Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 794

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 1C
Chunk 794
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2022, the Company
consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A common stock
included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note
3.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 520,075 private placement units (the “Private
Placement Units”) at a price of $10.00 per unit in a private placement to the FutureTech Partners II LLC (the “Sponsor”),
generating gross proceeds of $5,200,750, which is described in Note 4.

Following
the closing of the Initial Public Offering on February 18, 2022, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (“Trust Account”),
To mitigate the risk that we might be deemed to be an investment company for purposes of the Investment Company Act of 1940 (the “Investment
Company Act”), on or before the 24-month anniversary of the effective date of the registration statement relating to the Company’s
Initial Public Offering, the Company maintained the investment of funds held in the Trust Account in U.S. government securities within
the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in money market funds
investing solely in United States government treasury obligations and meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 under the Investment Company Act (or any successor rule). Following the 24-month anniversary of the effective date
of the registration statement relating to the Company’s Initial Public Offering, the Company has instructed Continental Stock Transfer
& Trust Company, the trustee with respect to the Trust Account, to liquidate the U.S. government treasury obligations or money market
funds held in the Trust Account and thereafter to hold all funds in 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