Wed, Apr 9, 7:00 PM (18 days ago)
**Summary of FutureTech II Acquisition Corp. (FTII)** **Company Overview:** FutureTech II Acquisition Corp. (FTII) is a blank check company incorporated in Delaware on August 19, 2021. It was formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company focuses on the disruptive technology sector, including artificial intelligence (AI), robotic process automation, and biomedical life sciences. **Financial Performance:** - **Revenue:** FTII has not generated any operating revenue to date. The company will not generate operating revenues until after the completion of its initial business combination. - **Net Income:** For the year ended December 31, 2024, FTII reported a net loss of $746,953, consisting of investment income of $1,342,491, partially offset by expenses of $1,814,864 and tax expense of $274,580. For the year ended December 31, 2023, FTII reported net income of $2,911,502, consisting of investment income of $4,809,102 and a gain on extinguishment of notes payable of $144,443, partially offset by expenses of $1,062,699 and tax expense of $979,344. - **Earnings per Share (EPS):** Basic and diluted net income (loss) per share of redeemable common stock was $0.18 for 2024 and $(0.35) for 2023. For non-redeemable common stock, it was $(0.35) for 2024 and $(0.16) for 2023. **Operating Expenses:** - FTII incurred significant costs in the pursuit of its initial business combination. For the year ended December 31, 2024, administrative fees related to the sponsor were $120,000, franchise tax was $200,000, and general and administrative expenses were $1,494,864. **Strategic Overview:** - FTII's management team focuses on creating stockholder value by leveraging experience to improve business efficiency and implementing strategies to grow revenue and profits organically and through acquisitions. - The company's acquisition process involves comprehensive due diligence, including financial statement analysis, detailed document reviews, technology diligence, and consultations with industry experts. **Future Outlook:** - FTII has until August 18, 2025, to consummate an initial business combination. If it fails to do so, it will liquidate and distribute the remaining funds in the trust account to public stockholders. - The company is pursuing a merger agreement with Longevity Biomedical Inc., which focuses on advancing technologies and services across therapeutics, monitoring, and digital health that address diseases associated with aging. **Risk Factors:** - **Market Position Changes:** FTII's securities were suspended from trading on Nasdaq on February 26, 2025, and are now quoted on the over-the-counter market. This may adversely affect liquidity and trading of its securities. - **Financial Condition:** As of December 31, 2024, FTII had cash of $56,768 and a working capital deficit of $5,026,967. The company's financial statements do not include any adjustments that might result from its inability to continue as a going concern. **Management and Governance:** - The board of directors includes Ray Chen (CEO and CFO), Yuquan Wang, Neil Bush, Jeffrey Moseley, and Jonathan McKeage. The company has established an audit committee and a compensation committee to oversee financial reporting and executive compensation. **Conclusion:** FutureTech II Acquisition Corp. is in the process of identifying and completing a business combination within the specified timeframe. The company's financial condition and market position changes pose significant risks, but its strategic focus on disruptive technologies and experienced management team provide a foundation for potential future growth.