NEW ROCHELLE, NY / ACCESSWIRE / February 18, 2022 / FutureTech II Acquisition Corp. (the "Company") announced today the closing of its initial public offering of 10,000,000 units at $10.00 per unit (the "Offering"). Each unit consists of one share of Class A common stock and one warrant entitling the holder thereof to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants are exercisable. The underwriters exercised their over-allotment option in full for an additional 1,500,000 units on February 16, 2022, which closed at the time of the closing of the Offering. As a result, the aggregate gross proceeds of the Offering, including the over-allotment, are $115,000,000, prior to deducting underwriting discounts, commissions, and other Offering expenses.
The units have been listed on the Nasdaq Global Market ("Nasdaq") and began trading on February 16, 2022, under the ticker symbol "FTIIU". Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols "FTII" and "FTIIW", respectively.
The Company is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic location, although it currently intends to focus on opportunities to acquire U.S. companies in the disruptive technology sector, for example, artificial intelligence, robotics, and any other technology innovations.
EF Hutton, division of Benchmark Investments, LLC ("EF Hutton"), served as sole book-running manager for the Offering. Nelson Mullins Riley & Scarborough LLP served as legal counsel to the Company. Seward & Kissel LLP served as legal counsel to EF Hutton.
The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from EF Hutton, division of Benchmark Investments, LLC, 590 Madison Ave., 39th Floor, New York, NY 10022, Attention: Syndicate Department, or via email at [email protected] or telephone at (212) 404-7002.
The Securities and Exchange Commission ("SEC") declared effective a registration statement on Form S-1 relating to these securities on February 14, 2022. A final prospectus relating to this offering has been filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute "forward-looking statements," including with respect to the Company's initial public offering and the anticipated use of the net proceeds thereof. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
FutureTech II Acquisition Corp.
128 Gail Drive
New Rochelle, NY 10805
Attn: Yuquan Wang
SOURCE: FutureTech II Acquisition Corp.