Tue, Jan 21, 10:26 PM (27 days ago)
FutureTech II Acquisition Corp. (FTII) filed an amended Form 10-Q/A for the quarter ending June 30, 2024, to correct material accounting errors related to various financial metrics, including "Due from Sponsor" and "Common Stock subject to possible redemption." The restatement resulted in total assets of $28,264,811 and a current cash position of $476, reflecting a significant decline in cash and marketable securities held in trust from prior periods. For the quarter, FTII reported a net loss of $44,457, significantly down from net income of $836,383 in the same period last year, primarily due to decreased interest income from trust investments. The company has a working capital deficit of $4,322,415 and is under pressure to complete a business combination by August 18, 2024, or face liquidation. Recent Nasdaq compliance issues further complicate its operational outlook, as it must regain compliance with listing rules. The management acknowledges uncertainties in achieving future business combinations and addressing internal control weaknesses that could impact financial reporting. The results highlight ongoing challenges in liquidity and operational execution as FTII navigates its business strategy.