Company: FTII
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001641172-25-025250
Chunk: 27

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-08-22
Form: 10-Q
Item: Item 8
Chunk 27
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 the Working Capital Convertible Note. If an Event of Default under the Working Capital Convertible Note has occurred,
a Working Capital Investor, in his/her sole discretion, may elect to use a Conversion Price equal to the lower of: (i) the lowest traded
price of the common stock of the Company on the Principal Market on the Trading Day immediately preceding the Issue Date or (ii) 95%
of either the lowest traded price or the closing bid price, whichever is lower for the Company’s common stock on the Principal
Market during any Trading Day in which the Event of Default has not been cured.

The
Working Capital Investors agreed to waive any and all of their rights and remedies that they may have at law or in equity against the
Trust Account of the Company (as such term is defined in the S-1 of the Company), including, but not limited to, right to sue and collect
from the Trust Account in the Event of Default by the Company.

The
foregoing descriptions of the Working Capital Convertible Notes and the transactions contemplated thereby are only summaries and do not
purport to be complete and are qualified in their entirety by reference to the full text of such instruments, a copy of which is attached
as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 11, 2025 and incorporated herein by reference.

Due
from Sponsor

As
of June 30, 2025 and December 31, 2024 the Company had paid a total of $1,145,065 and $1,540,984, respectively, in expenses that will
be reimbursed by the Sponsor. As of June 30, 2025 and December 31, 2024, this amount included $114,048 and $809,072 that was overpaid
to redeeming shareholders in August 2023 and February 2024, respectively. As of June 30, 2025, this amount also included $299,104 in
funds withdrawn from the Trust, but not used to pay taxes.

In
connection with the First Extension Meeting, on August 22, 2023, a redemption payment was made by Continental Stock Transfer & Trust
Company (“CST” or “Trustee”), as trustee of the Trust Account, to the First Extension Redeeming Stockholders
at a rate of approximately $10.81 per share (the “First Redemption Payment”). It was later determined that the Company did
not withdraw