FutureTech II Acquisition Corp. Files Q2 2024 10-Q
Ticker: FTII · Form: 10-Q · Filed: Aug 14, 2024 · CIK: 1889450
Sentiment: neutral
Topics: 10-Q, SPAC, quarterly-report
Related Tickers: FTII
TL;DR
FTII filed its Q2 10-Q. No major business updates, still a blank check company.
AI Summary
FutureTech II Acquisition Corp. filed its 10-Q for the period ending June 30, 2024. The company, previously known as Future Tech II Acquisition Corp., is involved in blank checks and real estate/construction. Its fiscal year ends on December 31st, and its principal business address is in New Rochelle, NY.
Why It Matters
This filing provides investors with an update on the financial health and operational status of FutureTech II Acquisition Corp. during the second quarter of 2024.
Risk Assessment
Risk Level: low — The filing is a standard quarterly report for a SPAC with no immediate red flags or significant financial events disclosed.
Key Numbers
- 11.50 — Exercise Price (Per share exercise price for redeemable warrants)
Key Players & Entities
- FutureTech II Acquisition Corp. (company) — Filer
- Future Tech II Acquisition Corp. (company) — Former company name
- 20240630 (date) — Reporting period end date
- 20240814 (date) — Filing date
- New Rochelle, NY (location) — Business address
FAQ
What is the primary business of FutureTech II Acquisition Corp.?
FutureTech II Acquisition Corp. is classified under 'BLANK CHECKS [6770]' and has an associated organization name of '05 Real Estate & Construction'.
When is the fiscal year end for FutureTech II Acquisition Corp.?
The fiscal year end for FutureTech II Acquisition Corp. is December 31st.
What was the reporting period for this 10-Q filing?
The conformed period of report for this 10-Q filing was June 30, 2024.
What is the exercise price for the redeemable warrants issued by FutureTech II Acquisition Corp.?
The redeemable warrants are exercisable for one share of Class Common Stock at an exercise price of $11.50 per share.
Has the company's name changed previously?
Yes, the company was formerly known as Future Tech II Acquisition Corp., with a date of name change on October 20, 2021.
Filing Stats: 4,662 words · 19 min read · ~16 pages · Grade level 18.1 · Accepted 2024-08-14 14:30:27
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
Filing Documents
- form10-q.htm (10-Q) — 637KB
- ex31-1.htm (EX-31.1) — 12KB
- ex31-2.htm (EX-32.1) — 8KB
- 0001493152-24-032073.txt ( ) — 3466KB
- ftii-20240630.xsd (EX-101.SCH) — 28KB
- ftii-20240630_cal.xml (EX-101.CAL) — 33KB
- ftii-20240630_def.xml (EX-101.DEF) — 170KB
- ftii-20240630_lab.xml (EX-101.LAB) — 214KB
- ftii-20240630_pre.xml (EX-101.PRE) — 191KB
- form10-q_htm.xml (XML) — 450KB
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION F-1 Item 1.
Financial Statements
Financial Statements: F-1 Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 (Audited) F-1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) F-2 Condensed Statements of Changes in Stockholders' Deficit for the Six Months Ended June 30, 2024 and 2023 (Unaudited) F-3 Condensed Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (Unaudited) F-4 Notes to Condensed Financial Statements (Unaudited) F-5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 9 Item 4.
Controls and Procedures
Controls and Procedures 9
– OTHER INFORMATION
PART II – OTHER INFORMATION: 9 Item 1.
Legal Proceedings
Legal Proceedings 9 Item 1A.
Risk Factors
Risk Factors 9 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Mine Safety Disclosures 9 Item 5. Other Information 9 Item 6. Exhibits 10 2 FUTURETECH II ACQUISITION CORP. CONDENSED BALANCE SHEETs June 30, December 31, 2024 2023 (unaudited) ASSETS Current Assets: Cash $ 476 $ 17,578 Prepaid expenses 63,000 64,043 Extension fee receivable - 125,000 Due from Sponsor 731,912 731,912 Total Current Assets 795,388 938,533 Marketable Securities held in Trust Account 26,660,351 61,839,164 Total Assets $ 27,455,739 $ 62,777,697 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 414,761 $ 295,138 Excise tax payable 1,005,209 642,389 Franchise tax payable 194,364 94,364 Income tax payable 1,009,833 1,087,603 Accrued offering costs 2,708 2,708 Total Current Liabilities 2,626,875 2,122,202 Deferred underwriting commission 3,450,000 3,450,000 Total Liabilities 6,076,875 5,572,202 COMMITMENTS AND CONTINGENCIES (Note 6) - - Class A common stock, $ 0.0001 par value; 100,000,000 shares authorized; 2,319,435 and 5,556,350 shares subject to possible redemption issued and outstanding shares at redemption value of $ 10.87 and $ 10.90 per share as of June 30, 2024 and December 31, 2023 , respectively 25,206,155 60,532,197 Stockholders' deficit: Preferred shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding - - Class A common stock, $ 0.0001 par value, 100,000,000 shares authorized, 635,075 issued and outstanding (excluding 2,319,435 and 5,556,350 shares subject to possible redemption and including 115,000 representative shares as of June 30, 2024 and December 31, 2023, respectively) 64 64 Class B common stock, $ 0.0001 par value, 10,000,000 shares authorized, 2,875,000 shares