FutureTech II Acquisition (NASDAQ:FTIIU) Reports Overpayment in Redemption Process

FutureTech II Acquisition Corp. recently disclosed an overpayment in the redemption process concerning the First Extension and Second Extension Redeeming Stockholders. The company addressed the issue in a Form 8-K filing with the Securities and Exchange Commission (SEC) dated January 8, 2025.

In a special meeting held on August 17, 2023, known as the First Extension Meeting, holders of 5,943,650 shares of the company’s Class A common stock exercised their right to redeem such shares. A redemption payment was subsequently made on August 22, 2023, at a rate of $10.81 per share. However, an error was later identified, indicating that the First Redemption Payment should have been approximately $10.74 per share, leading to an overpayment of approximately $0.07 per share to the First Extension Redeeming Stockholders.

The affected stockholders are being notified of the situation and instructed to return the overpaid amount to Continental Stock Transfer & Trust Company (CST), who facilitated the redemption process. Inquiries regarding this matter can be directed to [email protected].

Similarly, in connection with the Second Extension Meeting held on February 14, 2024, and the subsequent redemption payment made on February 22, 2024, the company also identified an overpayment due to a miscalculation related to interest withdrawal from the Trust Account. The Second Extension Overpayment Amount is currently being determined by FutureTech II Acquisition, taking into account the previous overpayment in the first extension.

Looking ahead, FutureTech II Acquisition disclosed plans for the Third Extension Stockholder Meeting, held on November 18, 2024, and mentioned the involvement of 1,564,549 Public Shares in the redemption process. The company is diligently working to determine the per share redemption payment for the Third Extension Redeeming Stockholders, factoring in adjustments for the previous overpayment amounts and additional tax withdrawals from the Trust Account.

It’s essential to note that the company provided a cautionary statement regarding forward-looking statements, emphasizing the uncertainties and risks inherent in such projections. FutureTech II Acquisition encourages stakeholders to refer to the SEC filings for a comprehensive understanding of the risks associated with the company’s operations and financial activities.

As the company continues to address and rectify these overpayments, it remains focused on ensuring transparent and accurate transactions within its redemption processes.

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.

FutureTech II Acquisition Company Profile

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.