Trump announces trade deal with EU following months of negotiations
FutureTech II Acquisition Corp. (NASDAQ:FTII), a company focused on biological products with a current market capitalization of $61.01 million, has entered into an agreement with its sponsor, FutureTech Partners II LLC, to issue a promissory note allowing the company to borrow up to $1.5 million. According to InvestingPro data, the company trades at a notably high P/E ratio of 138.3x. The arrangement was disclosed in a filing with the Securities and Exchange Commission (SEC) on March 28, 2025, with the note dated March 25, 2025.
The unsecured, non-interest-bearing note is intended to fund the company’s initial business combination and operational costs. This funding comes at a crucial time, as InvestingPro analysis reveals the company’s short-term obligations exceed its liquid assets, with a concerning current ratio of 0.25. FutureTech II Acquisition Corp. can draw funds as needed by notifying the sponsor in writing. The principal amount borrowed is due by the earlier of August 18, 2025, or the date the company completes a business combination. Repayment will be in the form of private placement units priced at $10.00 each.
The note will not accrue interest, and if the company fails to complete a business combination, repayment will be made from funds outside of the company’s trust account, if any are available. This financial obligation is part of the company’s efforts to secure working capital for its operations.
FutureTech II Acquisition Corp. was previously listed on The Nasdaq Stock Market but was suspended on February 26, 2025. Following approval from the Financial Industry Regulatory Authority (FINRA) on February 25, 2025, the company’s securities began trading over the counter with the symbols "FTII", "FTIIU", and "FTIIW". The stock currently trades at $10.95, with a beta of -0.07, indicating its price movements often diverge from broader market trends. Discover more detailed financial insights and additional ProTips by subscribing to InvestingPro.
This SEC filing provides investors with information about FutureTech II Acquisition Corp.’s current financial arrangements and is not intended as an offer to sell securities or a solicitation of an offer to buy securities. The details of the promissory note are available in the full text of the document filed with the SEC.
In other recent news, FutureTech II Acquisition Corp. has successfully regained compliance with Nasdaq’s listing rules, ensuring its securities will continue trading on the exchange. This resolution follows previous delisting notifications due to non-compliance with certain Nasdaq requirements. In a strategic financial move, FutureTech II has restructured its IPO debt with Longevity Biomedical, altering the deferred underwriting commission owed to D. Boral (OTC:BOALY) Capital LLC. The new agreement includes a combination of cash, a promissory note, and equity, contingent upon the completion of a business combination with Longevity. Furthermore, FutureTech II has finalized a subscription agreement with investor Yuantian Zhang, involving the purchase of 1,000,000 shares at $5.00 each. This agreement is part of the company’s broader merger plan with Longevity Biomedical, aimed at strengthening its financial positioning. Additionally, FutureTech II disclosed an overpayment error in stockholder redemption, which it is actively working to correct. These developments reflect the company’s ongoing efforts to adhere to regulatory standards and progress towards its business objectives.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.