Wed, Aug 14, 6:31 PM (153 days ago)
FutureTech II Acquisition Corp. reported financial results for the quarter ending June 30, 2024, highlighting significant changes in financial health and performance metrics. The company experienced a net loss of $44,457 for Q2 2024, a decrease from net income of $836,383 in Q2 2023, attributed to lower investment income and higher expenses related to due diligence for potential business combinations. Total current assets fell to $795,388 from $938,533 at the end of 2023, primarily due to cash depletion. Marketable securities in the trust account decreased to $26,660,351 from $61,839,164, reflecting substantial redemptions. The company faced a working capital deficit of $1,831,487, raising concerns about its ability to continue as a going concern unless a business combination is completed by the extended deadline of November 18, 2024. The company has made several extensions to its business combination period, necessitating deposits into the trust account to maintain compliance. Uncertainties regarding market conditions and geopolitical events may impact future operations and the ability to secure financing for a business combination.