FutureTech II Acquisition Corp. Files 2023 Annual Report

TL;DR

<b>FutureTech II Acquisition Corp. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

FutureTech II Acquisition Corp. (FTII) filed a Annual Report (10-K) with the SEC on April 5, 2024. FutureTech II Acquisition Corp. filed its 10-K report for the fiscal year ending December 31, 2023. The company's fiscal year end is December 31. The filing was made on April 5, 2024. The company's IRS number is 872551539. The company's SIC code is 6770 (Real Estate & Construction).

Why It Matters

For investors and stakeholders tracking FutureTech II Acquisition Corp., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial performance and operational status for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The filing details the company's capital structure, including common stock and warrants, offering insights into potential dilution and shareholder value.

Risk Assessment

Risk Level: — FutureTech II Acquisition Corp. shows moderate risk based on this filing. The company is a special purpose acquisition company (SPAC) and its primary business is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. As such, it has no ongoing operations or revenue-generating activities until a business combination is completed, making traditional financial risk assessment less applicable.

Analyst Insight

Investors should monitor FutureTech II Acquisition Corp. for announcements regarding potential business combinations, as this is the primary driver of the company's future value.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-04-05 — Filing Date (As of date)
• 6770 — SIC Code (Standard Industrial Classification)
• 872551539 — IRS Number (IRS Number)

Key Players & Entities

• FutureTech II Acquisition Corp. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-04-05 (date) — Filing date
• 6770 (industry_code) — Standard Industrial Classification
• 872551539 (tax_id) — IRS Number
• FTII (ticker) — Ticker symbol

FAQ

Risk Factors

• Lack of Business Operations [high — operational]: As a special purpose acquisition company (SPAC), FutureTech II Acquisition Corp. has no commercial operations and will only pursue a business combination. Its success is entirely dependent on identifying and completing such a transaction.
• Dependence on Business Combination [high — financial]: The company's ability to generate revenue and achieve profitability is contingent upon the successful completion of a business combination, for which there is no guarantee.
• SPAC Regulatory Environment [medium — regulatory]: The company operates within the evolving regulatory landscape for SPACs, which could impact its ability to complete a business combination or its post-combination operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-04-05: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

SPAC

Special Purpose Acquisition Company: A shell company that is formed to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company. (FutureTech II Acquisition Corp. is a SPAC, and its entire business model revolves around this structure.)

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. (This filing is the primary source of detailed financial and operational information for the fiscal year.)

Key Financial Figures

• $0.0001 — tock Market LLC Class A Common stock, $0.0001 par value per share FTII The Nasdaq
• $11.50 — A Common Stock at an exercise price of $11.50 per share FTIIW The Nasdaq Stock Ma
• $10.20 — by public stockholders may be less than $10.20 per share. You will not have any righ
• $10.00 — being offered, the "Public Shares"), at $10.00 per Unit, generating gross proceeds of
• $115,000,000 — per Unit, generating gross proceeds of $115,000,000 (the "Initial Public Offering"), includ
• $5,200,750 — nit, generating total gross proceeds of $5,200,750 (the "Private Placement"). The Placemen
• $117,300,000 — involve a public offering. A total of $117,300,000, comprised of the proceeds from the Off
• $126 billion — he coming years and reach approximately $126 billion by 2025. We believe the development of
• $50.1 billion — is projected to grow from approximately $50.1 billion in 2020 to over approximately $110.0 bi
• $110.0 billion — 1 billion in 2020 to over approximately $110.0 billion in 2024. 4 The global AI market rea
• $40.21 billion — market reached a value of approximately $40.21 billion in 2020. The AI market is projected t

Filing Documents

• form10-k.htm (10-K) — 874KB
• ex4-5.htm (EX-4.5) — 133KB
• ex21-1.htm (EX-21.1) — 2KB
• ex31-1.htm (EX-31.1) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex97.htm (EX-97.1) — 21KB
• form10-k_001.jpg (GRAPHIC) — 13KB
• 0001493152-24-013334.txt (&nbsp;) — 4242KB
• ftii-20231231.xsd (EX-101.SCH) — 33KB
• ftii-20231231_cal.xml (EX-101.CAL) — 44KB
• ftii-20231231_def.xml (EX-101.DEF) — 182KB
• ftii-20231231_lab.xml (EX-101.LAB) — 258KB
• ftii-20231231_pre.xml (EX-101.PRE) — 220KB
• form10-k_htm.xml (XML) — 452KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 10

Cybersecurity

Item 1C. Cybersecurity 10

Properties

Item 2. Properties 10

Legal Proceedings

Item 3. Legal Proceedings 11

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 11 PART II 11

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11

[Reserved]

Item 6. [Reserved] 12

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 12

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 14

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 14

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 14

Controls and Procedures

Item 9A. Controls and Procedures 15

Other Information

Item 9B. Other Information 15

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 15 PART III 16

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 16

Executive Compensation

Item 11. Executive Compensation 22

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 22

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 23

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 25 PART IV 26

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 26

Form 10-K Summary

Item 16. Form 10-K Summary 27

Signatures

Signatures 28 PART I CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS; SUMMARY OF RISK FACTORS This Annual Report contains statements that constitute forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Some of the statements in this Annual Report constitute forward-looking statements because they relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking our ability to select an appropriate target business or businesses; our ability to complete our initial business combination; our expectations around the performance of the prospective target business or businesses; our success in retaining or recruiting, or changes required in, our officers, key employees or directors follow

Risk Factors" in this Annual Report

Item 1A. Risk Factors" in this Annual Report. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Annual Report should not be regarded as a representation by us that our plans and objectives will be achieved. 1 We have based the forward-looking statements included in this Annual Report on information available to us on the date of this Annual Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Annual Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Summary of Risk Factors An investment in our securities involves a high degree of risk. The occurrence of one or more of the events or circumstances described in the section titled " Risk Factors ," alone or in combination with other events or circumstances, may materially adversely affect our business, financial condition and operating results. In that event, the trading price of our securities could decline, and you could lose all or part of your investment. Such risks include, but are not limited to: Our public stockholders may not be afforded an opportunity to vote on our proposed initial business combination, which means we may complete our initial business combination even though a majority of our public stockholders do not support such a combin

View Full Filing

View this 10-K filing on SEC EDGAR