FutureTech II Acquisition Corp. reported a net loss of $289,673 for the three months ending March 31, 2025, a significant decline from a net income of $129,577 during the same period in 2024. The company’s total expenses rose to $453,835, up from $310,934 in the prior year, primarily due to increased general and administrative costs associated with due diligence for a potential business combination. Interest income from the Trust Account also decreased to $199,826, compared to $536,343 in the previous year, reflecting a reduction in trust assets.
The company’s financial position has deteriorated, with total assets dropping to $11.07 million as of March 31, 2025, down from $28.12 million at the end of 2024. This decline is attributed to a significant reduction in cash held in the Trust Account, which fell from $26.45 million to $9.02 million. Current liabilities also decreased to $7.34 million from $24.44 million, largely due to the redemption of shares by public stockholders. As of May 15, 2025, the company had approximately 4.29 million shares of Class A common stock outstanding, with no shares of Class B common stock remaining after their conversion.
FutureTech II Acquisition Corp. has faced operational challenges, including a suspension from trading on Nasdaq effective February 26, 2025, due to non-compliance with listing requirements. The company has since received approval from FINRA to trade over the counter under the symbols “FTII,” “FTIIU,” and “FTIIW.” The company is currently pursuing a business combination with Longevity Biomedical, Inc., which is expected to close by August 18, 2025. The completion of this merger is contingent upon various conditions, including shareholder approval and regulatory compliance.
Looking ahead, the company has expressed uncertainty regarding its ability to complete the business combination by the deadline. If it fails to do so, it may face mandatory liquidation. FutureTech has also indicated that it is actively seeking additional financing to support its operations and the business combination process. The company’s management has acknowledged the need for improved internal controls, particularly in accounting for extension loans and redemption payments, to enhance financial reporting accuracy.
About FutureTech II Acquisition Corp.
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