Going Concern and Basis of Presentation (Continued)

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a