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FutureTech II Acquisition Corp. (FTII-3.28%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details that FutureTech II Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
For the three months ended September 30, 2024, the company reported a net loss of $123,127, compared to net income of $661,226 for the same period in 2023. The loss was primarily due to increased expenses related to due diligence costs for a potential business combination.
For the nine months ended September 30, 2024, the company reported a net loss of $38,005, compared to net income of $2,304,899 for the same period in 2023. This change was attributed to higher expenses and lower interest income.
FutureTech II Acquisition Corp. has extended its deadline to complete a business combination to August 18, 2025, following stockholder approval at the Third Extension Meeting held on November 18, 2024.
The company has entered into a Merger Agreement with Longevity Biomedical, Inc., which will result in Longevity merging with and into a wholly-owned subsidiary of FutureTech II Acquisition Corp., with the combined entity expected to be listed on Nasdaq under the ticker symbol 'LBIO'.
As of September 30, 2024, the company had $1,883 in cash and a working capital deficit of $4,638,328. The company has been financing its operations through loans from its sponsor.
The company has faced challenges in maintaining compliance with Nasdaq listing standards, including issues related to market value and public share requirements, and has been working to address these through extensions and amendments to its charter.
FutureTech II Acquisition Corp. has identified material weaknesses in its internal controls over financial reporting, particularly related to the accounting of extension loans and redemption price calculations, and is taking steps to address these issues.
The filing also notes the impact of geopolitical events and economic conditions on the company's operations and potential business combinations, including conflicts in the Middle East and Ukraine, and the effects of the Inflation Reduction Act.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FutureTech II Acquisition Corp. quarterly 10-Q report dated January 28, 2025. To report an error, please email earnings@qz.com.