FutureTech II Acquisition (FTIIU) Discovers Accounting Errors Triggering Restatement of Financial Statements

FutureTech II Acquisition Corp. (NASDAQ: FTIIU) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC) that accounting errors were discovered by the management and Audit Committee on or around November 22, 2024. These errors were related to the redemption prices paid to previous redeeming stockholders and the accounting treatment of Extension Loans made by FutureTech II Partners LLC (the “Sponsor”). The company determined that restatements for certain periods are necessary due to these errors.

The affected financial statements, including the Q3 2023 Financial Statements, the Q1 2024 Financial Statements, the Q2 2024 Financial Statements, and the 2023 Audited Financial Statements, are no longer reliable and need to be amended and restated. FutureTech II Acquisition is diligently working on restating these financial statements to rectify the overpayment to prior redeeming shareholders and recognize the Extension Loans as liabilities.

The company intends to file amendments to its Annual Report on Form 10-K for the year ended December 31, 2023, as well as amendments to the Quarterly Reports on Form 10-Q for the affected periods. However, the exact timeline for filing these amended reports is not currently estimable, and the company is aiming to complete the restatements as promptly as possible.

Management and the Audit Committee identified material weaknesses in the company’s internal control over financial reporting during the affected periods. Furthermore, the disclosure controls and procedures were deemed ineffective. The company is in discussions with its independent registered public accounting firm, Adeptus Partners, LLC, regarding these matters.

A cautionary note in the filing highlights forward-looking statements made by the company regarding the expected restatements and filing of the amended reports. Readers are advised that these statements involve inherent risks and uncertainties, and the actual results could differ materially from the predictions. Factors influencing such discrepancies include risks detailed in the company’s SEC filings, potential additional information affecting the restatements, and delays in submitting periodic reports due to the restatement efforts.

FutureTech II Acquisition Corp. assures that updates and revisions will be made to correct any discrepancies found in the disclosure. The company is committed to resolving the accounting errors and maintaining transparency with its investors and stakeholders.

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.