FutureTech II Acquisition Corp. has reported a net loss of $746,953 for the fiscal year ending December 31, 2024, a significant decline from a net income of $2,911,502 in the previous year. The company's financial performance was impacted by increased expenses totaling $1,814,864, which included due diligence costs related to potential business combinations. Investment income decreased to $1,342,491, down from $4,809,102 in 2023, primarily due to a reduction in trust assets. As of December 31, 2024, the company held $28.1 million in total assets, a decrease from $63.2 million in 2023, largely attributed to redemptions of Class A common stock.
In terms of operational developments, FutureTech II Acquisition Corp. has been actively pursuing a merger with Longevity Biomedical, Inc., which was formalized through a merger agreement on September 16, 2024. This agreement outlines a business combination that will see Longevity merge with a wholly-owned subsidiary of FutureTech, with the expectation that the combined entity will operate under the name "Longevity Biomedical, Inc." and list on the Nasdaq under the ticker symbol "LBIO." The merger is contingent upon various conditions, including the completion of target acquisitions by Longevity.
The company has faced challenges in maintaining compliance with Nasdaq listing standards, leading to a suspension of its securities from trading on Nasdaq effective February 26, 2025. This suspension was due to the company's failure to complete a business combination within the required 36-month period following its initial public offering. FutureTech's securities will now trade over-the-counter under the symbols "FTII," "FTIIU," and "FTIIW." The company has indicated plans to apply for a new listing on Nasdaq for the combined entity post-merger.
As of March 31, 2025, FutureTech reported approximately 4.29 million shares of Class A common stock outstanding, with a significant portion held by its sponsor, FutureTech Partners II LLC. The company has also been managing its liquidity through various extension loans from its sponsor, totaling approximately $3.65 million as of the latest reporting date. These loans are intended to cover operational costs and facilitate the merger process, with the expectation that they may be converted into equity upon the successful completion of the business combination.
Looking ahead, FutureTech II Acquisition Corp. has until August 18, 2025, to finalize its business combination. The management has expressed uncertainty regarding its ability to complete this transaction, which raises substantial doubt about the company's ability to continue as a going concern. The company is actively working to secure additional financing and is focused on executing its merger with Longevity to enhance its operational prospects and shareholder value.
About FutureTech II Acquisition Corp.
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