Business Combination Timeline - The deadline for the Company to complete its initial business combination is August 18, 2025, as approved by stockholders[29]. - The Company has until August 18, 2025, to consummate the initial business combination, with the possibility of extending this deadline[53]. - The initial business combination must have an aggregate fair market value of at least 80% of the assets held in the trust account[51]. Merger Agreement - The Company entered into a Merger Agreement with Longevity Biomedical Inc. on September 16, 2024, focusing on biopharmaceutical advancements[30]. - Following the Merger, Longevity will become a wholly-owned subsidiary of the Company, which will change its name to "Longevity Biomedical, Inc." and list on Nasdaq under the ticker symbol "LBIO"[31]. - The Merger Agreement includes a Voting and Support Agreement ensuring the Voting Stockholder will vote in favor of the Merger[32]. Target Identification and Focus - The Company aims to identify private companies with positive operating cash flow or compelling technology, particularly in biomedical life sciences, AI, and robotics sectors[37]. - The Company will focus on hardware technology companies with large market potential, especially in biomedical life sciences, AI, and robotics[38]. Due Diligence and Financing - The Company will conduct comprehensive due diligence reviews to assess the quality and intrinsic value of potential targets[43]. - The net proceeds from the Initial Public Offering and the sale of placement units may be used for general corporate purposes, including maintenance or expansion of operations post-transaction[55]. - There is no limitation on the ability to raise funds through equity or debt securities in connection with the initial business combination[56]. - The company is not currently party to any arrangement for raising additional funds through the sale of securities[56]. - The company may require additional financing for working capital needs and transaction costs related to the initial business combination[56]. - The company may need to obtain additional financing following the closing of the initial business combination for general corporate purposes[55]. Securities and Trust Account - Prior to the consummation of the initial business combination, the company is prohibited from issuing additional securities that would entitle holders to receive funds from the trust account[57]. - The company may use the balance of cash released from the trust account for funding the purchase of other companies[55]. - The company has no obligation for sponsors, officers, directors, or stockholders to provide financing in connection with the initial business combination[56]. Company Operations - The company currently has one officer who devotes time as deemed necessary to the affairs of the company until the initial business combination is completed[58]. - The executive offices are located at 128 Gail Drive, New Rochelle, New York 10805[59].
Futuretech II Acquisition Corp.(FTIIU) - 2024 Q4 - Annual Report