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Futuretech II Acquisition Corp.(FTIIU) - 2022 Q4 - Annual Report
2023-03-31 20:36
Initial Public Offering - The company completed its Initial Public Offering on February 18, 2022, raising gross proceeds of $115 million from the sale of 11,500,000 units at $10.00 per unit[28]. - A total of $117.3 million was deposited in a trust account for the benefit of public stockholders, net of underwriting commissions and offering expenses[30]. - The company incurred offering costs of $513,352 related to the Initial Public Offering, which were charged to additional paid-in capital[181]. - The underwriter received a cash underwriting discount of 1.50% of the gross proceeds from the Initial Public Offering, totaling $1,725,000, and a deferred fee of 3.50%, amounting to $3,450,000[210]. - The Company sold 11,500,000 Units at a purchase price of $10.00 per Unit during its Initial Public Offering, raising a total of $115,000,000[198]. Financial Performance - The company had a net income of $700,015 for the year ended December 31, 2022, consisting of investment income of $1,676,585, offset by expenses of $666,311 and tax expense of $310,259[77]. - The company reported an accumulated deficit of $(3,229,704) as of December 31, 2022, compared to $(438) as of December 31, 2021[150]. - Basic and diluted net income per share of Class A common stock for the year ended December 31, 2022, was $0.05, compared to $(0.00) for the previous period[152]. - Total expenses for the year ended December 31, 2022, amounted to $666,311, compared to $438 for the period from inception through December 31, 2021[152]. - The company generated total other income of $1,676,585 from investments held in the Trust Account for the year ended December 31, 2022[152]. Market Overview - The global AI software market is projected to grow to approximately $126 billion by 2025, with a CAGR of about 21% from 2021 to 2025[33][34]. - The global robotics market is expected to reach nearly $210 billion by 2025, with a CAGR of approximately 26%[35]. - Investments in robotics surged to approximately $6.3 billion from March 2020 to March 2021, a nearly 50% increase from the previous year[35]. - The commercial robotics market was valued at $10.91 billion in 2020 and is expected to grow to $58.56 billion by 2026, representing a CAGR of 33.21%[36]. - North America is anticipated to account for approximately 56% of the overall growth in the AI market[34]. Business Strategy - The company aims to focus on acquiring U.S. companies in the disruptive technology sector, particularly in AI and robotics[26]. - The company has not yet selected a specific business combination target and has not initiated substantive discussions with any potential targets[44]. - The company intends to structure its initial business combination so that the post-transaction entity will own or acquire at least 50% of the target's outstanding voting securities[51]. - The company has until May 18, 2023, to complete a Business Combination, or it will face mandatory liquidation[77]. - The company may extend the period to consummate a Business Combination up to 18 months, requiring the Sponsor to deposit $1,150,000 for each three-month extension[133]. Financial Position - As of December 31, 2022, the company had $262,756 in cash and no cash equivalents[78]. - As of December 31, 2022, the total current assets amounted to $420,370, a significant increase from $5,000 as of December 31, 2021[150]. - The marketable securities held in the Trust Account were valued at $118,976,585 as of December 31, 2022[150]. - Total current liabilities increased to $787,635 as of December 31, 2022, compared to $115,893 as of December 31, 2021[150]. - The company has negative working capital, raising substantial doubt about its ability to continue as a going concern[146]. Corporate Governance - The audit committee consists of independent directors, with Aroop Zutshi serving as the chair and qualifying as an "audit committee financial expert"[105]. - The company has established an audit committee charter detailing its principal functions, including oversight of the independent registered public accounting firm[105]. - The company established a compensation committee consisting of two independent members, Aroop Zutshi and Jeffrey Moseley, with Mr. Moseley as the chair[106]. - The compensation committee is responsible for reviewing and approving executive compensation, including annual evaluations and incentive plans[108]. - No cash compensation has been paid to executive officers or directors prior to the consummation of an initial business combination, with only out-of-pocket expenses being reimbursed[117]. Risks and Compliance - The company is subject to risks associated with being an early-stage and emerging growth company, with no assurance of successfully completing a business combination[164]. - The company may face foreign ownership restrictions and CFIUS review, which could limit its ability to complete a business combination with U.S. target companies[62]. - The financial statements do not include adjustments that might result from the company's inability to continue as a going concern[169]. - The company is currently evaluating the impact of the COVID-19 pandemic, which may negatively affect its financial position and operations[170]. - The company has significant credit risk concentration due to its cash account exceeding insured limits[177]. Shareholder Information - The company’s sponsor, FutureTech Partners II LLC, owns approximately 22.3% of the outstanding shares[62]. - The founder shares held by initial stockholders represent 19.2% of the outstanding shares, allowing them to influence significant corporate transactions[126]. - The Company is authorized to issue up to 100,000,000 shares of Class A common stock and 10,000,000 shares of Class B common stock[215]. - Holders of insider shares and Private Placement Units are entitled to registration rights, allowing them to demand registration of their securities[209]. - The Public Warrants will become exercisable 30 days after the completion of a Business Combination and will expire five years after that[218].
Futuretech II Acquisition Corp.(FTIIU) - 2022 Q2 - Quarterly Report
2022-08-15 22:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number: 001-40386 FutureTech II Acquisition Corp. (Exact name of registrant as specified in its charter) | Delaware | 87-2551539 ...
Futuretech II Acquisition Corp.(FTIIU) - 2022 Q1 - Quarterly Report
2022-05-16 21:25
FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from _______to_______ Washington, D.C. 20549 Commission File Number: 001-40983 FutureTech II Acquisition Corp. (Exact name of registrant as specified in its charter) Delaware 87-2551539 (State or othe ...
Futuretech II Acquisition Corp.(FTIIU) - 2021 Q4 - Annual Report
2022-03-31 19:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FUTURE TECH II ACQUISITION CORP. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2551539 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identi ...