Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 124

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 124
---
) the date on which the closing
price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing six months after a Business Combination, or
earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock
for cash, securities or other property.

On
November 18, 2024, the Company held a special stockholder meeting (the “Third Extension Meeting”) following the notice provided
by the Definitive Proxy filed on Schedule 14A on October 31, 2024 (as amended and supplemented, the “Proxy Statement”) with
the SEC, and stockholders approved by requisite votes to amend the Charter to provide for the right of the holders of Class B common
stock, par value $0.0001 per 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