Trust Account and Business Combination - The Company extended the initial date for the Trust Account liquidation to February 18, 2024, with a deposit of $125,000 for each one-month extension[98]. - The Sponsor will deposit $50,000 for each one-month extension after February 18, 2024, to facilitate the business combination process[101]. - The Company plans to enter into a definitive agreement for a business combination no sooner than March 2024[105]. - The company has until August 18, 2024, to complete a Business Combination, raising substantial doubt about its ability to continue as a going concern[113]. Nasdaq Compliance and Listing - The Company received a notice from Nasdaq indicating non-compliance with the Minimum Total Holders Rule, requiring at least 400 total holders for continued listing[104]. - The Company was notified of a Market Value of Listed Securities (MVLS) below the minimum $50 million required for continued listing on Nasdaq[107]. - The Company has until October 21, 2024, to regain compliance with the Market Value Standard, or it may face delisting[108]. - The Company requested a hearing to appeal Nasdaq's determination to delist its securities, which will stay the suspension pending the Panel's decision[106]. Financial Performance - For the six months ended June 30, 2024, the company reported a net loss of $44,457 and net income of $85,119, with investment income of $283,084 and $819,427, respectively[112]. - For the six months ended June 30, 2023, the company had net income of $836,383 and $1,643,672, with investment income of $1,468,385 and $2,756,883, respectively[113]. - Cash used in operating activities for the six months ended June 30, 2024, was $591,410, compared to $752,999 for the same period in 2023[115][116]. - Cash provided by investing activities for the six months ended June 30, 2024, was $36,123,240, primarily due to cash withdrawn from the Trust Account[117]. - Cash provided by financing activities for the six months ended June 30, 2024, was $35,548,932, resulting from cash paid for redemptions[118]. - As of June 30, 2024, the company had $476 in cash and no cash equivalents[114]. - The Class A common stock subject to possible redemption decreased by $35,326,042 during the six months ended June 30, 2024, totaling $25,206,155[125]. Costs and Expenses - The company has incurred significant costs in pursuit of its initial Business Combination and cannot assure success in raising capital[97]. - The company incurred expenses due to due diligence costs related to a potential business combination transaction, which increased expenses in 2024 compared to 2023[112]. - The company does not have any long-term debt or off-balance sheet financing arrangements as of June 30, 2024[120][121]. Internal Controls and Legal Proceedings - No changes in internal control over financial reporting during the quarter that materially affected or are likely to affect internal controls[133]. - No legal proceedings reported during the quarter[133]. Emerging Growth Company Risks - The Company is subject to risks associated with being an emerging growth company, impacting its business combination plans[96].
Futuretech II Acquisition Corp.(FTIIU) - 2024 Q2 - Quarterly Report