FutureTech II Acquisition Corp. Executes Satisfaction and Discharge of Indebtedness Agreement

On February 6, 2025, FutureTech II Acquisition Corp. (NASDAQ: FTIIU) entered into a Satisfaction and Discharge of Indebtedness Agreement with Longevity Biomedical Inc. The agreement, dated February 15, 2022, involved D. Boral Capital LLC, the underwriter of the Initial Public Offering (IPO).

As per the terms of the Underwriting Agreement related to the IPO, D. Boral was eligible for a deferred underwriting commission of $3,450,000. However, under the newly executed Discharge Agreement, this amount will now be structured differently. At the time of the closing of the business combination with Longevity, D. Boral will receive $500,000 in cash, a $1,475,000 promissory note referred to as the D. Boral Note, and 147,500 shares of FutureTech II Acquisition Corp.’s common stock.

The Discharge Agreement and the D. Boral Note will only come into effect upon the completion of the business combination between FutureTech and Longevity. A summarized description of these agreements is provided in this Form 8-K filing, with the complete agreements available as Exhibit 10.1 and Exhibit 10.2, respectively.

Additionally, in accordance with Item 2.03 and Item 3.02 of the report, the details regarding the creation of a direct financial obligation and unregistered sales of equity securities can be found in the aforementioned agreements.

It is important to note the presence of forward-looking statements within this filing, highlighting the anticipated Business Combination, financing transactions, and associated expectations. Such statements are subject to risks and uncertainties that could lead to variations from the projections set forth.

This Current Report on Form 8-K also includes a list of financial statements and exhibits for reference.

Moreover, the company declares itself an emerging growth company as defined by Rule 405 of the Securities Act of 1933, and a signature by Ray Chen, the Chief Executive Officer of FutureTech II Acquisition Corp., signifies the accuracy and authorization of this report.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read FutureTech II Acquisition’s 8K filing here.

About FutureTech II Acquisition

FutureTech II Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. It focuses on business operating in the technology industry, including artificial intelligence (AI), robotic process automation, and other related technology market.